Smart Grid Data Analytics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)
During the time frame of the forecast, the smart grid data analytics market is expected to register a CAGR of 12.76%. The smart grid data analytics market is expected to develop at a faster rate during the projected period due to increased investment in smart grid initiatives. With the introduction of modern technologies such as IoT, players have been focusing on integrating smart grid solutions in a more significant way. Due to the continuing trend in data creation, power utility businesses are merging big data with billions more rows of new IoT and smart sensor data. Smart meter data can assist in more efficiently segmenting customers by providing a better understanding of their behavior.
Key HighlightsAdditionally, the government of India's national initiative for smart meters (SMNP) intends to replace 250 million outdated meters with new ones in June 2022. It would improve the effectiveness of energy consumption and monitoring and enhance discoms' yearly income. This may result in the generation of more data per year. In 2022, China announced plans to increase investment, with the State Grid Corporation of China budgeting for more than CNY 500 billion and concentrating on ultra-high-voltage projects, upgrading the distribution network, and increasing levels of digitalization of its grids. Owing to these factors, the market studied is expected to witness growth during the forecast period.
Asia-Pacific to Witness the Significant Growth RatesThe smart grid data analytics market is fragmented and highly competitive in nature. Owing to the emergence of new startups offering a broad range of innovative solutions catering to diverse industry requirements, the market has been witnessing intensifying competitive rivalry. Also, as the major players have been considered synonymous with good performance, they are expected to have a competitive edge. Key players include Siemens AG, Itron Inc., and IBM Corporation, among others.
In December 2022, Siemens announced plans to provide 175,000 smart meters and an advanced distribution management system in the Damietta area of the Nile Delta. The order, valued at over EUR 40 million (USD 42 million), was given to the North Delta Electricity Distribution Company (NDEDC) as part of the grid modernization and improvement initiative.
In September 2022, Itron combined its Industrial Internet of Things (IIoT) network solution with Samsung's SmartThings services to give utilities access to a system that improves distributed energy resource management (DERMS), cuts carbon emissions, and engages customers. The partnership will use the SmartThings Energy service to give real-time energy readings and usage trends using Itron's distributed intelligence (DI) network, which the business claims has millions of linked endpoints.
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