Smart Grid Data Analytics Spending to Total More than $34 Billion through 2020, Forecasts Pike Research
BOULDER, Colo.--(BUSINESS WIRE)-- The smart grid transformation is resulting in an enormous volume of data - a data deluge - flowing into utilities at a high rate. The volume of data is expected to grow by several orders of magnitude over time. Utilities must solve data collection and storage challenges and learn how to analyze and act on new forms of information before they even get to the point of realizing real returns on their smart grid investments. According to a new report from Pike Research, a part of Navigant's Energy Practice, the worldwide market for smart grid data analytics is expected to grow steadily through 2020, with cumulative worldwide spending from 2012 through 2020 totaling just over $34 billion.
"Smart grids cannot be considered smart without the actionable intelligence to correct deficiencies and introduce efficiencies throughout the power delivery system, from transmission, substation and distribution systems, to the customer side of the meter," says research director Carol Stimmel. "The demand for market analytics will only grow stronger as utilities upgrade their systems, and both seasoned providers and new entrants are vying to deliver on the promise of a smarter grid."
The bulk of this spending will occur in Asia Pacific, where annual investment will surpass $2.5 billion by 2020, the report finds. This is driven by China's aggressive deployment of smart meters and its related infrastructure, though at this point it is unclear which drivers will be most important to that country in deploying analytic solutions. As those drivers become more understood, it is possible that opportunities in Asia could grow at an even faster rate than currently anticipated.
The report, "Smart Grid Data Analytics", analyzes the global market opportunity for smart grid data analytics across four key solution segments: meter analytics, grid analytics, asset analytics, and renewables integration for business intelligence, operations, and customer management. The report provides a comprehensive assessment of the demand drivers, business models, policy factors, and technology issues associated with the rapidly-developing market for smart grid data analytics. Key industry players are profiled in depth and worldwide revenue forecasts, segmented by application and region, extend through 2020. An Executive Summary of the report is available for free download on the Pike Research website.
About Pike Research
Pike Research, which joined Navigant's global Energy Practice on July 1, 2012, provides in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Grid, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Pike Research can be found at www.navigant.com/pikeresearch.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Smart Grid Data Analytics," is a summary and reflects Pike Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Pike Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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