Increasing Government Initiatives to Manage Power Sectors Efficiently Drive Energy and Utility Analytics Market
New York, US, March 17, 2023 (GLOBE NEWSWIRE) — Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Energy and Utility Analytics Market By Component, By Deployment, By Application, By Industry, By Region – Forecast till 2030”, the market value to escalate from USD 2775.4 million in 2022 to USD 9591.2 million by 2030, growing at a 16.77% CAGR throughout the review period (2022- 2030).
The energy and utility analytics market is likely to witness significant revenue growth during the decade. The increasing adoption of these analytics by energy and utility companies to discover insights from the vast volumes of data generated would drive market growth. Moreover, substantial R&D investments in developing these analytics escalate market growth. Besides, the rising implementation of the Internet of Things (IoT) across the power sectors worldwide would boost the market size, generating significant data volumes.
Market Competitive Analysis
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)
- Energysavvy Inc. (US)
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Energy and Utility Analytics Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 9,591.2 Million (2030) |
| Market CAGR during 2022-2030 | 16.77% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Increasing energy demand in developing and developed countries. Focus on green energy generation. Integration of new technologies and increasing demand from the consumer end |
Energy and utility analytics provide real-time analysis of all the processes across the power and utility facilities. These solutions include asset management, smart grid management, customer analytics, logistics, and supply chain & risk analytics. Energy and utility industries use these analytics to enhance and optimize operational performances and decision-making.
The smart revolution is leaving a disruptive impact on the industry, allowing analytical solutions based on data-driven research. In order to thrive in the continually rising volume, type, and complexity of data, water, electric & gas utilities, energy retailers, suppliers, and energy transition companies leverage analytical capabilities to address these challenges.
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Industry Trends
Utilities are increasingly implementing business analytics to target the strategic market framework, which is a current market trend impacting market growth positively. Growing deployments of the IoT devices across the power sectors worldwide would boost the market size, generating significant data volumes. Moreover, substantial R&D investments in developing these analytics escalate market growth.
Conversely, data security & privacy concerns and a lack of skilled analytical expertise are major challenges projected to impede 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.
Segments
The energy & utility analytics market report is segmented into components, applications, deployments, industry verticals, and regions. The component segment is sub-segmented into software/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).
The application segment is sub-segmented into predictive maintenance, energy/load forecasting, revenue assurance, energy distribution, meter optimization, emergency response management, and others. The deployment segment is sub-segmented into on-premises, cloud, and hybrid. The industry vertical…
Read More: Energy and Utility Analytics Market To Hit USD 9591.2 Million at a 16.77% CAGR
