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 the 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.
Conversely, data security & privacy
concerns and 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.
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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.
Industry/Innovation/Related News:
December 01, 2020 ---- SkySpecs
(the US), a wind energy operations & maintenance solutions leader,
announced 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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Energy and Utility Analytics Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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