By 2027, the global utility and energy analytics market size is expected to grow to USD 1359.8 million by 2027 from USD 358.2 million in 2020, at a CAGR of 24.9% from 2021 to 2027. With the increase in the usage of the microgrids control system and other smart grid systems, which enables corporations to monitor, analyze, and control grid functioning from a central control center, there is a vast untapped potential of advanced techniques and analytics tools, such as the cloud computing and big data platform. The favorable government rules and regulations promoting smart grid solutions and exponentially growing adoption of smart meters are expected to drive the demand for big data analytics between the utility vendors.
The energy and utility organizations face challenges, like environmental concerns, the rising cost of operations, increasing consumer expectations, and changing regulatory policies. These challenges increase the adoption rate of various types of analytics due to the growing need for better insights on the usage and performance patterns, which, thereby, help in effective decision-making.
Get Full PDF Sample Copy of Report:https://www.marketstatsville.com/request-sample/utility-and-energy-analytics-market
The major driving factors of the market include increasing government initiatives for Advanced Metering Infrastructure (AMI), rising demand for dynamic forecasting, operational efficiency and risk mitigation, and predictive analytics for businesses. Utility and energy companies are changing their systems into more innovative energy systems that help in a two-way flow of information and energy. At the same phase, there is growing pressure on the companies to deliver consistently cost-effective energy sources, considering the impact of environmental concerns. Predictive analytics plays a crucial role in the utility sector, mainly analyzing the growing data volumes, identifying failing physical assets, and improving customer behavior understanding. Utility companies rely on continuous operation, which includes pleasant functionality at every level. Hence, to avoid massive repercussions, predictive analytics is being widely adopted.
Global Utility and Energy Analytics Market Dynamics
Drivers: Rising Demand for Energy and Increasing Emphasis on a Greener Environment
The demand for energy across the region is rising. Developed countries continue to consume vast amounts of energy, while demand is growing in developing countries. The growing demand is caused in part by the rise in population and by economic development. According to the International Energy Agency, between 2005 and 2030, energy needs are estimated to expand by 55%, with the rising demand from 11.4 billion metric tons of oil equivalent to 17.7 billion metric tons.
Gas, oil, and coal together account for the majority of global primary energy consumption. As per the International Energy Agency, China, the United States, and India together accounted for nearly 70% of energy demand. Almost a fifth of the increase in energy demand worldwide came from higher demand for heating and cooling; some regions’ average winter and summer temperatures exceeded historical records. The United States experienced the most significant increase in oil and gas demand worldwide. Gas consumption jumped 10% from 2018, the fastest increase since the beginning of IEA records in 1971.
Challenges: Compatibility Issues and Skill Gap
Poor data quality and integration, patchy proprietorship of data across processes, and fragmented use of analytics are among the major challenges that trouble any energy company. Thus, finding a proper analytics approach to a problem and embedding its core competencies for decision-making is a challenge of their own. In addition, the skill gap is also a significant challenge for enterprises. According to Villanova University, Pennsylvania, up to 78% of businesses have experienced challenges filling the employees who understand Big Data analysis. Signing a good data science team is a pain point for energy enterprise planning to imbibe advanced analytics. The domain has started gaining traction recently, and a manager cannot expect an individual to be familiar with all the essential tools.
Make an Enquire before Purchase @ https://www.marketstatsville.com/buy-now/utility-and-energy-analytics-market?opt=2950
Scope of the Report
The study categorizes the utility and energy analytics market based on deployment, type, applications, and region.
By Deployment Outlook (Sales, USD Million, 2017-2027)
By Type Outlook (Sales, USD Million, 2017-2027)
By Applications Outlook (Sales, USD Million, 2017-2027)
- Meter Operation
- Load Forecasting
- Demand Response
- Other Applications
By Region Outlook (Sales, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The cloud segment is projected to account for the largest market share, by deployment
The utility and energy analytics global market is divided into the cloud, on-premise, and hybrid based on deployment. In 2020, the cloud segment accounted for the largest market share of 39.2% in the global utility and energy analytics market. Trends like Blockchain, IoT, and a push toward digital, are motivating utility vendors toward adopting cloud solutions. Energy vendors are shifting to the cloud due to the benefits of significantly shorter application development cycles and faster IT services and infrastructure. Moreover, the exponentially growing utility data can be better analyzed and offer more enhanced output from the analytic solution on the cloud. Globally, energy providers invest up to 55% of their total IT budget in infrastructure and hosting. Deploying cloud can aid in reducing these expenses significantly. The cloud-based solutions also help provide better customer satisfaction and engagement programs, a significant factor fueling the adoption of cloud-based analytics solutions in the sector.
Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/utility-and-energy-analytics-market
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global utility and energy analytics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 37.5% in the global utility and energy analytics market through the forecast period. The Asia Pacific is the fastest-growing market for utility and energy analytics solutions and services mainly due to the flexible policies of governments in developing countries and the increasing penetration of digital services in the expanding utility sector in the region.
Explosive economic growth throughout the region has increased energy consumption and generated a need for efficient management for sustainable development. China, India, Japan, South Korea, and Australia would be among the economies expected to have a high adoption rate. In Japan, utility providers include smart electricity meters. The national rollout is anticipated to be completed by 2022 due to the quick implementation of these systems. The Japanese government has shifted its focus on demand-side management and increased energy security and resiliency through smart grid and energy efficiency technologies.
Request for Report Description @https://www.marketstatsville.com/utility-and-energy-analytics-market
Key Market Players
The utility and energy analytics market is mildly concentrated in nature with few numbers global players operating in the market such as Oracle Corporation, Capgemini SE, ABB Corporation, IBM Corporation, General Electric Company, SAS Institute Inc., Siemens AG, Schneider Electric SE, SAP SE, BuildingIQ Inc., and Teradata Corporation. Every company follows its business strategy to attain the maximum market share.
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
Market Statsville Group
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
MSG Blog https://marketstatsvilleblogs.com/