The global smart grid data analytics market is expected to reach the overall valuation of US$4.6 bn by the fall of the mentioned forecast period of 2015 to 2022. This growth of the market is expected to be achieved at a CAGR of 13.4% during the course of the aforementioned forecast period. Geographically, the Asia Pacific market for smart grid data analytics is projected to rise to its highest CAGR during the mentioned forecast period. This growth is primarily driven by heavy investments on the urbanization of old grid systems in countries such as Australia, China, Japan, and South Korea and also in different parts of Southeast Asia. The CAGR of Asia Pacific market is estimated to be of an impressive 14.8% over the course of forecast period of 2015-2022.
The demand for cost-effective and sustainable supply of power by producers and consumers in the utility sector has chiefly driven the global smart grid data analytics market. In a consistently evolving power landscape, huge volumes of data are created from smart meters, sensors, automatic distribution systems, and other different sensing equipment. Utility owners or the suppliers make use of this huge volumes of data to keep track of demand and consumption, prevent power cut downs, and reduce downtime. Another significant factor that has boosted the development of the smart grid data analytics is the increasing investment on these smart grid systems across the world. The rooting penetration of these smart grid systems is projected to considerably spur the requirement for these solution in the near future. In addition to this, the international market is also expected to be driven by the increasing advancements in big data analytics and Internet of Things (IoT).
Smart grid data analytics offer solutions that allow the analysis of a barrage of data generated during the operations of smart grid. These solutions are gaining increasing popularity amongst the utility services providers and energy companies. Some of the prominent players in the global smart grid data analytics market include names such as Accenture Plc., Siemens AG, IBM Corporation, Oracle Corporation, SAS Institute Inc., EMC Corporation, Cap Gemini SA, EMC Corporation, Hewlett Packard (HP) Development Company L.P., and SAP SE among others. These companies in the global market are anticipated to concentrate on product innovation and services to continue their momentum.
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Moreover, technological advancements, mergers and acquisitions over the course of the mentioned forecast period of 2015 to 2022. Consulting service providers Accenture has recently completed the acquisition of formerly publicized federal consulting corporation Phase One Consulting Group and data analytics company Search Technologies for an undisclosed fee. Accenture Plc. is on a merger and acquisition spree which saw the company acquire firms, technologies for widening and scale and capabilities that management felt were are required to gain an upper hand in the market.
On the other hand, the growth of global market for smart grid data analytics is considerably hampered because of the lack of awareness among consumers. Moreover, high initial costs of smart grid systems is also significantly hampering the growth of the market. In addition to this, most of the utility services providers, especially in the emerging nations, are hesitant to make a change to smart grid systems. This is also a major restraining factor in the overall development of the global smart grid data analytics systems market.