ID: MRFR/ICT/6638-HCR | February 2021 | Region: Global | 111 pages
The energy and utility analytics market is expected to grow from USD 1.98 billion in 2018 to USD 5.32 Billion by 2024, at a CAGR of 16.6% during the forecast period. The global energy decline is viewed as a global concern and several organizations are intensively working to combat the crisis. Therefore the demand for energy management systems, especially in the industrial verticals has been increasing in recent years. The growing population and carbon footprint issues are presenting lucrative opportunities to adopt energy conservation systems and control systems. Efficient energy management systems are increasingly deployed in developed countries to manage their energy and utilities efficiently. On the other hand, the increasing deployment of smart grids and smart meters to monitor and optimize energy consumption are also fuelling the overall growth of the Energy and utility analytics market.
Other factors such as increasing initiatives of the government and the regulations imposed by them to generate green and sustainable energy are also reinforcing the importance of the energy and utility analytics market value.
COVID 19 Analysis:
The pandemic has created a stumbling block for several industrial verticals, the industrial sectors and manufacturing sectors were shut down and were not operating efficiently throughout the pandemic. But this situation has not reduced the demand for energy and utilities. The demand for energy and utilities for the operation of the health care sectors and hospitals, food and beverage industries, and other significant industries was rapidly increasing. This prospect has increased the energy and utility analytics market value significantly. However, the pandemic has created significant disruptions in the growth of the Energy and utility sector.
However, the increasing demand for energy and utilities is expected to boost the overall growth of the market during the forecast period.
Volumes of data are getting generated at the large to small enterprises, especially in the energy and utility sectors, moreover, the deployment of IoT technologies in these industries increases the data generation further. Therefore to manage the volumes of data the demand for the Energy and utility analytics industry is increasing in recent years.
An increasing number of government initiatives and financial support is considered as the major driver of Energy and Utility Analytics market growth. Especially the encouragement to adopt the advanced metering infrastructure has a significant impact on the growth of the energy and utility analytics market. These integrated systems possess equipment, communication facilities, and information management systems to control the usage of the energy and utilities which eliminates the requirement of manual meter reading.
The potential benefits and convenience offered by the cloud-based analytics solutions are presenting lucrative opportunities for the overall growth of the Energy and Utility analytics Industry. The attractive features such as reliability, responsiveness, and security measures integrated with the cloud-based solutions are expected to propel the overall growth of the energy and utility industry during the forecast period.
The deployments of the smart meters are generating higher volumes of data which are also higher in complexity. In the highly competitive and regulated market environment, the energy and utility analytics market is leveraging these challenges efficiently, as they are efficient in providing real-time analysis and supreme asset management. Such factors are expected to boost the overall growth of the energy and utility analytics industry during the forecast period.
The increasing adoption of the cloud-based energy and utility analytics solution has led to the increasing incidences of data security and privacy concerns. This has forced enterprises to spend on security software to protect the system. The maintenance and the other costs are considered as the major restraining factors of energy and utility analytics industry growth.
The lack of skilled professionals to operate the energy and utility analytics department in developing countries is expected to hinder the overall growth of the energy and utility analytics industry.
Integration of the energy management systems and the Energy and utility analytics systems with the legacy architecture is considered as the difficult process and the customization of the energy and utility analytics solutions based on the organization are considered as the major challenge for the overall growth of Energy and utility analytics industry.
The aging of the below-ground assets in the water and utility analytics and the continuous examination of the sensors, and other maintenance work hinder the overall operation of the enterprises which are impacting the overall growth of the energy and utility analytics market negatively.
Cumulative Growth Analysis:
The Financial decisions of Oil and Gas companies are highly dependent on the performance of the complex and capital-intensive processes; unfortunately, there aren’t many facilities or tools to operate the assets efficiently. The demand for the tools to mitigate the risks and forecast them while making decisions in the organizations has been increasing in recent years. Therefore the demand for cloud-based Energy and utility analytics solutions has been increasing which thereby impacts the overall growth of the Energy and Utility Industry.
The increasing production of smart meters and increasing adaptation of these smart meters in the developed regions are also impacting the overall growth of the Energy and utility market. The constant intimation of the information and efficient management of the smart meters are further augmenting the demand for the energy and utility analytics market. The market value of the Energy and utility market was at USD 1.98 billion in the year 2018 and it is expected to surpass the market value of USD 5.32 billion by the year 2024 while registering a CAGR of 16.6% during the forecast period.
Value Chain Analysis:
The increasing adaptation of the smart meters that enables two-way communication between the companies and customers in several developed countries is considered as the major growth-stimulating factor of the Energy and utility analytics market. Some of the potential benefits of utilizing Energy and Utility Analytics with the cloud-based technologies include, easier maintenance of image data generation, cost-effectiveness, agility, flexibility, and scalability are efficient management is considered as the primary growth stimulating factors of the Energy and Utility Analytics market growth.
Additionally, the cloud-based solutions have been highly beneficial during the time of disasters and helped the manufacturers to ensure resilience. On the other hand, the leading market players across North America are increasingly investing in the Energy and Utility Analytics market which are significantly increasing the Energy and utility analytics market size in recent years.
Based on Component:
Based on Deployment:
Based on Application:
Based on Market Vertical:
Based on Type:
Currently, North America is expected to dominate the Energy and Utility Analytics market growth owing to the presence of established market players such as Oracle Corporation, IBM Corporation, General Electric Company, Tibco Software Inc., in the region are presenting lucrative opportunities for the overall growth of Energy and Utility Analytics market. These established players are increasing their investment in the Energy and utility analytics market and focusing on upgrading the operational efficiency, and capabilities.
On the other hand, Europe is also expected to showcase higher market growth owing to the well-established infrastructure, higher technical expertise, and increasing inclination towards cloud-based technologies across the region. On the other side, the Asia-pacific region is also growing at a steady pace owing to the increasing adaptation of IoT-based technologies and cloud technologies as the demand for energy analytics is increasing across several countries in the Asia-pacific region.
In the year 2020, one of the leading market players, Eaton has launched their innovation named Predict Pulse remote monitoring service which integrates cloud-based technologies, which is designed primarily for the data center infrastructure that monitors the power components and predicts their failure in advance. The system is considered to be effective in collecting and analyzing data from the connected power infrastructure devices and provides the user with recommendations.
In the year 2020, one of the leading market players, SAP has launched a co-developed solution specially designed for oil and gas companies. This upgraded solution helps upstream oil and gas companies and increases the visibility of the key operations and cash flow.
This Report Has Covered:
Frequently Asked Questions (FAQ) :
The market gained USD 1.98 billion in 2018.
The market will be gaining a valuation of USD 5.32 Billion by 2024.
The market will be calculating for a CAGR of 16.6% for its growth in the forecast period.
The collective adoption of analytics to discover insights from the vast volumes of data generated across energy and utilities sector is driving the growth of the market.
The component, deployment, application, industry vertical are the segments mentioned in the segmental analysis of the market.