The energy and utility analytics market is garnering substantial traction worldwide. The market growth attributes to the increasing adoption of analytics to discover insights from the vast volumes of data generated across utilities. Besides, the rising implementation of the Internet of Things (IoT) across the power sectors worldwide drives market growth, generating significant data volumes. Moreover, substantial R&D investments in the development of these analytics escalate market growth.
According to Market Research Future (MRFR), the global energy and utility analytics market valuation is expected to reach USD 5.32 BN by 2024, growing at 16.6% CAGR throughout the review period (2019–2024). The smart revolution is leaving a disruptive impact on the industry, allowing analytical solutions based on data-driven research. In order to thrive in continually rising volume, type, and complexity of data, energy, and utility industries leverage analytical capabilities to address these challenges.
These analytics provide real-time analysis of all the processes across energy and utility industries such as asset management, smart grid management, customer analytics, logistics, and supply chain & risk analytics, enhancing and optimizing the operational performance and decision-making. Utilities are increasingly implementing business analytics to target market strategic framework, which is a current market trend impacting the market growth positively.
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Conversely, data security & privacy concerns and a lack of skilled analytical expertise are the major challenges projected to impede the market growth. Also, issues related to integrating these solutions with legacy architecture restrict the growth of the market. Nevertheless, the rapidly growing awareness of these solutions' advantages would support market growth throughout the review period.
Energy and Utility Analytics Market - Segments
The report is segmented into five dynamics;
By Component: Solutions (asset management analytics, smart grid analytics, risk analytics, customer analytics, financial analytics, logistics and supply chain analytics, others) and Services (deployment and integration, support & maintenance, and consulting).
By Deployment: On-Cloud, On-Premise, and Hybrid.
By Application: Energy/Load Forecasting, Predictive Maintenance, Revenue Assurance, Energy Distribution & Transmission Management, Meter Optimization, Emergency Response Management, and others.
By Industry Vertical: Oil, Natural Gas, Renewable Energy, Nuclear Power, Coal, and others.
By Regions: Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Energy and Utility Analytics Market - Regional Analysis
North America dominates the global energy and utility analytics market. The largest market share attributes to the presence of leading solution providers investing heavily in R&D to enhance their solutions' capabilities, which increases operational efficiency.
Besides, the rising adoption of advanced technologies in energy management drives the growth of the regional market. Moreover, the increasing energy demand and government initiatives & utility-scale policy support the growth of the market in the region.
Europe stands second in the global energy and utility analytics market. The market growth is driven by well-established infrastructure, high technical expertise, and increased cloud platform adoption. Additionally, the rising deployments of renewable energy generation systems and increasing demand for power foster the regional market growth. Furthermore, the increasing adoption of renewable sources and energy consumption creates considerable market demand.
The Asia Pacific energy and utility analytics market is growing rapidly. Factors such as the rising adoption of IoT technology and cloud platform across the region boost market growth. Furthermore, government initiatives such as smart city projects create a substantial demand for analytical solutions for demand forecasting, load management, and enhancing operational efficiency.
Also, government initiatives to promote energy-saving plans influence market growth. Moreover, the continually growing energy demand led by the increasing population and rapid industrialization & urbanization fuel the regional market growth.
Global Energy and Utility Analytics Market - Competitive Landscape
Highly competitive, the energy and utility analytics market appears to be fragmented due to the presence of several well-established industry players. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launch to gain a larger competitive advantage.
Major Players
Players leading the global energy and utility analytics market are Oracle Corporation (US), Capgemini SE (France), ABB Ltd (Switzerland), IBM Corporation (US), General Electric Company (US), SAP SE (Germany), Tibco Software Inc. (US), Schneider Electric (France), Eaton Corporation (Ireland), Ericsson (Sweden), Wipro Limited (India), Infosys Limited (India), SAS Institute Inc. (US), Wegowise Inc. (US), and Energysavvy Inc. (US), among others.
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Industry/Innovation/Related News:
December 01, 2020 ---- SkySpecs (the US), a wind energy operations & maintenance solutions leader, announced the signing a partnership agreement with TEPCO Ventures Inc., a subsidiary of Tokyo Electric Power Company Holdings. SkySpecs automates wind energy assets' operations & maintenance through predictive analytics software, robotics, and industry expertise, which enable better decision making.
TEPCO would deliver SkySpecs' autonomous drone inspections, blade asset management software, and predictive maintenance planning to the Japanese wind market. Japan is likely to account for over 60% of the world's offshore capacity by 2050, so the timing couldn't be better.
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