Market Highlights
The global energy and utility analytics market is expected to grow from USD 1.98 billion in 2018 to USD 5.32 Billion by 2024, at a CAGR of 16.6% during the forecast period.
The energy and utilities sector deals with unique set of challenges, which include increasing global demand, market volatility, risks related to safety, and unexpected downtime which slows down the operational process. The energy and utility sector demand smart grid solutions in order to provide the consumers with efficient and reliable energy transmission and distribution. Smart grid solutions offer transmission and distribution grid management, utility analytics which increases the grid efficiency, reliability, operational performance of the system and delivers high ROI.
Competitive Dashboard:
The prominent players in the market of energy and utility analytics are Eaton Corporation (Ireland), General Electric Company (US), Capgemini SE (France), IBM Corporation (US), ABB Ltd (Switzerland), SAP SE (Germany), Tibco Software Inc. (US), Schneider Electric (France), and Oracle Corporation (US).
Others players include Wipro Limited (India), Ericsson (Sweden), SAS Institute Inc. (US), Energysavvy Inc (US), Infosys Limited (India), and Wegowise, Inc. (US).
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Regional Analysis:
The global energy and utility analytics market is projected to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis for global energy and utility analytics market has been conducted for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America is expected to emerge as the leading region for global energy and utility analytics market during the forecast period. The region has been segmented, by country, into the US, Canada, and Mexico. Presence of leading analytical solution providers planning on investing in developing their solutions with advanced capabilities to cater to a wide application area is driving the growth of the market in North America. Well-established infrastructure and early adoption of advanced technologies such as IoT and big data analytics to increase operational efficiency are further propelling market growth.
Europe is following North America in the global energy and utility analytics market in terms of market share. Europe is experiencing an increasing adoption of analytical solutions across the energy and utilities sector owing to provide grid analytics, energy risk management, forecasting demand, and obtain improved revenue assurance. However, data privacy and security concerns are expected to limit market growth. The region has been segmented, by country, into the UK, Germany, France, Italy, Spain, Benelux, and the rest of Europe.
Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing demand for predictive maintenance and load management and forecasting to meet the consumer demands is driving the growth of energy and utility analytics market in the region. Growing adoption of the cloud platform and increasing amount of data generated across the energy and utility sector is expected to increase the demand for analytical solutions to manage and analyze the same effectively. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific.
The Middle East and Africa and South America regions are expected to have considerable growth during the forecast period. Increasing adoption of the cloud platform is expected to have a positive impact on market growth. Furthermore, rising need of analytical solutions to increase the efficiency of operations, analyze the massive volumes of data generated, and increase ROI and to obtain a competitive advantage in the energy and utility sectors are further increasing the demand for analytical solutions across the Middle East and Africa and South America. The market in the Middle East and Africa has been segmented, by country, into Saudi Arabia, Israel, Turkey, South Africa, and the rest of the Middle East and Africa. South America has been segmented by country into Brazil, Peru, Chile, Argentina, and the rest of South America.
Segmentation:
According to Market Research Future, the global energy and utility analytics market has been segmented on the basis of component, deployment, application, industry vertical, and region.
By component, the market has been segmented into solution and services. The solution segment has been further segmented into asset management analytics, smart grid analytics, risk analytics, customer analytics, financial analytics, logistics and supply chain analytics, and others. The service segment has been further segmented into deployment and integration, support and maintenance, and consulting. The solution segment is expected to dominate the market whereas, the services segment is expected to register the highest CAGR.
Based on the deployment, the market has been segmented into on-cloud, on-premise, and hybrid. The on-cloud segment is expected to register the highest CAGR during the forecast period.
By application, the market has been segmented into predictive maintenance, energy/load forecasting, revenue assurance, energy distribution and transmission management, meter optimization, emergency response management, and others. The predictive maintenance segment is expected to exhibit the highest CAGR.
By industry vertical, the market has been segmented into energy and utility. The energy segment has been further segmented into oil, natural gas, renewable energy, nuclear power, and coal. The utility segment has been further segmented into water, electricity, and others. The energy sector is expected to lead the market, whereas the utility sector is expected to register the highest CAGR during the forecast period.
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List of Tables
Table1 Global Energy And Utility Analytics Market, By Country, 2019–2024
Table2 North America: Energy And Utility Analytics Market, By Country, 2019–2024
Table3 Europe: Energy And Utility Analytics Market. By Country, 2019–2024
Table4 Asia-Pacific: Energy And Utility Analytics Market By Country, 2019–2024
Table5 North America: Energy And Utility Analytics Market, By Country
Table6 North America: Energy And Utility Analytics Market, By Component
Table7 North America: Energy And Utility Analytics Market, By Deployment
Table8 North America: Energy And Utility Analytics Market, By Application
Table9 North America: Energy And Utility Analytics Market, By Industry Vertical
Table10 Europe: Energy And Utility Analytics Market, By Country
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