Global smart grid data analytics market to triple by 2022, says report
The report – ‘Smart Grid Data Analytics Market -2015-2022’ – states that the sector was valued at US$1.6 billion in 2014 and is estimated to reach US$4.6 billion by 2022 – a 13.4% increase from 2015 to 2022.
Due to high investments and penetration of smart grid systems, the Asia Pacific region is projected to be the fastest-growing market for smart grid data analytics during the forecast period- expanding at a CAGR of 14.8% from 2015 to 2022.
Transparency Market Research predicts North America, which accounted for the largest share in terms of adoption and revenue (over 33% in 2014) will expand at a CAGR of 11.4% from 2015 to 2022.
Due to increasing global consumption, coupled with challenges in the production of electricity, utility providers are expected to increasingly shift toward smart grid systemsRead full article at Metering and Smart Energy and associated data analytics solutions in the coming years, states the report.
The growth is also expected to be driven by the growing advancements in big data analytics and Internet of Things (IoT).