Smart Grid Data Analytics Market Trends

• The global smart metering analytics market is expected to grow because more money is being spent on smart grids and more renewable energy sources are being added to existing grids. Also, R&D is being updated more in developed economies, which should help the market grow.
• For instance, according to the IEA, in 2021, investments in smart meters in transmission and distribution electricity grids were valued at around USD 21.4 billion, a 13.8% rise in investments compared to the previous year, 2020. Such a significant rise in investments may indicate the growing need for digital infrastructure, thereby providing substantial profits to the vendors operating in the market.
• The rate of installations in the residential, commercial, and industrial sectors has been going up because of how the government framework and policies are always changing.Several emerging nations, including China and the United States, have witnessed a high-scale deployment of smart meters, mainly due to the continuous support of their respective governments. The factors above are expected to drive the demand for analytic solutions to handle the vast data from these smart meters.
• Smart meters are being used more and more by private utility companies in the United States, like ConEd and Duke.This is evident by the fact that, with smart meters deployed by utilities in the United States, about 111 million advanced (smart) metering infrastructure (AMI) installations were made in 2021, accounting for over 69% of all electric meter installations.

Additionally, the government of India's national initiative for smart meters (SMNP) intends to replace 250 million outdated meters with new ones in June 2022. It would improve the effectiveness of energy consumption and monitoring and enhance discoms' yearly income. This may result in the generation of more data per year. In 2022, China announced plans to increase investment, with the State Grid Corporation of China budgeting for more than CNY 500 billion and concentrating on ultra-high-voltage projects, upgrading the distribution network, and increasing levels of digitalization of its grids. Owing to these factors, the market studied is expected to witness growth during the forecast period.