June 10, 2020
As per the report titled ‘Global Energy and Utility Analytics Market Size study, by Type (Software and Services), by Application (Load Research and Forecasting, Meter Operation and Optimization, Transmission and Distribution Management, Predictive Maintenance, Workforce Management, Emergency Response Management and Others), by Deployment Model (On-Premises and Hosted), by Industry vertical (Energy' Oil' and Gas Vertical and Utilities Vertical) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global energy and utility analytics market was valued at USD 2.3 billion in 2018 and is projected to record a y-o-y growth rate of 13.5% over 2019-2026.
Soaring energy demand from the residential and commercial sector, increasing number of government initiatives for environment safety & sustainable development, and rising demand for smart grids and smart meters are among the major factors fueling the growth of global energy and utility analytics market.
Energy and utility analytics are majorly used by companies to track the power consumption of their consumers. Increased adoption of smart meters and smart grids among energy and utility providers owing to reduced energy costs and efficient allocation of services is drafting a favorable landscape for the growth of energy & utility analytics market.
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Citing an instance, in 2018, U.S. electric recorded 86.8 million installations of advanced metering infrastructure including meters that measures and provide energy usage data to utility providers as well as the customers at least once per day. The deployment of such advanced metering solutions in other nations, especially in emerging economies, is expected to boost to industry growth. Moreover, growing adoption of cloud-based technology, big data analytics, and use of open-source technologies is expected to present lucrative growth opportunities in the coming years. On the contrary, security concerns and compatibility issues associated with these analytics solutions, coupled with dearth of skilled professionals will impede the industry growth over the forecast period.
Considering the regional outlook, global energy and utility analytics market is segregated into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Analysts reckon that North America will exhibit a strong stake in worldwide revenues over the assessment period. Several advancements in IoT, spike in the demand for big data analytics & cloud-based technologies, and favorable government policies are favoring the industry expansion in North America.
Key players in global energy and utility analytics market are TIBCO Software Inc., Oracle Corporation, Capgemini SE, Schneider Electric SE, Eaton Corporation Inc., Cisco Systems Inc., Ericsson, SAP SE, Intel Corporation, and International Business Machines (IBM) Corporation.