The utility and energy analytics market revenue by the end of 2021 was USD 2.2 Billion. The utility and energy analytics market is expected to reach USD 9.8 Billion by 2032, as it is estimated to grow at a CAGR of 14.7% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Estimated Year (2022) Market Value | USD 2.5 Billion |
| Projected Year (2032) Market Value | USD 9.8 Billion |
| CAGR% (2022 to 2032) | 14.7% |
| Top 5 Vendor Market Share | Around 35% |
Utility analytics is the implementation of solutions and software to get better insights into the large amounts of data generated by the energy and utility sector, allowing the industries and companies in the utility sector to operate more efficiently. The utility and energy analytics market contributes nearly 10% of the global industrial analytics market.
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The utility and energy analytics market is estimated to grow at a CAGR of 14.7% for the forecast period.
Globally, there is a drive among countries to move towards renewable and clean sources of energy, so over the forecast period, solar farms, wind farms, and natural gas are estimated to grow in size and numbers globally. These developing sectors can expand the scope of the utility and energy analytics market over the forecast period.
Utility companies and enterprises are often large-scale power plants and industries that deliver to a wide group of people over a geographical region. Sometimes their activities can be impacted by weather changes, for example, rain in the case of dams and water power generators. In the event of a power outage or damage, there are vast numbers of instruments that need to be inspected.
Data analytical tools can assist these industries in their day-to-day tasks by allowing them to make data-driven decisions, upgrade their existing legacy systems, and improve their data management abilities considering the vast customer group they supply and the numerous factors which can impact their delivery. identify issues faster and improve daily operations.
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North America is expected to have the largest market share during the forecast period at 27.6%, while the Middle East and Africa(MEA) are expected to have the fastest CAGR during the forecast period of 16.7%.
North America has historically implemented various technological advancements in various industries. The presence of several utility analytics companies as well as several utility industries acts as a driver for the market in this region as well.
The Middle East and Africa(MEA) on the other has a wide and noticeable economical difference, however, GCC countries in this region have a strong presence of oil and gas resources and companies, these countries have the potential to establish large-scale solar power plants as well. Due to the Russia-Ukraine war, European countries are also looking for alternative sources of oil and gas, this can act as an opportunity for the Middle East and Africa(MEA) region.
The Gulf countries allow the utility analytics market to grow in this region, and despite the challenges that are present in the African continent, Africa has a vast amount of natural resources, which attracts numerous foreign utility companies to this region, thus increasing the investments for utilities. If the political dynamics can improve over the forecast period and there can be a growth in local players as well, the African countries should witness strong growth in the utility and energy analytics market as well.
Oil is naturally available in the USA in vast amounts, which has allowed several oil companies to spring up in this region, especially in the state of Texas. Apart from oil and natural gas, the government in this country is taking active steps to establish renewable energy sources such as wind and solar farms.
Several energy providers in this country are also private companies and need to understand customer demands and requirements better. For these reasons, the USA is estimated to be a good marketplace for the utility and energy analytics market.
During the numerous meetings and sessions which country leaders conducted during COP26, India was one of the countries that did not support a complete halt of coal-based energy and suggested a gradual shift instead. The reason is, India is still heavily dependent on energy generated by coal and will continue to do so for the foreseeable future. This can act as a potential market for utility and energy analytics.
Developments are underway to shift towards renewable sources of energy, and renewable energy sources can become a large source of energy over the forecast period. Meanwhile, electricity and water supply to rural regions have improved in this region over the past few years as well, allowing India to be a promising market for utility and energy analytics.
Germany currently produces a vast amount of energy through solar, hydroelectric, and biomass, allowing the scope of the utility analytics market to grow in the renewable space in Germany. Apart from that, they are also a global leader in waste management.
Certain government policies have made it mandatory for waste and recycling companies in Germany to implement better security measures and meet certain standards, which can improve the market for utility and energy analytics in the sector as well.
However, the recent Russia-Ukraine war has impacted the energy supply to Germany, affecting the manufacturing and oil and gas industries in this region. This can negatively impact the utility and energy analytics market in Germany.
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Utility industries generate tremendous amounts of data on a regular basis. Using this data to improve their security, avoid outages, forecast risks, and understand customer requirements and problems better can be done via big data platforms.
Several of these issues are regular requirements of the utility sector. For these reasons, big data platforms are estimated to have the largest market share over the forecast period of 32.3%.
Companies in the utility sector often need to improve their legacy systems and implement software and solutions that improve their overall functioning. Shifting to the cloud for various purposes, including utility analytics, can help the utility and energy sectors.
However, there are various rules and regulations involved in this sector which can prevent a complete shift to the cloud, and several utility companies have the resources to support the solutions on-premise. For the abovementioned reasons, a hybrid deployment is estimated to have the largest market share by deployment for the forecast period.
Providing energy or resources from the generation point to the consumer end is one of the most important tasks of the utility sector and is one of the operations in the utility sector that require numerous resources and efforts.
There are numerous applications for utility analytics on this front, and for the same reason, distribution planning and operations have the largest market share for utility and energy analytics by application.
Countries across the globe are making efforts to shift towards renewable sources of energy and reduce their reliance on exhaustible sources of energy because of their limited availability and the damage they cause to the environment.
Although renewable sources may not completely replace exhaustible resources and they will still continue to have the largest market share for utility and energy analytics for the forecast period, renewable sources are estimated to witness staggering growth, and although not within the forecast period, renewable sources may become the main source of energy beyond the years of the forecast period.
Companies that provide utility and energy analytics solutions are either large IT sector companies that have specialized in data analytics and cloud solutions and services, or companies which specifically provide solutions and services to the utility sector. It needs to be noted that there is a global shift towards renewable sources of energy, allowing the vendors in this sector to find a growing opportunity. However, due to numerous socio-political and geo-political developments, it is difficult to gauge how stable the traditional energy sources can be over the forecast period.
| Attribute | Details |
|---|---|
| Market value in 2021 | US$ 2.2 Billion |
| Market CAGR 2022 to 2032 | 14.7% |
| Share of top 5 players | Around 35% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Types, Types of Deployment, Application, Industry, and Region |
| Key Companies Profiled | Aspentech; Cognizant; SAS; Oracle; Teradata; Siemens; Kinetica; Honeywell; Landis + Gyr; Exl Services; Burns McDonnell; Sensus |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Some leading utility analytics is Agilent Technologies, Thermo Fisher Scientific, Takara Bio Inc, and Capheid Inc.
Middle East and Africa are estimated to have the highest growth for the utility analytics market during the forecast period at 16.7%.
Improving the operations in the utility sector.
Big data platforms had the largest market share for the utility analytics market at 32.3% in 2021.
Business Analytics has the highest CAGR of 15.2% for the forecast period.
USA, GCC Countries, China, Germany, and India.
The market shares of South Asia and the Pacific for the year 2021 for the utility analytics market was 15.5%.
North America had a market share of 27.6% in 2021 for the utility analytics market.
GCC countries have the highest CAGR for the forecast period, which is 15.1%.
The estimated market value for the utility analytics market for the year 2023 is US$ 2.8 Billion.
For the East Asia region, the CAGR for the forecast period is estimated to be 13.2% for the utility analytics market.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis and Forecast 6.1. Types 6.2. Deployment 6.3. Application 6.4. Industry 7. Global Market Analysis and Forecast, By Types 7.1. Business Analytics 7.2. Business Intelligence 7.3. Performance Management 7.4. Predictive Analysis 7.5. Analytical Decision Management 7.6. Risk Management 7.7. Big Data Platform 7.8. Optimization Services 7.9. Information Integration and Governance 8. Global Market Analysis and Forecast, By Deployment 8.1. On-Premise 8.2. Cloud 9. Global Market Analysis and Forecast, By Application 9.1. Billing Support 9.2. Energy Efficiency 9.3. Revenue Protection 9.4. Load Research and Forecasting 9.5. Distribution Planning and Operation 9.6. Others 10. Global Market Analysis and Forecast, By Industry 10.1. Oil & Gas 10.2. Energy 10.3. Traditional Energy Resources 10.4. Renewable Energy Resources 10.5. Nuclear Energy 10.6. Utilities 10.7. Electricity 10.8. Water 10.9. Waste and Recycle 11. Global Market Analysis and Forecast, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. East Asia 11.5. South Asia & Pacific 11.6. Middle East & Africa 12. North America Sales Analysis and Forecast, by Key Segments and Countries 13. Latin America Sales Analysis and Forecast, by Key Segments and Countries 14. Europe Sales Analysis and Forecast, by Key Segments and Countries 15. East Asia Sales Analysis and Forecast, by Key Segments and Countries 16. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries 17. Middle East & Africa Sales Analysis and Forecast, by Key Segments and Countries 18. Sales Forecast by Types, Deployment, Application, and Industry for 30 Countries 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 20. Company Profile 20.1. Aspentech 20.2. Cognizant 20.3. SAS 20.4. Oracle 20.5. Teradata 20.6. Siemens 20.7. Kinetica 20.8. Honeywell 20.9. Landis + Gyr 20.10. Exl Services 20.11. Burns McDonnell
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Utility Analytics and Energy Analytics Market
