The Energy and Utility Analytics Market: Overview
The Energy and Utility Analytics Market is valued at around USD 2.0 billion in 2022 and is expected to reach USD 5.32 billion by 2030, registering a CAGR of 16.6% over the forecast period. Companies use energy and utilities analytics to technologically monitor the power use of their customers. Energy and utility providers are now able to allocate services cost-effectively and maximise efficiency thanks to the introduction of smart metres and smart grids.
The Energy and Utility Analytics Market - Growth Factor
The increasing adoption of smart metres for facilitating two-way communication between businesses and customers is the main factor fuelling the growth of the energy and utilities analytics market. Power generation planning being prioritised, the requirement for precise forecasting, investments in digital channels to enhance customer experiences, processes, and perceived customer value are all anticipated to fuel market expansion. Solutions and services make up the market segments for energy and utilities analytics. During the forecast period, a rapid rate of growth is anticipated for the services segment. The rising popularity of energy and utilities analytics solutions can be credited for the expansion of this market segment, which in turn has increased demand for pre- and post-deployment services.
The Energy and Utility Analytics Market Market Trends
The rising demand for energy, the need for a greener environment, and the rising demand from consumers to understand their own energy consumption patterns are the main factors driving the energy utility analytics market.
The newest trends used in the energy sector include big data analytics, supply chain analytics, cloud computing, and operational analytics.
By enabling a quicker time to insights, big data analytics services integrate data, processes, analytics tools, and visualisations. Through exploratory and self-learning models, it improves the consistency and quality of insights.
Decisions based on data thus lead to better business outcomes. Big Data for energy utility analytics has a system for developing smart grids.
The Energy and Utility Analytics Market Segmentation
The Energy and Utility Analytics Market fragrance concentrates market has been sub-classified into type, application.
On the basis of type, the Energy and Utility Analytics Market is bifurcated into:
Cloud
On-premise
Hybrid cloud
Others
On the basis of application, the market is segmented into:
Meter operation
Load forecasting
Demand response
Distribution planning
Others
The Energy and Utility Analytics Market Regional Analysis
Asia-Pacific dominated the global Energy and Utility Analytics Market, is anticipated to experience the greatest CAGR growth over the forecast period. The demand for smart home infrastructure from an increasing number of energy and utility customers is what is causing the region's rapid growth. As a result, the APAC region is seeing an increase in the adoption of solutions and services for energy and utility analytics. APAC includes important nations like China, India, Japan, and the rest of APAC, all of which are playing an increasing role in the adoption of IoT, AI, and ML technologies in the energy and utilities analytics market.
The Energy and Utility Analytics Market Key Market players
Global key players of Energy and Utility Analytics Market include IBM Corporation, Intel Corporation, SAP SE, Ericsson, Cisco Systems Inc., Eaton Corporation, Schneider Electric Company, Capgemini, Oracle Corporation, TIBCO Software Inc., Infosys, and Wipro, and others.
Report scope
Global Energy and Utility Analytics Market: Historical Years- 2018-2021
Global Energy and Utility Analytics Market: Forecast Years- 2022-2030
Global Energy and Utility Analytics Market 2022- USD 2.0 billion
Global Energy and Utility Analytics Market 2030- USD 5.32 billion
Global Energy and Utility Analytics Market CAGR- 16.6%
