COVID-19 impact on Smart Grid Analytics Market | Global Industry Analysis and Forecast Report by 2027
Global Smart Grid Analytics is defined as the digital technology that allows for omni- channel communication between utility and utility consumers. This system includes new technologies, automation, computers, controls and others. Smart grid analytics work with electrical grid to provide information to consumers regarding tools. Smart grid analytics are used to enhance efficiency and minimize energy losses during generation and distribution of electricity.
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Market Drivers
Increase in investment in smart grid analytics is the key driving factor which is expected drives the global smart grid analytics market growth. Furthermore, increase in technological advancements in energy and utility sector will have the positive impact on market growth. Moreover, growing adoption of Internet of Things (IoT) and big data analytics will fuel the global smart grid analytics market growth. Also, energy distributors are focusing on providing smart metering solutions which is expected to propel the market growth during this forecast period.
Market Restraints
However, lack of skilled professionals is the restraining factor which is expected to hamper the global smart grid analytics market growth. Also, high cost of smart grid analytics will affect the market growth.
Market Segmentation
Global Smart Grid Analytics Market is segmented into deployment such as On-Premise, and Cloud Based, by component such as Solution, and Services. Further, market is segmented into component such as Service, and Solution. Further, market is segmented into end use such as Private Sector, and Public Sector.
Also, Global Smart Grid Analytics Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Taxonomy
By Deployment
- On-premise
- Cloud Based
By Component
- Solution
- Services
By End Use
- Private Sector
- Public Sector
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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