CHICAGO, June 19, 2024 /PRNewswire/ -- The Smart Grid Analytics Market is anticipated to experience substantial expansion, ascending from a value of USD 7.9 billion in 2024 to a substantial worth of USD 14.3 billion by the year 2029. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 12.4% over the forecast period, according to a new report by MarketsandMarkets™. The surge in the Smart Grid Analytics Market is poised to be driven by a confluence of influential factors within the business landscape. Notably, accelerated installation of smart metering technology, coupled with the expanding presence of aging transmission and distribution networks, stands out as significant contributors to this trend. Additionally, the growing focus on reducing energy consumption and carbon footprint are playing a crucial role in propelling the upward trajectory of this market.

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220 – Tables
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Scope of the Report

By application, grid optimization, monitoring, and management to register the largest market share during the forecast period.

Grid optimization, monitoring, and management application will have the largest market share in the Smart Grid Analytics Market due to the increasing need for efficient energy distribution, reducing operational costs, and improving grid reliability. These applications enhance the ability to predict and respond to grid disturbances, manage distributed energy resources, and optimize asset performance. The push towards integrating renewable energy sources and the growing complexity of power grids further drive the demand for advanced analytics to ensure stability and efficiency in electricity supply.

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By analytics type, prescriptive analytics type is poised for the fastest growth rate during the forecast period.

Prescriptive analytics will experience the fastest growth rate in the Smart Grid Analytics Market due to its ability to provide actionable insights and optimal decision-making recommendations. By leveraging advanced algorithms and machine learning, prescriptive analytics can suggest proactive measures for grid management, helping utilities anticipate and mitigate issues before they occur. This capability is crucial as grids become more complex with the integration of renewable energy sources and the adoption of smart technologies, driving utilities to adopt solutions that enhance efficiency and reliability while reducing operational risks.

By region, North America accounts for the largest market during forecast period.

North America is expected to hold the largest market share in the Smart Grid Analytics Market due to substantial investments in smart grid technologies, supportive regulatory frameworks, and a high adoption rate of advanced analytics solutions. The region's well-established infrastructure, coupled with initiatives to modernize the grid and integrate renewable energy sources, drives demand for sophisticated analytics to enhance grid efficiency and reliability. Additionally, the presence of leading technology companies and ongoing projects focused on smart grid advancements further bolster North America's dominant position in this market.

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Top Key Companies in Smart Grid Analytics Market:

The major players in the Smart Grid Analytics Market include Siemens (Germany), Oracle (US), Schneider Electric (France), GE Vernova (US) and Landis+Gyr (Switzerland) along with startups such as Autogrid Systems (US), eSmart Systems (Norway), Innwatts (US), Amperon (US), and Kevala (US).

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