Market Highlights
Energy and utility analytics facilitate the identification and elimination of inefficiencies and help in enhancing efficiency in the energy sector. According to an observation offered by Market Research Future (MRFR), the global energy and utility analytics market are supposed to thrive at 16.6% CAGR across the projection period 2019 to 2024. Its valuation is estimated to reach USD 5.32 Bn by 2024 up from USD 1.98 Bn in 2018.
Drivers and Restraints
Increasing adoption of analytics to ascertain insights from the vast volumes of data generated over energy and utilities sector is slated to drive the growth of the market. Adoption of the Internet of Things (IoT) across the energy and utilities sector has led to the generation of momentous volumes of data across the industries. Applying analytics to this large volume of data provides insights related to consumer usage patterns, which aids in demand forecasting and to effective energy management, thus avoiding fraud, reducing loss, improving compliance with regulatory requests, and enhancing customer services. Moreover, growing government initiatives for deploying advanced metering infrastructure (AMI) further fuel the market growth. The increasing adoption of cloud platform across energy and utilities sector is poised to have a positive impact on the market growth. However, data security and privacy concerns and the lack of skilled analytical expertise are the critical challenges faced by the market over the review period. Additionally, issues related to integrating the solution with the legacy architecture is hindering the market growth.
Segmentation:
On the basis of component, the global energy and utility analytics market growth have been segmented into solution and services. The solutions segment is sub-segmented into asset smart grid analytics, management analytics, financial analytics, customer analytics, logistics and supply chain analytics, risk analytics, and others. The sub-segments of the services segment are support and maintenance, deployment and integration, and consulting.
By deployment, the energy and utility analytics market have been segmented into on-premise, on-cloud, and hybrid.
The segments of the global energy and utility analytics market, on the basis of application, studied in this MRFR assessment are energy/load forecasting, predictive maintenance, revenue assurance, meter optimization, emergency response management, energy distribution and transmission management, and others.
On the basis of industry, the energy and utility analytics market have been divided into energy and utility. The energy segment has been sub-segmented into oil, renewable energy, natural gas, nuclear power, and coal. Lastly, the utility segment has been sub-segmented into electricity, water, and others.
Regional Analysis
The regional analysis of the global energy and utility analytics market has been carried out in major regions comprising the Asia Pacific, North America, Europe, and the rest of the world (the Middle East and Africa, Latin America). North America is slated to dominate the global energy and utility analytics market during the forecast period. The major analytics solutions market player for energy and utility sector, which includes Oracle Corporation, IBM Corporation, SAS Institute Inc., General Electric Company, and Tibco Software Inc., are from North America. These players are substantially investing in R&D to offer enhanced capabilities to their solutions, which enhances the operative efficiency. The North American region has been segmented, by country, into Canada, the US, and Mexico.
Europe follows North America closely in the global energy and utility analytics market in terms of market share. Well-established infrastructure, high technical expertise, and growing adoption of the cloud platform is fueling the growth of energy and utility analytics market in Europe. On the other hand, data security and privacy concerns are limiting the market growth. The European region has been segmented, by country, into the UK, France, Germany, Italy, Spain, Benelux, and the rest of Europe.
The market in Asia-Pacific is slated to grow at a significant pace during the forecast period. Europe has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. The rising adoption of IoT technology and cloud platform across the region is driving the growth of energy and utility analytics market. Additionally, government initiatives such as smart cities, which contributes to the demand for analytical solutions for load management, demand forecasting, and enhancing operational efficiency, further drives the market growth.
Competitive Analysis
The major market players acknowledged in the global energy and utility analytics market as identified by MRFR are General Electric Company (US), Eaton Corporation (Ireland), Capgemini SE (France), IBM Corporation (US), SAP SE (Germany), ABB Ltd (Switzerland), Schneider Electric (France), Tibco Software Inc. (US), and Oracle Corporation (US).
Other players include Ericsson (Sweden), Wipro Limited (India), SAS Institute Inc. (US), Infosys Limited (India), Energysavvy Inc (US), and Wegowise, Inc. (US).
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Market HighlightsThe global energy and utility analytics market is expected to grow from USD 1.98 billion in 2018 to USD 5.32 Billion by 2024, at a CAGR of 16.6% during the forecast period.The energy and utilities sector deals with unique set of challenges, which include increasing global demand, market volatility, risks related to safety, and unexpected downtime which slows down the operational process.
Smart grid solutions offer transmission and distribution grid management, utility analytics which increases the grid efficiency, reliability, operational performance of the system and delivers high ROI.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/8110Segmentation:According to Market Research Future, the global energy and utility analytics market has been segmented on the basis of component, deployment, application, industry vertical, and region.By component, the market has been segmented into solution and services.
The solution segment has been further segmented into asset management analytics, smart grid analytics, risk analytics, customer analytics, financial analytics, logistics and supply chain analytics, and others.
The service segment has been further segmented into deployment and integration, support and maintenance, and consulting.
The on-cloud segment is expected to register the highest CAGR during the forecast period.By application, the market has been segmented into predictive maintenance, energy/load forecasting, revenue assurance, energy distribution and transmission management, meter optimization, emergency response management, and others.
The energy sector is expected to lead the market, whereas the utility sector is expected to register the highest CAGR during the forecast period.Regional Analysis:The global energy and utility analytics market is projected to grow at a significant rate during the forecast period from 2019 to 2024.
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Increasing investments in utility companies are also anticipated to dominate the growth rate of the energy and utility analytics market over the next couple of years.Energy and utility analytics facilitate the identification and elimination of inefficiencies and help in enhancing efficiency in the energy sector.
According to an observation offered by Market Research Future (MRFR), the global energy and utility analytics market are supposed to thrive at 16.6% CAGR across the projection period 2019 to 2024.
Its valuation is estimated to reach USD 5.32 Bn by 2024 up from USD 1.98 Bn in 2018.Advancements in analytics are projected to favor the growth of the energy and utility analytics market in the years to come.
Increasing investments in smart technologies, coupled with rising investments by governments in energy sector, is poised to dictate the expansion of the energy and utility analytics market in the upcoming years.Competitive Dashboard:Oracle Corporation (US), ABB Ltd (Switzerland), Capgemini SE (France), IBM Corporation (US), SAP SE (Germany), General Electric Company (US), Tibco Software Inc. (US), Eaton Corporation (Ireland), Schneider Electric (France), Ericsson (Sweden), Infosys Limited (India), Wipro Limited (India), SAS Institute Inc. (US), Energysavvy Inc. (US), and Wegowise Inc. (US) are some of the noted players assessed in the share analysis included in the study of energy and utility analytics market.Market participants are poised to increase investments in the market for the expansion of their global footprints.
This, in turn, assures a highly competitive future trajectory for these players.
In addition, investments in technological innovations are also prognosticated to impact the competitive landscape of the energy and utility analytics market positively over the next few years.
