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
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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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