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.
2017-2021 Utility Analytics Market Demand Outlook 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.
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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.
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.
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.
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Utility Analytics Market by Category
- Business Analytics
- Business Intelligence
- Performance Management
- Predictive Analysis
- Analytical Decision Management
- Risk Management
- Big Data Platform
- Optimization Services
- Information Integration and Governance
- Billing Support
- Energy Efficiency
- Revenue Protection
- Load Research and Forecasting
- Distribution Planning and Operation
- Oil & Gas
- Traditional Energy Resources
- Renewable Energy Resources
- Nuclear Energy
- Waste and Recycle
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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