Smart grid analytics market is anticipated to grow at a significant CAGR of 13.4% during the forecast period (2024-2031). The increasing use of smart grid metering solutions, an increasing need for energy-efficient and sustainable technology, and an increasing demand to update aging power grid systems, is a key factors driving the global smart grid analytics market. Governments are proactively facilitating the implementation of smart grid technologies utilizing several laws and initiatives globally. Additionally, partnerships amongst governments, utilities, and tech companies are stimulating smart grid analytics innovation and guaranteeing ongoing enhancements to grid resilience and performance.
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According to the International Energy Agency (IEA), in July 2023, innovative digital infrastructure is gaining prominence in electricity grids, both in distribution and transmission, with around 7.0% growth in investment in 2022 compared to 2021. Investment in smart grids needs to be more than double by 2030 to get on track with the Net Zero Emissions by 2050 (NZE) Scenario, especially in emerging markets and developing economies (EMDEs).
Recent Developments
- In February 2024, Siemens AG introduced Gridscale X, paving the way towards the vision of autonomous grid management, accelerating digital transformation for grid operators at speed and scale. Gridscale X makes it possible to scale grid capacity fast, handle the complexity of DERs, and increase grid flexibility with software that is easy to deploy and fast to integrate into existing IT and OT landscapes.
- In April 2024, ABB Ltd. announced a minority investment in GridBeyond, a technology player providing energy management solutions based on artificial intelligence and data science that enable customers to optimize distributed energy resources and industrial loads. The investment was made through ABB Ventures.
- In March 2022, Analog Devices and Gridspertise join forces to advance smart grid resiliency and electrification globally. The collaboration enables the development of new hardware and software that support distribution grid self-healing and adaptation in response to the significant changes in energy supply and demand as renewable energy sources are brought online.
Global Smart Grid Analytics Market Report Segment
By Offering
- Software
- Services
By Application
- Advanced Metering Infrastructure (AMI) Analytics
- Load Forecasting and Demand Response
- Grid Optimization, Monitoring, and Management
- Distributed Energy Resources Management Systems (DERMS)
- Predictive Maintenance
- Energy Theft Detection and Cybersecurity
- Voltage, Frequency, and Stability Management
- Customer Engagement and Analytics
- Outage Management and Fault Detection
- Other (Visual Analytics)
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Smart Grid Analytics Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Amdocs Corp.
- AutoGrid Systems, Inc
- Eaton Corp plc
- Energiot Devices SL
- eSmart Systems AS
- Fujitsu Ltd.
- GE Vernova
- Honeywell International Inc.
- Itron Inc.
- Landis+Gyr Group AG
- Megger Group
- Oracle Corp.
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