Albany, NY, Dec. 8, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Smart Grid data Analytics Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022," the smart grid data analytics market was valued at US$1.6 bn in 2014 and is estimated to reach US$4.6 bn by 2022, expanding at a CAGR of 13.4% from 2015 to 2022.
North America accounted for the largest share, in terms of adoption and revenue, of over 33% of the global smart grid data analytics market in 2014. Due to high investment and penetration of smart grid systems in the region, North America is expected to maintain a strong position in the market. The smart grid data analytics market in North America is estimated to expand at a CAGR of 11.4% from 2015 to 2022. However, Asia-Pacific 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. With high investment on smart grid systems from countries such as China, Australia, South Korea, Japan, and those in Southeast Asia, the smart grid data analytics market in Asia-Pacific is expected to surpass its North American counterpart, in terms of revenue, by 2022.
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Smart grid data analytics are the data analytics solutions used for analyzing data gathered from the smart grid systems. Utility providers (specifically grid owners) are the primary consumers of smart grid data analytics solutions. These solutions are deployed at the end of such grid owners in order to enable them make better decisions in optimizing grid operations. 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. The most significant factor boosting the growth of the smart grid data analytics market is the rising investment on smart grid systems, globally.
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The global smart grid data analytics market is segmented into 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. The other analytics solutions segment includes energy forecasting and data visualization tools. In 2014, the asset management solutions segment dominated the global market with a market share of over 31%, in terms of revenue and adoption. However, with the increasing penetration of smart meters globally, the AMI analytics segment is predicted to register the highest CAGR of 14.3% during the forecast period, surpassing the revenue of the asset management segment by 2022. On the basis of services, the market is segmented into professional and support & maintenance services, with latter dominating the market, accounting for a market share of over 70% in 2014. The market is segmented, based on the deployment models, into on-premise, cloud-based, and hybrid deployment models. In 2014, 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.
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The global smart grid data analytics market comprise players such as Accenture Plc., Siemens AG, IBM Corporation, SAP SE, SAS Institute, Inc., Oracle Corporation, EMC Corporation, Opower, Inc., Cap Gemini SA, and Hewlett-Packard (HP) Development Company L.P.
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Source:Transparency Market Research