According to Transparency Market Research (TMR), the demand within the global market for smart grid data analytics has been rising on account of advancements in the domain of smart technologies. Although the field of analytics has existed for decades, it has attained a level of sophistication and wellness only over the past decade. This factor is a testimony to the competence of the vendors operating in the global smart grid data analytics market. These vendors have maintained a high level of accuracy and detail from the inception of analytics services which has in turn given an impetus to their growth prospects.
TMR states that the leading vendors in the global for smart grid data analytics market have existed since the start of the field of data analytics and testing. Hence, the deployment of analytic technologies for testing the viability and functioning of smart grids is a key prospect of growth for these vendors. This is because the entire world is moving towards smarter technologies, and smart grids are an important component of the smart grid infrastructure. The smaller vendors in the global smart grid data analytics market are relatively new to the market, and are expected to focus on accustoming to the needs of the consumers. There is a high possibility of new revenue sources emerging in the global for smart grid data analytics market in the years to come.
TMR has found that the global market for smart grid data analytics could expand at a CAGR of 13.4% over the period between 2015 and 2022. Furthermore, the market for smart grid data analytics is expected to touch a value of US$4.6 billion by 2022-end, rising up from a value of US$1.6 billion in 2014. On the basis of geography, the market for smart grid data analytics in North America is projected to expand at a stellar rate.
Popularity of smart technologies to propel demand
TMR states that the worldwide energy sector has become committed in installing technologies that can save energy. This is done by means of smarter systems that are capable of self-correction, fault-detection, energy-conservation, and deficit-diagnosis. Hence, the demand for smart grid data analytics is projected to keep rising in the years to come. Smart grids are installed across a region after a careful analysis of economic, financial, and social factors associated with the region. Therefore, analytical tools are a handy means to gauge the progress of smart grid systems across a region.
Slow deployment of smart grids to hamper growth
The demand within the global market for smart grid data analytics could be hindered by the sluggish rate of smart grid deployment. Several new and old vendors have emerged in the smart grid market, yet investments in smart grids are slow to arrive. Despite this roadblock to market growth, the global smart grid data analytics market is projected to keep expanding as smart technology summits become commonplace. Furthermore, the market for smart grid data analytics shall also expand as emerging economies also adopt smart technologies within their framework, TMR states.
This review is based on TMR's report which can be accessed here.
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