The utilities and energy analytics market generated US$ 2.2 billion in revenue by the end of 2021. As predicted to expand at a CAGR of 14.7% from 2022 to 2032, the utility and energy analytics market is anticipated to reach US$ 9.8 Billion by that time.
Utility analytics is the application of strategies and tools to gain deeper understanding of the massive volumes of data produced by the energy and utility sector, enabling the utility sector’s businesses and industries to run more effectively.
Nearly 10% of the worldwide industrial analytics market is contributed by the utility and energy analytics sector.
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Market Demand Outlook for 2017–2021 Utility Analytics Compared to 2022–2032 Forecast
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.
Increasing Demand from Utility Sector to Utilize the Data that They Generate
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.
Regional Analysis
North America is expected to have the largest market share during the forecast period of 27.6%, while MEA is 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.
MEA on the other has a wide and noticeable economical difference, however GCC countries in this region have strong presence of oil and gas resources and companies, these countries have potential to establish large scale solar power plants as well. Due to the Russia-Ukraine war, European countries are also looking for alternative sources for oil and gas, this can act as an opportunity for the 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 a strong growth for the utility and energy analytics market as well.
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Category wise Insights
Why are Big Data Platforms estimated to Hold the Highest Market Share by Type?
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%.
Why is the Hybrid Type of Deployment Estimated to be the Most Implemented Type of Deployment Over the Forecast Period?
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 sector.
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, hybrid deployment is estimated to have the largest market share by deployment for the forecast period.
Why Distribution Planning and Operation Has the Largest Market Share 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 utilities sector and is one of the operations in the utilities 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.
Why are Renewable Energy Resources Industries Estimated to Grow at the Fastest Rate Over the Forecast Period?
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.
Competitive Landscape
Companies which provide utility and energy analytics solutions are either large IT sector companies which have specialised in data analytics and cloud solutions and services, or companies which specifically provide solutions and services to the utilities 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.
In September 2022, Itron and SmartThings collaborated together to provide utility sector with energy alalytic solutions for the purpose of carbon reduction. This will be done by using the IIoT solutions of Itron and energy services and solutions of SmartThings.
In July 2020, HEXStream and Disaster Tech aligned to create a partnership to provide emergency solutions to the utility sector and allow them to make better decisions. Disaster Tech’s end-to-end data aggregation platform was utilised by HEXStream to deliver the utility analytics support solution.
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Utility Analytics Market by Category
By Types:
- Business Analytics
- Business Intelligence
- Performance Management
- Predictive Analysis
- Analytical Decision Management
- Risk Management
- Big Data Platform
- Optimization Services
- Information Integration and Governance
By Deployment:
- On-Premise
- Cloud
By Application:
- Billing Support
- Energy Efficiency
- Revenue Protection
- Load Research and Forecasting
- Distribution Planning and Operation
- Others
By Industry:
- Oil & Gas
- Energy
- Traditional Energy Resources
- Renewable Energy Resources
- Nuclear Energy
- Utilities
- Electricity
- Water
- Waste and Recycle
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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