The latest report by IMARC Group, titled “Utility and Energy Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global utility and energy analytics market size reached US$ 2.9 Billion in 2022. Utility and energy analytics refer to data solutions that influence organizational performance. 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.
Global Utility and Energy Analytics Market Trends:
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).
- Based on the type, the market has been bifurcated into solutions and services.
- On the basis of the deployment, the market has been categorized into cloud-based and on-premises.
- Based on the application, the market has been segregated into load forecasting, customer analytics, grid analytics, asset management, smart meter analytics, and others.
- On the basis of the vertical, the market has been classified into oil and gas, renewable energy, nuclear power, electricity, water, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being ABB Ltd., BuildingIQ Inc., Capgemini SE, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, Salesforce.com Inc., Teradata Corporation and TIBCO Software Inc.
|Base Year of the Analysis
||Type, Deployment, Application, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ABB Ltd., BuildingIQ Inc., Capgemini SE, International Business Machines Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Schneider Electric SE, Siemens AG, Salesforce.com Inc., Teradata Corporation and TIBCO Software Inc.
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