The utility and energy analytics market had generated US$ 2.2 billion in sales. The utility and energy analytics market is predicted to increase at a CAGR of 14.7% from 2022 to 2032, reaching 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. According to forecasts, the utility and energy analytics market would expand at a CAGR of 14.7%.
Utility analytics refers to the use of data and analytics to optimize the operations and management of utility companies, such as those that provide electricity, water, and gas. This can include analyzing data from smart meters, sensor networks, and other sources to improve the efficiency and reliability of utility services, as well as identifying potential cost savings.
Energy analytics, on the other hand, refers to the use of data and analytics to optimize the use of energy in buildings, industrial facilities, and other energy-consuming systems. This can include analyzing data from building management systems, energy management systems, and other sources to identify energy-saving opportunities, improve energy efficiency, and reduce costs. Both of these analytics could also help in predicting energy demand, forecasting energy prices, and optimizing energy procurement.
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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.
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.
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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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