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:
|Market Size by 2030||USD 9,591.2 Million (2030)|
|Market CAGR during 2022-2030||16.77%|
|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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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.
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 segment is sub-segmented into oil, natural gas, water distribution centers, renewable energy, nuclear power, coal, and others. By regions, the energy & utility analytics market is segmented into the Asia-Pacific, Americas, Europe, and the Rest-of-the-World.
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North America dominates the global energy and utility analytics market. The largest market share is attributed to the presence of leading solution providers investing heavily in R&D to enhance their solutions’ capabilities, which increases operational efficiency.
Besides, the rising adoption of advanced technologies in energy management drives the region’s energy and utility analytics market shares. Moreover, the increasing energy demand and government initiatives & utility-scale policy boost the market size in the region.
Europe stands second in the global energy and utility analytics market. The market growth is driven by well-established infrastructure, high technical expertise, and increased cloud platform adoption. Additionally, the rising deployments of renewable energy generation systems and increasing demand for power in this region foster energy and utility analytics market revenues. Furthermore, the increasing adoption of renewable sources and growing energy consumption create considerable demand for energy and utility analytics.
The Asia Pacific energy and utility analytics industry is growing rapidly. Factors such as the rising adoption of IoT technology and cloud platform across the region boost the market growth. Furthermore, government initiatives such as smart city projects create a substantial demand for analytical solutions for demand forecasting, load management, and enhancing operational efficiency.
Also, government initiatives to promote energy-saving plans influence the energy and utility analytics market value. Moreover, the continually growing energy demand led by the increasing population and rapid industrialization & urbanization in this region fuels the market growth.
Highly competitive, the energy and utility analytics market appears fragmented, with several well-established industry players forming a competitive landscape. Energy and utility companies partner with analytics providers to automate their assets’ operations & maintenance through predictive analytics software, robotics, and industry expertise, which enable better decision-making. These players initiate strategic approaches such as mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive advantage.
For instance, on Mar. 14, 2023, VertexOne, a leading provider of cloud-based, customer experience, and SaaS solutions for the energy and utility industry, announced that it has been selected as a 2023 GovTech 100 company by Government Technology magazine. The GovTech 100 showcases the top 100 companies providing services that make a difference to state and local government-led energy and utility sectors across the United States.
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VertexOne focuses on innovation and provides software that revolutionizes how government utilities connect and provide an overall customer experience. This list is updated every year to reflect the current progress and innovation of leading organizations serving energy and utility markets. VertexOne has been recognized for 3rd consecutive year as a leading government technology innovator.
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