Utility and Energy Analytics Market Report by Type (Solutions, Services), Deployment (Cloud-based, On-premises), Application (Load Forecasting, Customer Analytics, Grid Analytics, Asset Management, Smart Meter Analytics, and Others), Vertical (Oil and Gas, Renewable Energy, Nuclear Power, Electricity, Water, and Others), and Region 2024-2032
The global utility and energy analytics market size reached US$ 3.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.4 Billion by 2032, exhibiting a growth rate (CAGR) of 15.9% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 3.4 Billion
Market Forecast in 2032
US$ 13.4 Billion
Market Growth Rate (2024-2032)
15.9%
Utility and energy analytics aid in analyzing useful data concerning electricity distribution and consumption in real-time. They also provide inaccessible information on customer consumption patterns, preferences, and decisions. This information helps uncover forecast demand, manage energy constraints effectively, improve regulatory compliance, prevent fraud and loss, and enhance customer satisfaction. It also assists utilities in encouraging electricity conservation. Moreover, leading companies are offering utility and energy analytical solutions that enable utilities to improve operations via a unified and comprehensive view of their assets.
Utility and Energy Analytics Market Trends:
Surging electricity demand due to rapid urbanization, rising global population and the increasing dependence on electrical appliances is propelling utilities around the world to upgrade infrastructure and maximize grid and load efficiency. This, in turn, is resulting in the increasing data volume and complexity and encouraging the adoption of utility and energy analytics across the globe. These analytical devices help companies deliver reliable, safe, and affordable energy. Apart from this, the increasing utilization of smart water meters on account of the rising consumption of potable water for domestic, commercial, and industrial applications are contributing to market growth. Utility and energy analytical devices combine data from smart meters with billing information to predict energy demand. Furthermore, key players are offering solutions that can measure information about an asset, including data history, maintenance records, and operating conditions. They also provide deep insights into operations, which assist utility companies in shifting from costly time-based asset management to a more informed reliability-based approach. Additionally, as new approaches are significant to meet the present need for performing complex historical analysis and reporting, the demand for utility and energy analytical devices is increasing worldwide.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global utility and energy analytics market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, deployment, application and vertical.
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
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Type, Deployment, Application, Vertical, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global utility and energy analytics market was valued at US$ 3.4 Billion in 2023.
We expect the global utility and energy analytics market to exhibit a CAGR of 15.9% during 2024-2032.
The rising utilization of utility and energy analytics solutions, as they are reliable, save costs, overcome maintenance issues, offer effective solutions, and improve efficiency, is primarily driving the global utility and energy analytics market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for utility and energy analytics.
Based on the type, the global utility and energy analytics market has been divided into solutions and services, where solutions currently exhibit a clear dominance in the market.
Based on the deployment, the global utility and energy analytics market can be categorized into cloud-based and on-premises. Currently, cloud-based accounts for the majority of the global market share.
Based on the application, the global utility and energy analytics market has been segregated into load forecasting, customer analytics, grid analytics, asset management, smart meter analytics, and others. Among these, smart meter analytics currently hold the largest market share.
Based on the vertical, the global utility and energy analytics market can be bifurcated into oil and gas, renewable energy, nuclear power, electricity, water, and others. Currently, oil and gas exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global utility and energy analytics market include 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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