Energy And Utilities Analytics Market 2024 - By Size, Share, Trends Analysis Report And Forecasts To 2033
Overview and Scope
Energy and utility analytics refer
to a process of combining the data from many sources and analyse it to make
smart, data-driven decisions such as improving efficiency by optimizing supply
chain and midstream costs. The primary use cases of the big data analytics in
the energy and utilities sector are prediction, detection, and prevention of
power outages.
Sizing and Forecast
The energy and utilities analytics
market size has grown rapidly in recent years. It will grow from $2.87 billion
in 2023 to $3.37 billion in 2024 at a compound annual growth rate (CAGR) of
17.3%. The growth in the historic period can be
attributed to growing complexity in energy systems, rise in renewable energy
adoption, smart grid development, demand response management, efficiency and
optimization..
The energy and utilities analytics
market size is expected to see rapid growth in the next few years. It will grow
to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be
attributed to energy efficiency focus, cybersecurity readiness, enhanced
customer engagement, predictive maintenance emphasis, demand response
optimization.. Major trends in the forecast period include ai and machine
learning integration, renewable energy integration, grid modernization
initiatives, data-driven decision making, demand response management..
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Segmentation & Regional
Insights
The energy and utilities analytics
market covered in this report is segmented –
1) By Type: Software,
Services
2) By Deployment Mode:
Cloud, On-Premises
3) By Application: Load
Forcasting, Meter Operation, Distribution Planning, Demand Respone, Other
Applications
Top Major Players
Eaton Corporation
Salesforce Inc.
International Business Machines
Corporation (IBM)
SAP SE
Intel Corporation
North America was the largest
region in the energy and utilities analytics market share in 2023. The regions
covered in the energy and utilities analytics market report are Asia-Pacific,
Western Europe, Eastern Europe, North America, South America, Middle East,
Africa.
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Major Driver Impacting Market
Growth
The rising deployment of smart
meters is expected to propel the energy and utilities analytics market growth.
Smart meters detect electrical current flow and voltage at regular intervals
and then sum the results to calculate the amount of power utilized. The rising
deployment of smart meters increases power usage efficiency by introducing a
bi-directional flow of information from the utilities to the consumer and
vice-versa. Real-time data communication allows to detect outages, identify
power theft, avoid meter data tampering, and provides better service. For
instance, in April 2021, a report published by The Edison Foundation’s
Institute for Electric Innovation, a US-based non-profit organisation, the
Smart meter installations in the United States reached 107 million in 2020 and
are expected to reach 115 million in 2021. Therefore, the rising deployment of
smart meters is driving the growth of the energy and utilities analytics
market.
Key Industry Players
Major companies operating in the
energy and utilities analytics market report are Eaton Corporation, Salesforce
Inc., International Business Machines Corporation (IBM), SAP SE, Intel
Corporation, General Electric, Schneider Electric, Siemens AG, Cisco Systems
Inc., Google LLC, Oracle Corporation, SAS Institute, Yellowfin, OpenText,
Teradata Corporation, Infor, Atos World Line India Pvt Ltd., MicroStrategy,
Alteryx, TIBCO Software, Qlik, Honeywell International Inc., Capgemini SE, ABB
Limited, IBM Corporation, Hitachi Ltd., Siemens Energy AG, Wipro Limited,
Infosys Limited, Accenture plc
The energy and utilities
analytics market report table of contents includes:
1. Executive Summary
2. Energy and Utilities Analytics
Market Characteristics
3. Energy and Utilities Analytics
Market Trends And Strategies
4. Energy and Utilities Analytics
Market - Macro Economic Scenario
5. Global Energy and Utilities
Analytics Market Size and Growth
..............................
31. Global Energy and Utilities
Analytics Market Competitive Benchmarking
32. Global Energy and Utilities
Analytics Market Competitive Dashboard
33. Key Mergers And Acquisitions
In The Energy and Utilities Analytics Market
34. Energy and Utilities Analytics
Market Future Outlook and Potential Analysis
35. Appendix
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