Summary

The analytics in the energy and utility market is expected to grow at a strong CAGR of around 16% during the forecast period owing to the increasing demand for predictive maintenance, demand forecast and increasing renewable energy adoption along with the smart grid integration. Utility and energy analytics involve the use of data analysis techniques to derive insights from energy data. It is an emerging field that leverages advanced analytics and machine learning algorithms to optimize energy use, reduce energy costs, and improve the efficiency of energy production and distribution. The adoption of energy analytics is growing rapidly as energy companies seek to improve their operations, reduce costs, and enhance customer experience. The need for energy analytics arises from the complexity of the energy sector, which involves multiple stakeholders, including energy producers, distributors, and consumers. Energy analytics provides a way to manage this complexity by providing real-time insights into energy usage patterns, energy demand, and energy production. Energy analytics can also be used to improve energy production and distribution. By analyzing data from sensors and other sources, energy companies can optimize the performance of energy production facilities and reduce downtime. Energy analytics is also an important tool for energy consumers. By analyzing their energy consumption patterns, consumers can identify areas of inefficiency and implement measures to reduce energy waste. This includes upgrading appliances, improving insulation, and adjusting their behaviour to reduce energy usage during peak periods.

Some of the major players operating in the market include SAP SE, IBM Corporation, SAS Institute Inc, Microsoft, EATON, Intel Corporation, Salesforce Inc., Teradata, Siemens, and Cisco Systems Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
“Amongst components, the software segment held a dominating CAGR of the market in 2021.”
Based on components, the market is segmented into software and solutions. The software segment is expected to witness a significant CAGR during the forecast period. As energy and utility sector relies heavily on data to optimize operations, improve efficiency, and make informed decisions. Analytics software is an essential tool for extracting valuable insights from the vast amounts of data generated in the sector. Also, the software in energy and utility is widely used for predictive maintenance, asset management, customer engagement, and demand forecast and is expected to propel the market demand.

“Amongst applications, the upstream segment held the majority share of the market in 2021.”
By application, the market is segmented into upstream, midstream, and downstream. The upstream segment is expected to hold a significant market share during the forecast period. The upstream segment involves activities such as exploration, production, and extraction of crude oil and natural gas. Analytics plays a vital role in this segment, and it can be used to optimize production, reduce costs, and improve safety. One of the key areas where analytics can be applied in the upstream segment is production optimization. By analyzing data from sensors and other sources, energy companies can identify inefficiencies in their production processes and take corrective actions to optimize production. For example, analytics can be used to identify equipment failures or other issues that may be causing downtime or reduced productivity.

“North America dominated the Analytics in the Energy and Utility market in 2021.”
The utility and energy analytics market in North America is expected to continue to grow in the coming years, driven by increasing demand for energy, rising energy costs, and a growing emphasis on sustainability and energy efficiency. Additionally, technological advancements in data analytics and the adoption of smart grid technology are expected to further drive growth in the market. Also, the adoption of renewable energy and smart grid technology. Smart grids use advanced analytics and communication technology to monitor and manage the flow of energy across the grid, allowing utilities to better manage energy supply and demand.

Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:
Global analytics in the energy and utility market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

ページTOPに戻る

Table of Contents