LONDON--(BUSINESS WIRE)--According to the latest market research report by Technavio, the global smart grid data management market is expected to reach USD 380 million in revenue by 2020.
In this report, Technavio covers the present scenario and growth prospects of the global smart grid data management market for 2016-2020. The report presents a breakdown of market shares for the leading regions of the smart grid data system market, including Americas, EMEA, and APAC.
“Over the past two decades, the share of renewable and alternative sources of energy in the global energy mix has risen, with major investments flowing from the US, China and the EU. However, intermittent power generation from renewables has given rise to the need for services that enable integrating and optimizing renewable power generation. Smart grid data management systems will allow utilities to plan, forecast and manage various energy resources, and integrate more clean power into the grid,” said Abhay Singh, one of Technavio’s lead industry analysts for smart grid research.
Global smart grid data management market by geography 2015
- Americas 64.27%
- EMEA 19.30%
- APAC 16.43%
Source: Technavio research
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Smart grid data management market in the Americas: largest region
The smart grid data management in the Americas was valued at USD 590 million in 2015. Modernization of the power sector to improve operational efficiency, reduce power thefts, and improve grid reliability drives the demand for smart grids. The market in the Americas, in particular, is expected to grow rapidly over the forecast period due to increased investments in smart grid systems and demand response programs. Demand response programs help utilities and IPPs shift or reduce power consumptions as per peak/ non-peak load periods. In addition, utilities are gaining insight into customer participation and helping utilities design policies to improve customer participation. During the forecast period, investments are expected to increase in countries across the region. Smart grid is considered a viable option for integrating or transferring energy produced by alternative or renewable sources. Countries in South America boast of a high hydroelectric potential, and the ability to send electricity to other countries is therefore gaining foothold in the region. These developments are likely to augment the growth of the smart grid data management market until 2020.
Smart grid data management market in EMEA: second largest region
The smart grid data management in EMEA was valued at USD 170 million in 2015. The market in EMEA is expected to grow rapidly during the forecast period driven by increased government support and investments in smart grid and smart grid technologies. In 2014, over 600 smart grid R&D projects and 619 demonstration and deployment projects, with a cumulative budget of around USD 3.4 billion were underway in the region.
Wide spread smart metering programs have been launched by various governments in the European Union (EU). Countries in the region such as Italy and the Scandinavian countries have almost completed smart meter installation and others such as the UK, Germany, and France have rolled out numerous projects. By 2020, more than 200 million smart meters will be installed across Europe. This will play a major role in the adoption of data management systems by utilities in the region.
Smart grid data management market in APAC
The smart grid data management in APAC was valued at USD 150 million in 2015. The data management market in APAC is in its early stages, but is expected to grow rapidly during the forecast period. The key leading countries in the region are China, Australia, and India. The huge demand for efficient power and increased investments in smart grid systems will drive the growth of the market in APAC. Moreover, the deployment of smart meters and demand response programs across the region is expected to increase during the forecast period, creating enormous amount of data that need to be analyzed. Approximately 95% of Chinese households will have smart meter by 2017.
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