What Has Been the Progress and Growth of the Smart Grid Data Analytics Market in Recent Years?
The smart grid data analytics market has seen considerable growth due to a variety of factors.
• In recent times, there has been a swift expansion of the smart grid data analytics market, escalating from $4.85 billion in 2024 to an estimated $5.50 billion in 2025, achieving a compound annual growth rate (CAGR) of 13.3%.
This historic period of growth was primarily fueled by the growing need for energy efficiency, an increase in energy usage, the proliferation of electric vehicles, augmented energy consumption, as well as government policies and regulations.
What Is The Expected Growth In The Smart Grid Data Analytics Market Size Evolve over the Forecast Period?
The smart grid data analytics market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of smart grid data analytics is anticipated to undergo rapid expansion in the coming years, projected to heighten to $8.97 billion in 2029 with a compound annual growth rate (CAGR) of 13.0%.
The surge in the forecast period can be credited to the expansion of distributed energy resources, the proliferation of energy storage systems, support from smart grid regulations and policies, rising decentralized energy production, and an increased adoption of energy storage systems. Key trends in the predicted period encompass the fusion of AI and machine learning for anticipatory analytics, progress in real-time data supervision and analysis, the advent of 5G technology to boost data transfer velocities, the integration of blockchain technology for secure data exchange, and a heightened synergy between utilities and technology providers.
What Main Forces Are Fueling Expansion In The Smart Grid Data Analytics Market?
The drive for energy efficiency and sustainability is projected to fuel the expansion of the smart grid data analytics market. These interlinked concepts, energy efficiency and sustainability, aim to maximize resource utilization, decrease waste, and minimize the environmental footprint of energy use. The surging demand in response to global issues like climate change, economic instability, resource scarcity, and public health is multifaceted. By optimizing energy usage, enhancing grid management, and lessening environmental impact, smart grid data analytics plays a pivotal role in advancing energy efficiency and promoting sustainability. For example, a report issued by The House of Commons Library in the UK in December 2024 revealed a significant rise in the percentage of homes in England with an energy efficiency rating of band C or higher, increasing from 12% over the previous decade to 48% in 2022. Hence, the escalating demand for energy efficiency and sustainability is propelling the growth of the smart grid data analytics market.
What Are The Primary Segments In The Global Smart Grid Data Analytics Market?
The smart grid data analytics market covered in this report is segmented –
1) By Component: Software, Services, Hardware
2) By Solution: Descriptive Analytics, Predictive Analytics, Customer Analytics, Diagnostic Analytics, Prescriptive Analytics, Cognitive Analytics
3) By Deployment: Cloud-Based, On-Premise, Hybrid
4) By Application: Transmission And Distribution Management, Energy Efficiency And Conservation, Asset Management And Maintenance, Cybersecurity And Compliance, Smart Metering And Data Management
5) By Industry Vertical: Utilities, Industrial, Commercial, Residential
Subsegments:
1) By Software: Meter Data Management Software, Grid Optimization Software, Predictive Analytics Software, Energy Demand Forecasting Software, Real-Time Monitoring And Control Software
2) By Services: Consulting And Advisory Services, Implementation And Integration Services, Support And Maintenance Services, Data Analytics And Reporting Services, Cloud-Based Smart Grid Services
3) By Hardware: Smart Meters, Sensors And IoT Devices, Data Storage And Processing Units, Communication Infrastructure, Edge Computing Devices
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What New Trends Are Influencing The Smart Grid Data Analytics Market?
Major companies operating in the smart grid data analytics market are focusing on integrating smart grid solutions, such as advanced analytics platforms, to enhance smart grid data security and management. Advanced analytics platforms refer to software solutions that use data analysis, machine learning, and AI to optimize grid performance, predict outcomes, and enhance decision-making for energy distribution and management. For instance, in August 2022, Dubai Electricity and Water Authority (DEWA), a UAE-based government owned electric and water utility company, launched its Big Data and Analytics platform and Smart Grid Data Governance platform to enhance operational efficiency and asset management. The platforms integrate smart grid applications, provide data-driven forecasting, and ensure compliance with data policies, improving decision-making, asset performance, and service reliability. They also enable better data management, security, and transparency while supporting the monitoring and maintenance of DEWA's Green Charger stations for electric vehicles. These initiatives aim to optimize capital investment, prevent asset failures, and ensure data consistency and privacy.
Who Are the Key Players In The Smart Grid Data Analytics Market?
Major companies operating in the smart grid data analytics market are:
• Siemens Aktiengesellschaft
• General Electric Company
• Accenture plc
• International Business Machines Corporation (IBM)
• Cisco Systems Inc.
• Oracle Corporation
• Schneider Electric SE
• Honeywell International Inc.
• SAP SE
• ABB Ltd.
• Fujitsu Limited
• Tata Consultancy Services Limited
• Capgemini SE
• Eaton Corporation plc
• Wipro Limited
• SAS Institute Inc.
• Itron Inc.
• Landis+Gyr Group AG
• Hansen Technologies Ltd.
• Sensus USA Inc.
What Is The Most Dominant Region In The Smart Grid Data Analytics Market?
North America was the largest region in the smart grid data analytics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart grid data analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
