In North America, global research firm Transparency Market Research has this week issued a new report analysing the current global smart grid data analytics market size, trends and forecast.
The report - 'Smart Grid Data Analytics Market -2015-2022' - states that the sector was valued at US$1.6 billion in 2014 and is estimated to reach US$4.6 billion by 2022 - a 13.4% increase from 2015 to 2022.
Due to high investments and penetration of smart grid systems, the Asia Pacific region is projected to be the fastest-growing market for smart grid data analytics during the forecast period- expanding at a CAGR of 14.8% from 2015 to 2022.
Transparency Market Research predicts North America, which accounted for the largest share in terms of adoption and revenue (over 33% in 2014) will expand at a CAGR of 11.4% from 2015 to 2022.
Due to increasing global consumption, coupled with challenges in the production of electricity, utility providers are expected to increasingly shift toward smart grid systems and associated data analytics solutions in the coming years, states the report.
The growth is also expected to be driven by the growing advancements in big data analytics and Internet of Things (IoT).
However, the market will be restrained by a lack of awareness by utilities in developing countries as well as the high costs of smart grid systems.
Segmenting smart grid data analytics
The report segments smart grid data analytics into types including solutions, service types, deployment models, end-users, and geographic regions.
The market, based on solutions, is segmented into AMI analytics, demand response analytics, grid optimization, asset management, and other analytics solutions.
In 2014, the report says the cloud-based deployment model segment accounted for the largest market share of over 48% of the global market.
Due to the growing penetration of cloud-based services worldwide, the segment is estimated to hold its dominant position throughout the forecast period, expanding at a CAGR of 16.2% from 2015 to 2022.
Furthermore, on the basis of end-users, the market is segmented into small/medium enterprises, large enterprises, and public sector consumers.
The public sector segment is the largest, in terms of revenue, and is estimated will hold its dominant position throughout the forecast period, expanding at a CAGR of 12.6% from 2015 to 2022.