The Energy and Utilities Analytics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Energy and Utilities Analytics Global Market Report 2024, 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.
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.
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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
Technological Advancements are a key trend gaining popularity in the energy and utilities analytics market. Energy and utility companies use cutting-edge technology in their operations, such as artificial intelligence, cloud computing technology to generate massive data sets collected over time to gain insight about energy and consumption. Major companies operating in the energy and utilities analytics market are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, Bidgely, a US-based innovation partner for UtilityAI company, launched energy analytics for utilities on the salesforce app exchange. Through this, customers can enrich account analysis for utilities by using Bidgely’s energy insight widgets embedded within the salesforce. The solution addresses a significant pain point for utility system integrators by unifying customer data into a single platform by integrating consumption-level insights into their existing CRM system.
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
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26. South America Energy and Utilities Analytics Market
27. Brazil Energy and Utilities Analytics Market
28. Middle East Energy and Utilities Analytics Market
29. Africa Energy and Utilities Analytics Market
30. Energy and Utilities Analytics Market Competitive Landscape And Company Profiles
Top Major Players:
- Eaton Corporation
- Salesforce Inc
- International Business Machines Corporation (IBM)
- SAP SE
- Intel Corporation
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