Definition of Energy & Utilities Analytics

The purpose of energy data analytics is to analyze the production and consumption of energy by using statistical software, big data, and machine learning techniques. By predicting demand, optimizing production costs in real-time, enhancing distribution, understanding customer consumption patterns, and predicting future market behavior, users can improve their productivity. Energy data analytics can benefit utility companies as well as their customers. A data analytics software program and energy dashboards can assist energy managers in monitoring and reducing grid downtime market demand changes in real-time, managing assets, and achieving environmental targets. Moreover, Energy and utility analytics provides end users, such as residential, commercial, and industrial consumers, with a comprehensive and unified view of data, as well as engaging data analytics to meet the increasing demand across these sectors.

 Global Energy & Utilities Analytics Market: Key Insights

Global Energy & Utilities Analytics Market Highlights Over 2023 - 2033

The global energy & utilities analytics market is estimated to garner a notable revenue by the end of 2033 by growing at a CAGR of ~17% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 3.0 Billion in the year 2022. The growth of the market can be attributed to the increasing smart grid installations. As per the U.S Energy Information Administration, there have been nearly 102.9 million advanced smart meter infrastructure installations in the year 2020 by the U.S. electric utilities. Energy utility analytics specializes in the development of smart grids through Big Data. The development of smart grids will result in a massive increase in data quantity. 

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In general, energy and utility analytics refers to the process of collecting electrical and utility data and using sophisticated analytical software and algorithms to provide insights into consumption and time-of-use reductions. The benefits of analytical solutions are to provide new opportunities in the form of better decisions for businesses through maximizing production and reducing costs.  Moreover, there has been increasing demand for big data analytics which is anticipated to rise the growth of the global energy and utility market. For instance, more than 50 percent of organizations around the world use data and analytics for cost and process efficiency.

Global Energy & Utilities Analytics Market: Growth Drivers and Challenges

Growth Drivers

• Rising Demand for Energy – There is a need for forecasting the demand for energy that is expected to increase the growth of the global energy & utilities analytics market. In the year 2021, energy consumption in China, the United States, and Russia increased by more than 5%, 4%, and 9%, respectively.

• Increasing Price Volatility – As per the World Bank, the world’s bank energy price index increased by 26.3 percent between January and April 2022

• Rising Adoption of IoT Devices– There are more than 10 Billion active IoT devices in the year 2021.

• Surging Adoption of Cloud Computing– More than 40 percent of enterprises in Europe are using cloud computing in the year 2021.

Challenges

Inadequacies In Expertise and Professionalism- The big data visualization skills of professionals with big data expertise are vital to performing real-time analysis, but a lack of skills and sufficient experience makes business forecasting difficult. Hence, this factor is projected to hinder market growth in the coming years.

• Risks Related to Data Theft

• Lack of Awareness Among the Organizations

The global energy & utilities analytics market is segmented and analyzed for demand and supply by deployment mode into on-premises, and cloud. Out of these, the cloud segment is anticipated to hold the largest share over the forecast period owing to the energy & utility companies opting for cloud-based systems to store massive data related to smart meters, smart grids, and others. Moreover, there has been increasing adoption of cloud-based energy and utility solutions on the back of advantages such as ease of maintenance, affordability, adaptability, responsiveness, and expandability. More than 70 percent of organizations are using cloud software in the year 2019 from more nearly 40 percent three years ago.

Global Energy & Utilities Analytics Market Regional Synopsis

The North American energy & utility analytics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035 on the back of surging adoption of smart technologies, and increasing energy & utilities planning for saving resources. More than 70 percent of households in the United States have smart meters by the end of 2020. Furthermore, the rise in investments in technology development has resulted in the use of such solutions increasing steadily, which is expected to drive regional market growth over the forecast period.

Market Segmentation

Our in-depth analysis of the global energy & utilities analytics market includes the following segments:

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Key Companies Dominating the Global Energy & Utilities Analytics Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global energy & utilities analytics market that are included in our report are Microsoft Corporation, Salesforce, Inc., IBM Corporation, General Electric, Oracle Corporation, SAP SE, Schneider Electric, Atos SE, TIBCO Software Inc., SAS Institute Inc., and others.

Global Energy & Utilities Analytics Market: Latest Developments

• April 2022: Salesforce, Inc., announced the launch of CRM Analytics containing innovations that surface AI-powered for marketing, sales, and service team in every industry.

• May 2021: Oracle Corporation announced the launch of new Opower solutions that help utilities in finding, reaching, and enrolling limited-income customers in energy efficiency and bill assistance programs.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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