IMARC Group, a leading market research company, has recently releases report titled “Utility and Energy Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global utility and energy analytics market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the utility and energy analytics market?
The global utility and energy analytics market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.9 Billion by 2028, exhibiting a growth rate (CAGR) of 17.6% during 2023-2028.
What is utility and energy analytics?
They help analyze valuable real-time data related to the distribution and consumption of electricity. They offer insights into customer consumption patterns, preferences, and decisions that can help organizations to predict forecast demand, manage energy constraints, improve customer satisfaction, encourage energy conservation, prevent loss and fraud, comply with regulations, expand business decisions, detect risks, and control costs. In addition, they are reliable, save costs, overcome maintenance issues, offer effective solutions, and improve efficiency. Owing to these benefits, utilities and energy efficiency are gaining immense traction across several industrial verticals.
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What are the growth prospects and trends in the utility and energy analytics industry?
The market is primarily driven by the escalating electricity demand due to the growing population, rapid urbanization, and the rising dependence on electrical appliances. In addition, the increasing use of microgrid control systems that allows organizations to control, monitor and analyze grid functioning from a central control center resulting in the expansion of energy analytics which is contributing to market growth. Moreover, various technological advancements such as machine learning (ML), artificial intelligence (AI), and cloud-based deployment model to examine energy use across all facilities and equipment represents another major growth-inducing factor.
Besides this, the widespread product adoption by the renewable energy sector to provide precise energy production forecasts and anticipate mechanical glitches resulting in improved operational effectiveness is accelerating the product adoption rate. Furthermore, the increasing employment of smart water meters on account of the rising consumption of potable water for commercial, domestic, and industrial applications is creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 7.9 Billion by 2028, exhibiting a CAGR of 17.6% during the forecast period (2023-2028).
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Solutions
- Services
Breakup by Deployment:
- Cloud-based
- On-premises
Breakup by Application:
- Load Forecasting
- Customer Analytics
- Grid Analytics
- Asset Management
- Smart Meter Analytics
- Others
Breakup by Vertical:
- Oil and Gas
- Renewable Energy
- Nuclear Power
- Electricity
- Water
- Others
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- ABB Ltd.
- BuildingIQ Inc.
- Capgemini SE
- International Business Machines Corporation
- Oracle Corporation
- SAP SE
- SAS Institute Inc.
- Schneider Electric SE
- Siemens AG
- com Inc.
- Teradata Corporation
- TIBCO Software Inc.
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