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The global energy and utility analytics market is set to reach US$ 9591.2 MN by 2030, growing at a 16.77% CAGR between years 2023-2030. The dynamicity of the market plays a pivotal role in the global energy landscape. The market dynamics are shaped by factors, ranging from technological advances to regulatory frameworks. Also, the ever-evolving demands of consumers substantiate the market growth. Basically, the market is all about using analytics to gain insights and improve processes.
In terms of the driving forces behind market development, one major factor is increased use of smart technologies and data analytics in energy infrastructure. To help modernize its operations, utilities are now using advanced analytics to improve efficiency, reliability and sustainability. This flurry of activity in the need for analytics solutions is creating a competitive environment with different vendors trying to create specialized and innovative products they can sell into utility companies. In addition, the global trend to replenish energy sources is greatly changing market dynamics. Shifting to cleaner energy is forcing utilities reconsider how they do business, including incorporating analytics into their operations so that a range of available energies can be managed.
This change is not only prompted by environmental considerations, it also stems from a need to improve the efficiency of resource use and overcome growing pains such as intermittency that plague green energy. Besides customers, the regulatory environment also has a great impact on shaping energy and utility analytics. More and more government agencies around the world are promoting policies, standards or regulations that promote adoption of analytics solutions for energy efficiency optimization, lower carbon footprints and resilient grids. Therefore, adhering to these regulations becomes a major incentive for utilities to invest in analytics solutions which will further spur market growth.
As energy infrastructure becomes increasingly integrated and dependent on digital systems, the cybersecurity scene takes its place as an important influence in shaping market forces. Consequently, the energy and utility analytics market is beginning to see a more serious approach toward developing effective countermeasures against cyberattacks. As vendors innovate to offer analytic solutions that not only optimize operations, but secure and stabilize the entire energy ecology. What's more, consumer behavior and expectations are changing even faster than market demand. As prosumers emerge, utilities are facing the need to provide personalized and flexible services.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Deployment Type, Components Type, Application Type, Industry Verticals and Region |
Energy Utility Analytics Market Highlights:
Energy and Utility Analytics Market Overview
Energy and Utility Analytics Market Size was valued at USD 3.2 Billion in 2023. The Energy and Utility Analytics market industry is projected to grow from USD 3.7 Billion in 2024 to USD 12.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.8% during the forecast period (2024 - 2032). Increasing energy demand in developing and developed countries, focus on green energy generation, integration of new technologies and increasing demand from the consumer end positively boost the market growth.
Figure 1: Energy and Utility Analytics Market Size, 2022-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Energy and Utility Analytics Market Trends
Integration of new technology boosts market growth
Energy and utility data analytics combine artificial intelligence, machine learning, and statistics. It enables facilities to track and examine all energy usage across all generation and distribution facilities. The demand for the integration of such advanced technologies is continuously evolving. It can compare consumption across different units and future consumption patterns and gain insight from the electrical parameters such as current, power, and voltage unbalance. With these integration facilities, we can manage power distribution more efficiently using IoT sensors, SCADA systems, and other intelligent analytics systems.
There is a considerable gap between integrating advanced technologies, such as cloud computing and big data platform. Increasing deployment of intelligent grid systems, which helps the service provider to control, monitor, and analyze grid functions from a centralized system, helps the energy and utilities market to grow significantly. As most of the government focuses on smart meters, artificial intelligence techniques can garner different types of extensive data analysis, helping utilities provide to cater to demand more efficiently.
Figure 2: Spending on Digital Transformation, 2019 to 2022, USD Trillion and % Growth
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Digital transformation is a vital element for the energy transition. It allows the integration of different renewable energies throughout the present electrical system, increases network reliability, and helps analyze for better energy management. According to the graph above, investment in digital transformation is growing tremendously. Many governments have planned to have a sustainable infrastructure in the coming 10 to 20 years, leading to market growth. spending on digital transformation products, business practices, and organizations is forecast to reach $2.8 trillion in 2025, which is nearly an increment of 50% from the 2022 investment.
Digitalization in the energy sector deals with climate change and optimizing power generation methods by reducing emissions and targets to reach the decarbonization objective per the energy model. The digital revolution—called Energy 4.0—involves advanced tech such as digital twins, Big Data, IoT, etc., to manage renewable energy, build intelligent grids, and distributed generation. This accumulation leads to an enormous data generation per second, which needs to be managed in the future.
Energy and Utility Analytics Market Segment Insights
Energy and Utility Analytics by Application Type Insights
Based on application type, the Energy and Utility Analytics market segmentation is Predictive Maintenance, Energy/Load Forecasting, Revenue Assurance, Energy Distribution and Transmission Management, Meter Optimization, Emergency Response Management, and others. The predictive maintenance segment held the largest revenue share of 39.6% in 2021 and is expected to remain dominant through the forecast period. Predictive analytics plays an essential role in the utility sector, mainly identifying failed physical assets, analyzing incremental data volumes, and improving customer behavior. Energy and Utility companies depend on continuous operation, which includes seamless functionality at each level. Hence, predictive analytics is widely adopted to avoid massive repercussions across the systems, driving the demand for this software through the forecast period.
Figure 3: Energy and Utility Analytics Market, by Application Type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The energy distribution segment is the second-largest application area for the market. The market is expected to show revenue growth at a CAGR of 16.51% through the forecast period. In electrical networks, sensors provide data for distribution and transmission lines at various points (e.g., voltage, temperature, or current). This data can be shared or stored with the relevant parties for use in operating generating plant and managing the grid.
While collecting data from the power system has been introduced previously, digital sensors provide more precise data on a continuous and real-time basis. As these data are in massive amounts, analytics tools always need to analyze this data on different parameters. This changing structure in real-time data collection and analysis drive the market through the forecast period. However, the emergency response management segment is expected to grow at the fastest CAGR of 17.92%.
Digital data and analytics can cut power system costs in these four ways: by improving power plant and network efficiency; reducing O&M costs; reducing unplanned downtime and outages; and increasing the operational lifetime of assets. According to IEA, the overall savings from these digitally enabled measures could be USD 80 billion per year from 2021 to 2040.
July 2022 - Matterport, Inc., had done partnership with Burns & McDonnell. Through this partnership, Burns & McDonnell customers can explore Matterport Digital Twin Platform, including software services and hardware, to optimize their present projects.
September 2021 - Snohomish County Public Utility District (Snohomish PUD), had done partnership with TRC Companies. According to this deal TRC needs to integrate, implement, and deliver its meter data management over its present Siemens EnergyIP solution.
Energy and Utility Analytics by Components Insights
Based on components type, the Energy and Utility Analytics market segmentation includes Software and Services. The software segment held the largest revenue share of 69.8% in 2021 and is expected to remain dominant through the forecast period. With new unstructured and unstructured data sources, including Big data, and increasing involvement of renewable energy suppliers, energy and utility firms' analytics landscape is rapidly evolving. This growth has attracted software development at large and small scales driving the overall market growth.
Energy and Utility Analytics by Deployment Insights
Based on deployment model type, the Energy and Utility Analytics market segmentation includes On-premises Cloud and hybrid deployments. The cloud-based segment held the largest revenue share of 40.4% in 2021 and is expected to grow fastest through the forecast period. The primary reason for deploying cloud-based software is its cheaper cost and easily integration. In addition to this, it doesn’t require any manual updates and can update automatically as per the provider company standards leads to its higher demand.
Energy and Utility Analytics Industry Verticals Insights
Based on industry verticals, the Energy and Utility Analytics market segmentation includes Energy and Utilities. The energy segment dominated the market with a share of 68.9% in 2021 and is projected to remain in its position through the forecast period.
Figure 4: Energy and Utility Analytics Market, by Industry Vertical, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Energy sector is the largest sector when compared to utilities. There are many points in the energy system where the data points are crucial and captured at every minute seconds to do a critical analysis. The huge network requires more tools to analyze the overall demand and supply structure to reduce cost, increase efficiency and smart network positioning.
Energy and Utility Analytics Regional Insights
By Region, the study segments the market into North America, Europe, Asia-Pacific, and the Rest of the World. The North America Energy and Utility Analytics market accounted for USD 814.2 Million in 2021 and is expected to exhibit a 14.91% CAGR during the study period. An increased emphasis on innovations drives the Region's demand through research and development and technological integration.
The Region comprises many data analytics companies that cater to the energy sector. These top companies include Oracle Corporation, BuildingIQ, SAS Institute Inc, and IBM Corporation. Also, the Region was the first to enable innovative grid technology. Most of the companies operating in the energy and utility sector have either fully integrated big data analytics or either in the process of implementation.
Figure 5: ENERGY AND UTILITIES ANALYTICS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe is following North America in the energy and utility analytics market regarding market share. Europe is experiencing an increasing adoption of analytical solutions across the energy and utilities sector owing to providing energy risk management, grid analytics, forecasting demand, and obtaining improved revenue assurance. The region has been segmented, by country, into the UK, Germany, France, Italy, Spain, England, and the Rest of Europe.
Asia-Pacific is expected to register the highest CAGR of 20.03% during the forecast period. Increasing demand for predictive maintenance, load management, and forecasting to meet consumer demands is driving the growth of the region's energy and utility analytics market. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of the Asia-Pacific.
Energy and Utility Analytics Key Market Players & Competitive Insights
Major market players are spending money on marketing activities, which will help the Energy and Utility Analytics market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new technology integrations, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Energy and Utility Analytics industry must offer cost-effective solutions to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by Energy and Utility Analytics industry solution providers is to integrate with the power companies and provide software as a service. The Energy and Utility Analytics market is fragmented, with the presence of big players having nearly 30% share in 2021. The major companies in the market are Oracle Corporation, Capgemini SE, ABB Limited, IBM Corporation, and General Electric Company.
Key Companies in the Energy and Utility Analytics market include.
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Eaton Corporation (Ireland)
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Capgemini SE (France)
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General Electric Company (US)
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IBM Corporation (US)
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SAP SE (Germany)
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ABB Ltd (Switzerland)
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Tibco Software Inc. (US)
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Schneider Electric (France)
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Oracle Corporation (US)
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Wipro Limited (India)
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Ericsson (Sweden)
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SAS Institute Inc. (US)
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Energysavvy Inc (US)
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Infosys Limited (India)
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Wegowise, Inc. (US)
Energy and Utility Analytics Industry Developments
August 2022 - mCloud Technologies Corp., an AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions provider, entered into an agreement with Agnity Inc..
May 2022 - Siemens launched time-tested transmission grid simulation software, PSS-E, to the cloud. It uses the same software and user interface, with more than 2,000 APIs in addition to existing scripts.
Energy and Utility Analytics Market Segmentation
Energy and Utility Analytics Application Outlook
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Predictive Maintenance
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Energy/Load Forecasting
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Revenue Assurance
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Energy Distribution
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Meter Optimization
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Emergency Response Management
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Others
Energy and Utility Analytics Industry Vertical Outlook
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Energy
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Utilities
Energy and Utility Analytics Components Outlook
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Software
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Service
Energy and Utility Analytics Deployment Outlook
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On-Premises
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Cloud
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Hybrid
Energy and Utility Analytics Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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