Utility and Energy Analytics Market 2020 Technologies Research Report to 2025

Utility and Energy Analytics Market - Growth, Trends, and Forecast (2020 - 2025)

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Utility and Energy Analytics Market on the basis of stating current situation of the industry in 2020.

This is a latest report, covering the current COVID-19 impact on the market. The pandemic of Coronavirus (COVID-19) has affected every aspect of life globally. This has brought along several changes in market conditions. The rapidly changing market scenario and initial and future assessment of the impact is covered in the report. It offers critical information pertaining to the current and future growth of the market.

The utility and energy analytics market was valued at USD 292.25 million in 2019 and is expected to reach USD 1088.38 million by 2025, at a CAGR of 25% over the forecast period 2020 - 2025.

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With the increase in the usage of the microgrids control system and other smart grid systems, which enables companies to monitor, control, and analyze grid functioning from a central control center, there is a vast untapped potential of advanced analytics tools and techniques, such as the big data platform and cloud computing. The favorable government regulations promoting smart grid solutions and exponentially increasing adoption of smart meters are also expected to drive the demand for big data analytics among utility vendors.

- The use of electric vehicles (EVs) is growing, with the International Energy Agency (IEA) predicting that the number of electric cars on the road will increase from 3.1 million in 2017 to 125 million by 2030. It gives opportunity to the utilities vendors such that they can intelligently manage the new energy demand on the power grid.

- The utility company are significantly investing to deploy smart meters across varius region. For instance, the Chinese State Grid Corporation planned to install 380 million smart meters in the country by 2020. Due to these factors, the market studied has a huge opportunity over the forecast period.

- Software segment, which comprises of risk analytics, asset management analytics, grid analytics, and other such analytics, is projected to hold its market position during the forecast period. With the help of big data, utility companies are not only understanding the customer consumption patterns but also in managing technical challenges, such as dispatch ability and load matching.

- Morever, government initiatives, such as the EUs Energy Performance of Buildings Directive (EPBD) and the US Commercial Building Initiative (CBI), are forcing public authorities and businesses to step up their efforts to limit greenhouse gas emissions and energy consumption at the community level.?

- Further, renewable energy is another important component that can benefit from big data analytics. Renewable energy technologies are gaining acceptance, globally, primarily as a reliable source of electricity. According to IEA, renewable energy capacity is expected to expand by 43% or more than 920 giga watt by 2022. Furthermore, solar energy is expected to continue to dominate the renewables market, generating far more electricity in the next four years than wind and hydropower.

- With analytics solutions, energy utilities can optimize power generation and planning. The renewable energy sector is encouraging the adoption of analytics. Predictive analytics, when used on renewable energy power plants, can provide accurate energy production forecast. It predicts the machine glitches. Thus, optimizing operational efficiencies. ?

- For instance, IBMs hybrid renewable energy forecast technique uses big data, predictive analysis, and weather modeling technology to predict the variable resources for solar and wind power generation. This can increase the amount of renewable power generation integrated into the grid by 10%, which can power additional 14,000 homes. ?

- Owing to the recent outbreak of Covid-19,multiple governments across the globe are increasingly limiting the movement of people primarily to slow down the spread of virus, utilities and the energy sector may expect a shift in the demand for electricity. The residential consumption and demands on water infrastructure is also expected to witness an increase as people are at home for longer periods of time. The usage of analytics solutions will primarily help these companies to better forecast the demand response and make accurate distribution planning.

- Also,with COVID-19 crisis having a major impact in the utility and energy sector, it is likely that most of the existing company suppliers are having challenges to fulfil the urgent requirements. Industries are still adjusting to the COVID-19 economy, from new internal logistics like WFH or building out infrastructure to cope up with new demand. Moreover, many of the heaviest spending reductions are being felt in the industries which were hardest hit by the effect of COVID-19. ?

Competitive Landscape

The utility and energy analytics market is highly competitive and consists of several major players. These major players, with a prominent presence in the market,, are focusing on expanding their customer base across the market segments. The companies are leveraging strategic collaborative initiatives to increase their market share and improve profitability. The companies operating in the market are also acquiring or partnering with start-ups working on utility and energy analytics technologies to strengthen their product capabilities and introduce new features.

- February 2020 - mCloud Technology Corporation has signed an Expression of Interest to acquire BuildingIQ to integrate new AI and IoT solutions into AssetCare, which would combine it's energy savings technologies to target new large commercial spaces such as hospitals and bring new energy management tactics such as automated measurement and verification.
- September 2019 - Agentis and Oracle Utilities Opower have collaborated to help utility companies to engage and drive energy savings for every customer by combining Agentis' software in the utility business segment with Oracle's leading customer engagement and energy efficiency solutions. The utility company will be able to actively connect with each type of customer with personalized insights that drive action and verified energy savings.

- May 2019 - Tapping deep machine learning, Oracle Utilities Analytics Insights has been able to identify the presence of an EV, show the time and frequency of charging, and disaggregate the energy being consumed by the vehicle with advanced metering infrastructure (AMI) data. With this intelligence, utilities can reliably plan for the energy infusion needed to power EVs at scale and engage customers to charge at the times that are the least expensive for them and best for the health of the energy grid. The new EV detection capabilities from Oracle Utilities Analytics Insights are currently being piloted by a number of utilities.

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Key Market Trends:

Two-way Communication between Smart Meters and Utilities Enables Inreased Application
- Electricity cannot be stored in large volumes and supply and demand must be matched to achieve a balanced system. Predictive analytics plays an important role in accurately forecasting these demands.

- The deployment of advanced metering infrastructure (AMI) by utilities have enabled electricity usage sensing and bi-directional communication between consumers and electric utilities. This provides ample opportunities to efficiently deal with peak demands and reduce energy consumption by using pricing incentives as in demand response (DR) programs.

- Demand response provides an opportunity for consumers to play a significant role in the operation of the electric grid, by reducing or shifting their electricity usage during peak periods in response to time-based rates or other forms of financial incentives.

- The growing availability of high resolution, high-dimensional electricity consumption data offers unique opportunities in developing forecasting models. But this has also offered a data repository for data analytics for balancing the supply and demand. Such models can lower the cost of electricity in wholesale markets, and in turn, lead to lower retail rates.

- In February 2020,Energy Efficiency Services Limited (EESL) completed the installation of 10 lakh smart meters across India under the Government of India's Smart Meter National Programme. EESL has set the target to install 25 crore smart meters over the course of next few years.

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