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.
Increasing utilization of smart grid systems, in conjunction with the implementation of laws favoring microgrid use, is expected to unleash growth opportunities for the market players. 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.
Advancements in analytics are projected to favor the growth of the energy and utility analytics market in the years to come. However, security breach concerns are observed to impede market growth in the foreseeable future.
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On the basis of component, the global energy and utility analytics market 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 assessment of the global energy and utility analytics market is covered on the basis of region and country. Regional segments identified in this study are South America, Europe, Asia Pacific (APAC), the Middle East, and Africa (MEA), and North America. North America is anticipated to dominate the growth pattern of the global market through the assessment period. Key players based out of the region are expected to support the growth of the energy and utility analytics market in the forthcoming years. Asia Pacific is set to exhibit substantial growth rate over the review period. 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.
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. Product development, mergers & acquisitions, partnerships, etc. are some of the growth strategies anticipated to be leveraged by both small and established players.
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List of Tables
FIGURE 1 Global Energy And Utility Analytics Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Energy And Utility Analytics Market
FIGURE 4 Value Chain Of Global Energy And Utility Analytics Market
FIGURE 5 Share Of The Energy And Utility Analytics Market Of The Energy And Utility Analytics Market In 2018, By Country (In %)
FIGURE 6 Global Energy And Utility Analytics Market, 2019–2024
FIGURE 7 Global Energy And Utility Analytics Market Size, By Component, 2019–2024
FIGURE 8 Share Of The Global Energy And Utility Analytics Market, By Component, (In %)
FIGURE 9 Global Energy And Utility Analytics Market Size, By Deployment, 2019–2024
FIGURE 10 Share Of The Global Energy And Utility Analytics Market, By Deployment, (In %)
Table10 North America: Energy and Utility Analytics Market, By Vertical
Table11 Europe: Energy and Utility Analytics Market, By Country
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