The demand within the global market for smart grid data analytics has been rising on account of advancements in the domain of smart technologies, finds Transparency Market Research (TMR). 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 for 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.
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 for 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.
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Transparency Market Research (TMR) finds that the global market for for smart grid data analytics would expand at a starry CAGR of 13.4% over the period between 2015 and 2022. Furthermore, the market for for smart grid data analytics is expected to touch a value of US$4.6 bn by 2022-end, rising up from a value of US$1.6 bn 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.
The worldwide energy sector has become steadfast in inducting 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, analytics tools are a handy means to gauge the progress of smart grid systems across a region.
The demand within the global market for smart grid data analytics could be hindered by the sluggish rate of deployment of smart grids. Several new and old vendors have emerged in the smart grid market, yet investments in smart grids are slow to come. 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.