April 28, 2021
According to the research report titled ‘Global Utility and Energy Analytics Market 2019-2027’, available with Market Study Report LLC, global utility and energy analytics market is anticipated to record a compound annual growth rate of 17.46% through 2027
Increase in number of consumers focusing on energy consumption patterns, along with prominence on use of renewable energy are bolstering the global utility and energy analytics market growth. Moreover, extensive adoption of cloud technology, steady development of smart cities & infrastructure, and supportive government initiatives are adding traction to the business sphere.
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Notably, cloud computing and Big Data platform have a huge potential in the utility & energy sector. Predictive analytics tools play an important role in analyzing big data volumes, identifying weak physical assets, and understanding consumer behavior. Firms in utility vertical depend on constant operation that involves accurate functioning at every step, hence necessitating adoption of analytics solutions.
However, high operational and infrastructural costs, lack of skilled workforce, and safety concerns are the factors arresting the expansion matrix of worldwide utility and energy analytics market.
Based on deployment model, the market is divided into cloud, hybrid, and on-premises. According to types, global utility and energy analytics industry is fragmented into software, and services. While, various application areas include meter operation, demand response, load forecasting, and distribution planning among others.
Moving on to regional outlook, North America, Asia-Pacific, Latin America, Middle East & Africa, and Europe are significant contributors towards worldwide utility and energy analytics market remuneration.
The report cites that Asia-Pacific is likely to take over the global utility and energy analytics market forecast over 2019-2027. This growth is credited to improved digitization in the utility sector, and favorable governmental policies in the developing countries. Moreover, enormous economic growth has led to escalating energy consumption, thereby augmenting the industry growth in APAC.
Major companies in global utility and energy analytics industry include Oracle Corporation, Capgemini SE, ABB Ltd., Siemens AG, SAS Institute, International Business Machines Corporation (IBM), General Electric Company, Infosys Limited, SAP SE, Wipro Limited, BuildingIQ, Eaton Corporation plc, Cisco Systems Inc., Teradata Corporation, and Schneider Electric SE.