Market Overview -2030
The energy and utility analytics market is expected to grow at a CAGR of 16.77% from 2022 to 2030, reaching a value of USD 9591.2 million by 2030. The increasing adoption of energy and utility analytics by energy and utility companies to discover insights from the vast volumes of data generated would drive market growth.
The market is segmented by component (software and services), deployment (on-premises and cloud), application (demand forecasting, asset management, fraud detection, and others), and industry (power, water, and gas). The software segment is expected to dominate the market during the forecast period, owing to the increasing demand for advanced analytics solutions to improve decision-making.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for scalable and flexible analytics solutions. The demand for cloud-based analytics solutions is being driven by the need to reduce costs, improve efficiency, and increase agility.
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The power industry is expected to be the largest market for energy and utility analytics, due to the increasing demand for smart grid technologies and the need to improve grid efficiency. The water industry is expected to grow at the highest CAGR during the forecast period, due to the increasing demand for water conservation and leakage detection.
Key Companies
Some of the key players in the energy and utility analytics market include:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- SAS Institute Inc.
- Oracle Corporation
- ABB Ltd.
- General Electric Company
- Schneider Electric SE
- Siemens AG
- EnerNOC Inc.
- Itron Inc.
Market Segmentation
The energy and utility analytics market is segmented by:
- Component: Software and Services
- Deployment: On-Premises and Cloud
- Application: Demand Forecasting, Asset Management, Fraud Detection, and Others
- Industry: Power, Water, and Gas
Top Impacting Factors
The following are the top impacting factors of the energy and utility analytics market:
- Rising demand for smart grid technologies
- Increasing need to improve grid efficiency
- Growing demand for water conservation and leakage detection
- Increasing adoption of advanced analytics technologies
- Growing focus on data security and privacy
- Stringent government regulations
Regional Insights
The following are the regional insights of the energy and utility analytics market:
- North America is expected to be the largest market for energy and utility analytics, due to the increasing adoption of smart grid technologies and the presence of a large number of energy and utility companies.
- Europe is expected to grow at the highest CAGR during the forecast period, due to the increasing focus on energy efficiency and the growing demand for water conservation solutions.
- Asia Pacific is expected to be a promising market for energy and utility analytics, due to the growing demand for smart grid technologies and the increasing focus on renewable energy sources.
Industry Latest News
- In June 2023, IBM announced the launch of its new Energy and Utilities Analytics suite, which helps energy and utility companies to improve grid efficiency, reduce costs, and increase customer satisfaction.
- In May 2023, Microsoft announced the acquisition of EnergyHub, a provider of energy analytics solutions. This acquisition will help Microsoft to expand its offerings in the energy and utility analytics market.
- In April 2023, SAP announced the launch of its new Energy and Utilities Cloud Platform, which helps energy and utility companies to improve their operational efficiency and reduce costs.
