(I-BusinessNews.Com, April 09, 2022 ) The Energy and Utility Analytics Market size is analyzed to grow at a CAGR of 17.4% during the forecast 2022-2027 to reach $ 5.6 billion by 2027. The Energy and Utility Analytics industry offers a unified and comprehensive view with engaging data analytics in order to address spurring demand across end-users like residential, commercial, and industrial sectors. The major growth factor of the Energy and Utilities Analytics Market is the increasing demand of consumer interest in renewable energy, and the need to prioritize power generation planning for improved customer processes. The significant growth factor that contributes to the rapid adoption of the energy and utilities analytics solution is the potential usage of advanced metering infrastructure for enabling seamless two-way communication between service providers and customers. Hence, the need for accurate forecasting, and developing effective power generation plan through digital channels are analyzed to promote the market growth. In fact, the enormous implementation of smart meters for accurate two-way communication and predictive maintenance provides effective energy usage management, which contributes to the market growth. Moreover, the government initiatives for prioritization of advanced metering infrastructure due to the need for precise forecasting, along with leveraging scalable options through applying analytics and internet of things to estimate data about energy distribution in near-real time are estimated to drive the market of Energy and Utility Analytics.
Energy and Utility Analytics Market Segment Analysis – By Deployment
By deployment, the Energy and Utility Analytics Market is segmented into Software and Service. The Software segment is analyzed to hold highest share and grow at highest CAGR of 6.9% during the forecast period 2022-2027 owing to the exponential cloud-based solutions penetration, and the prominence of the leading providers such as IBM Corporation, Oracle Corporation, SAS Institute Inc., and General Electric Company along with several start-ups that offer analytics-as-a-service. In April 2019, IBM and the Vermont Electric Power Company (VELCO), an electric transmission company have created a new company called Utopus Insights, Inc. that launched Renewable Energy IoT Analytics Products, accurate, insightful data-driven energy applications, which enable renewable asset owners to improve operations, optimize performance, and aim a competitive digital edge. Therefore, such launches for more precise prediction of renewable generation is estimated to drive the Energy and Utility Analytics Market.
Energy and Utility Analytics Market Segment Analysis – By Vertical
By Vertical, the Energy and Utility Analytics Market is segmented into the Energy and Utilities sector. The Energy segment is estimated to hold the highest share of 56% in 2021, owing to the shift towards a decarbonized electricity solution, such as mobility, transport and industrial processes along with advanced service-based business models like predictive maintenance platforms to minimize market risks. In August 2020, esVolta signed an agreement with Indian Startup ION Energy to improve the operational efficiency of its utility scale battery energy storage projects. With the deployment of Edison Analytics, ION Energy’s battery analytics platform enhances the entire portfolio of esVolta’s total 581 MWh of energy storage projects in North America. Therefore, the strategic collaboration for the implementation of technology to avoid wastage of energy is driving the growth of the Energy and Utility Analytics Market.
Energy and Utility Analytics Market Segment Analysis – By Geography
North America is estimated to be the major region with a share of 40% in 2021 for the Energy and Utility Analytics Market. The factors that accelerate the growth of Energy And Utility Analytics market size in this region are the significant adoption of IoT-based technologies, like smart senor, implementation of smart meters for transparent asset utilization, and embracing business-driven solutions by the energy and utility sectors. In August 2020, Badger Meter launched the netAMP® Enabled, a new metering-as-a-service program that complements smart water technologies and significantly expedites end-to-end Advanced Metering deployments. Simultaneously, Europe is also analyzed to hold the largest Energy and Utility Analytics market share in 2020, owing to the early adoption of microgrids control system, and potential implementation of advanced analytics tools, such as cloud computing as well as big data platforms. In May 2020, Itron and EDMI collaborated to launch SMETS2 Gas Meter, an innovative measure for the utilities and cities to manage energy and water in the UK. Therefore, such launches and collaboration have significantly contributed to the Energy and Utility Analytics Market growth.
Energy and Utility Analytics Market Drivers
Increasing installation of smart meter promote the growth of the Energy and Utility Analytics Market
The installation of smart meters for the growing awareness to minimize energy wastage is driving the Energy and Utility Analytics market positively. The preciseness in reference to reading to avoid unaccountable consumption aids meter owners and utility operators for developing efficient supply chain management, which deliberately promote the growth of the market. In December 2020, EDF International Networks and Capgemini signed a partnership to combine their expertise to develop smart metering and smarts grids solutions. This strategic collaboration offers innovations, including smart meters, software and applications, which enable to adjust supply to demand and also ascertain the balance of the distribution networks. Hence, the rapid adoption of advanced metering infrastructure and introduction of installation of smart meter are some of the prominent factors that accelerate the Energy and Utility Analytics Market.
Growing adoption of cloud-based Artificial Intelligence is driving the growth of the Energy and Utility Analytics Market
The business organizations are focusing towards integrating machine-learning algorithms, globally. The technology leaders are leveraging AI to offer transparent information for critical decision-making, which further influence the rapid adoption of the Cloud computing. Thus, applying analytics offer an opportunity to develop better forecast demand, uncover new customer usage patterns and manage energy constraints more effectively. In January 2021, a leading provider of execution services, trade analytics and reporting provider, Virtu Financial, Inc. launched Open Intell and Open Python big data analytics utilities to facilitate and accelerate data-driven decision-making in areas like trading strategy selection, cost attribution and counterparty evaluation. These are some of the major growth factors that drive the growth of the Energy and Utilities Analytics Market.
Lack of Expertise and professional awareness are hindering the growth of the Energy and Utilities Analytics Market
Energy and utility providers often faced demand fluctuation due to the certain reasons, such as prices tend to fall, rising consumer interest in renewable energy and rapid natural reserve shortages. Therefore, to carry out real-time analysis, professionals with big data expertise are responsible for big data visualization to offer efficient results but lack of skills and enough experience to tackle business forecasting represents a substantial drawback. To carry out the accurate results, it is pertinent to draw analytical-based research for performing the necessary software analysis, which again requires thorough knowledge. Hence, the lack of expertise present in the market and lower awareness towards the emerging variety of Energy and Utility Analytics hinder the Energy and Utilities Analytics Industry.
Energy and Utility Analytics Industry Outlook
Product launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Energy and Utilities Analytics top 10 companies include
In June 2019, General Electric launched a new analytics portfolio of predictive analytics technologies that aid to achieve better operational grid efficiency.
In November 2019, ABB Group signed partnership with California-based artificial intelligence firm Verdigris Technologies, and launched a new digital energy-app store and machine learning technology to optimize their energy management.
North America is estimated to be the major region with a share of 40% in 2021 for the Energy and Utility Analytics Market. The factors that accelerate the growth of Energy And Utility Analytics market size in this region are the significant adoption of IoT-based technologies, like smart senor, implementation of smart meters for transparent asset utilization, and embracing business-driven solutions by the energy and utility sectors.
The Energy segment is estimated to hold the highest share of 56% in 2021, owing to the shift towards a decarbonized electricity solution, such as mobility, transport and industrial processes along with advanced service-based business models like predictive maintenance platforms to minimize market risks.
The installation of smart meters for the growing awareness to minimize energy wastage is driving the Energy and Utility Analytics market positively.
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