Analytics in Smart Grids Market, 2024

Analytics in Smart Grids Market, 2024

The market for analytics in smart grids plays a crucial role in assisting utilities in optimizing power transmission and distribution, while also providing added value to customers through the utilization of smart metering and grid infrastructure. The market size is determined by the revenue generated from the sale and licensing of grid analytics software offered by third-party service providers. The global analytics in smart grids market in terms of revenue grew at a CAGR of 8.8% from USD 1,233.9 million in 2020 to USD 1,587.1 million in 2023. This trend is expected to continue in the coming years with the global analytics in smart grids market expected to grow at a CAGR of 12.9% from 2024 to 2029, reaching USD 2,805.0 million in 2029.

The transmission and distribution analytics market is experiencing significant growth due to the increasing deployment of distribution and substation automation systems. This trend is driving the demand for grid analytics in all four regions. In terms of product type, the transmission and distribution analytics segment dominated the market in 2023. In that year, the valuation of this segment reached USD 590.3 million, and it is projected to reach USD 1,015.5 million by 2029.

While North America currently holds the largest market share for analytics in smart grids, accounting for approximately 52.1% of total sales in 2023, the Asia Pacific region is expected to experience the fastest growth during the forecast years. The rapid growth in Asia Pacific is attributed to the region's high installed base of end points, including distribution networks, substation automation, and smart meters. Furthermore, the emphasis on improving energy access and minimizing financial losses drives the demand for analytics in smart grids in Asia Pacific.

The analytics in smart grids market is characterized by a highly fragmented competitive landscape, primarily due to the diverse range of services offered by market participants and the varied demands of utilities worldwide. This fragmentation creates a dynamic and competitive environment within the industry. The prominent players operating in the global analytics in smart grids market include SAS Institute, Inc., Oracle Corporation, SAP SE, IBM Corporation, General Electric Company, Schneider Electric SE, Siemens AG, Xylem Inc., Cloudera, Inc., ABB Ltd., Itron, Inc., Enel S.p.A., Cognizant Technology Solutions Corporation, Landis+Gyr Group AG, Tableau Software, Inc., Hitachi, Ltd., Honeywell International Inc., Tantalus Systems Holdings Inc., among others.

This study aims to analyze the global market for various segments of analytics in smart grids, including:

Product Type: Transmission and Distribution Analytics, Metering Analytics, and Customer Analytics.

Region: North America, Europe, Asia Pacific, and Rest of World (RoW).