Smart Grid Data Analytics Spending to Total ‘More Than $34bn Through 2020’
The worldwide market for smart grid data analytics will grow steadily through 2020, with cumulative worldwide spending from 2012 through 2020 totaling just over $34 billion, according to a report from Pike Research.
The report, Smart Grid Data Analytics, says the bulk of this spending will occur in Asia Pacific, where annual investment will surpass $2.5 billion by 2020. It predicts Asia Pacific will see early growth rates of over 50 percent and an overall compound annual growth rate of 25 percent over the life of the forecast.
Researchers attribute this to China’s aggressive deployment of smart meters and related infrastructure. The report says at this point it is unclear which drivers will be most important to China in deploying analytic solutions. But as those become more understood, opportunities in Asia could grow at an even faster rate.
In North America, more electric utilities adopting smart grid technologies will drive demand for data analytics, according to Pike Research. Additionally, government policies and pressure to raise caps on renewables will grow the North American analytics market in 2017, it says.
Europe will hold a slightly stronger market share in 2020 compared to 2012, the report forecasts. This is because of the continuing deployment of advanced metering infrastructure, which Pike Research estimates will be about 80 percent of all metering by 2020; and the EU’s 20-20-20 mandate, which sets targets of 20 percent energy consumption from renewable sources, 20 percent reduction in primary energy use, and 20 percent reduction of greenhouse gases below 1990 levels, all by 2020.
Latin America, the Middle East and Africa can expect mid-forecast rates above 60 percent and overall CAGRs of 40.1 percent (Latin America) and 44.7 percent (the Middle East and Africa), according to the report. It attributes these percentages to the countries’ overall low penetration rates of smart grid technologies.
A March report by Groom Energy named C3, CA Technologies, Ecova, EnergyCAP, EnerNOC, Lucid, Phoenix Energy Technologies, Schneider Electric, SCIenergy and Siemens as the enterprise smart grid vendors to watch because of their innovation, customer proof points, market momentum, product development and increased emphasis on enterprise-wide and multiple-site implementations.
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