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.
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.
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.
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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