Utility and Energy Analytics Market worth USD 1359.8 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Utility and Energy Analytics Market by Deployment (Cloud, On-Premises, and Hybrid), by Type (Software and Services), by Applications (Meter Operation, Load Forecasting, Demand Response, Distribution, and Other Applications), by Region – Global Share and Forecast to 2027". The global utility and energy analytics market size is anticipated to grow from USD 358.2 million in 2020 to USD 1359.8 million by 2027, at a CAGR of 24.9% during the forecast period. Analytics can help utilities provide answers to consumer energy consumption habits. Analytics help forecast energy consumption, which plays a vital role in generating and, thus, dynamic pricing. In a utility and energy company, there are many sources of Big Data, such as grid equipment, weather data, smart meters, measurements from power systems, GIS data, and data related to asset management. Companies are using this data to bring operational efficiencies and manage energy demand for end consumers. Consumers are adopting smart meters, which are expected to help customers use energy efficiently and save on their energy bills. Smart meters record and provide energy consumption information to the utility every few minutes. This data enables companies to monitor power generation consumption while analyzing consumer demand and power outages.

Global Utility and Energy Analytics Market Segmentation

The overall utility and energy analytics market has been segmented into deployment, type, applications, and region.

• By Deployment (Cloud, On-Premises, and Hybrid)
• By Type (Software and Services)
• By Applications (Meter Operation, Load Forecasting, Demand Response, Distribution, and Other Applications)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Software, by type, is estimated to hold the largest market share during the forecast period

Based on type, the global utility and energy analytics market is segregated into software and services. The software has a market share of 82.1%, accounting for the largest market share in 2020. As utilities strive to meet the inflating demand to deliver more affordable, sustainable, reliable services and safer, they will need to optimize their operations and business practices to gain maximum cost benefits. Global energy demands are set to surge until 2040 by approximately 37%, according to the International Energy Agency (IEA). Some of the significant vendors of the market are Oracle, Siemens, IBM, and Schneider, with their strong portfolios in energy analytics. Apart from the prominent ones, many other vendors are penetrating the market, offering energy analytics solutions, which shows the massive potential of the market over the forecast period.

Software, such as asset optimization analytics, is utilized to predict the future existence of assets. It helps identify the asset lifecycle pattern and determine the factors behind their failure using real-time and historical data. Moreover, the market for software that enables insight into customer energy consumption is on the verge of rapid growth. The rapid improvements in customer experience in other industries drive utilities to understand their customers’ requirements and behaviors better and offer more relevant and personalized solutions. Customer analytics software is further expected to optimize grid performance, drive new revenue streams for utilities and third parties, and expand customer engagement opportunities across the industry.

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North America accounted for the largest market share

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. North America has a market share of 37.5% in the global utility and energy analytics market, accounting for the highest market share in 2020. North America is the leading adopter of analytics solutions, and it is considered one of the largest markets for utility and energy analytics. A higher focus on innovations mainly drives the demand in the region through R&D and technology advancement in developed countries, such as Canada and the United States. The region’s large consumption of energy is also supporting the growth of the market.

Furthermore, the region has a large number of footholds of vendors in the market. Some of them include Oracle Corporation, IBM Corporation, SAS Institute Inc, and BuildingIQ. After a governmental mandate was introduced over five years ago, Canada has witnessed the large-scale incorporation of smart electricity meters with the prime motive of reducing peak-time loads. Different peak and non-peak time rates were added, with smart meters enabling real-time billing. The region's electric power companies are exploring new technologies to serve increasingly sophisticated customers conditioned by other industries to expect a high-tech digital experience. Utilities in the country are increasingly using big data for better decision-making.

Oracle Corporation, IBM Corporation, General Electric Company, Capgemini SE, ABB Corporation, SAS Institute Inc., SAP SE, BuildingIQ Inc., Siemens AG, Schneider Electric SE, and Teradata Corporation are key players in the global market of utility and energy analytics.

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