Utility and Energy Analytics Market Is Expected to Grow at a CAGR of 24.9% by 2025
The utility and energy analytics market was valued at USD 358.2 million in 2020 and is expected to reach USD 1372.6 million by 2026, at a CAGR of 24.9% over the forecast period 2021 - 2026.
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Industry News and Update:
- 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.
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.
North America to Lead and Pioneer Market for Utility and Energy Analytics Solutions
- North America is one of the leading adopters of analytics solutions and is considered to be one of the largest markets for utility and energy analytics. The demand in the region is mainly driven by a higher focus on innovations through R&D and technology advancement in developed economies, such as the United States and Canada. The regions large consumption of energy is also supporting the growth of the market. Moreover, the region has a strong foothold of vendors in the market. Some of them include IBM Corporation, Oracle Corporation, BuildingIQ, and SAS Institute Inc among others.
- Moreover, the US government is upgrading its energy grids and upgrading to Advanced Metering Infrastructure (AMI) to reduce energy consumption. For instance, according to EIA, US Energy Information Administration, the residential sector observed the highest number of AMI adoption in the country. During fiscal 2018-2019, the residential sectors adopted 118.27 million AMI whereas the commercial sector adopted 15.3 million.
- According to the US Energy Information Administration, the total energy consumption is expected to increase by 5% between 2016 and 2040. With such less growth, it is essential for companies to reduce downtime to maintain profitability efficiently. This fuels the market for data analytics in utilities and energy.
- The penetration of smart meters in Canada is high owing to ambitious initiatives undertaken by the country in its most populous provinces. Further, the large number of smaller cooperative and municipal utilities are also expected to play a key role in market penetration.
- According to the Institute for Electric Efficiency, yearly shipments of smart electricity meters in the US will grow from 61 million units in 2015 to 90 million units in 2024. Over the next few years, smart meters deployments by various companies such as Consolidated Edison, Duke Energy, Am
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Important Features that are under offering and key highlights of the report:
– Detailed overview of the Utility and Energy Analytics market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of the Utility and Energy Analytics market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth
– A neutral perspective towards Utility and Energy Analytics market performance
– Must-have information for market players to sustain and enhance their market footprint
The research includes historic data from 2015 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Utility and Energy Analytics Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and market development rate and figure and so on. Utility and Energy Analytics industry report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
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