Energy and Utility Analytics Market is expected to reach US$ 6,971.2 Mn by 2027

According to our latest market study on "Energy and Utility Analytics Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Type, Deployment Model, Application, and Vertical," the market was valued at US$ 2,672.5 million in 2019 and is projected to reach US$ 6,971.2 million by 2027; it is expected to grow at a CAGR of 13.4% from 2020 to 2027.

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Key Companies:
• International Business Machines Corporation
• Oracle Corporation
• BuildingIQ, Inc.
• Capgemini SE
• EnergySavvy Inc.
• Infosys Limited
• SAP SE
• SAS Institute Inc.
• WegoWise, Inc.
• Wipro Limited

The financial outcomes of oil and gas companies depend upon the performance of complex, capital-intensive process facilities, to a large extent. However, until very recently, these companies have not had the tools or the capabilities needed to operate these assets at their maximum capacity. The oil and gas industry had to manage risks on many fronts, and the assets employed were expensive and capital intensive. To mitigate these risks, they have begun implementing cloud-based data analytics systems. The reliability, responsiveness, and security conferred by cloud-based computing have been, therefore, driving the demand for cloud-based analytics solutions, which, in turn, boosts the growth of the energy and utility analytics market.

Owing to the rising advent of smart meters, smart sensors and IoT based technologies the energy and utility industry has experienced a major transformation, particularly in terms of data generation. This transformation has further driven the implementation of analytical solutions for the data generated by utility grids, oil wells, generation stations, and energy production sectors. With the help of these analytical solutions the distributed generations have gained the capability to derive meaningful insights that can be used in operational decision making. Further, the analytics in the energy and utility industry provides an unprecedented knowledge into real-time demand and supply gaps, asset utilization and downtimes.

As analytics enables the energy and utility industry to realize the full potential of their intelligent networks and improve overall ROI on capital investments, the widespread adoption and implementation of smart devices are anticipated to drive the demand for analytics in global energy and utility industry.

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Market Insights
Data sharing will be a widespread trend

Until now the companies were obstructive towards sharing their data, due to persisting security threat among the major industries of energy and utility sector. The oil & gas industry, in particular, was most restrictive towards data sharing as the loss of operational data can enable the unlocking of their competitive advantage, which can hinder its future growth.

However, as the technology companies raise their standards to mitigate the security risks, the energy and utility organizations are projected to realize the myriad advantages offered by data sharing. Some of these advantages include the monitoring capabilities attained by the equipment providers, which subsequently would enable these equipment providers to assess the maintenance issues on the real-time basis. Further, the data sharing would also cater as the foundation for equipment as a services trend that would allow the energy and utility industries to switch from purchasing of the equipment to investing into leasing of the equipment.

The emergence of data sharing will also generate adoption opportunities for analytical solutions such as robust demand response networks, supply chain optimization and other programs that would make a significant contribution to the smart cities growth. Although the data sharing is at present limited to only certain developed economies of the world, the trend is expected to spur in the near future. This free flow of information would further accelerate the demand for analytical capabilities for more efficient decision-making capabilities.

Global Energy & utility analytics Market Segments:
Energy & utility analytics Market - Type
Solutions
Services
Energy & utility analytics Market - Service
Professional Services
Managed Services

Energy & utility analytics Market - Deployment Model
On-Premise
Cloud
Hybrid

Energy & utility analytics Market - Application
Load Forecasting
Customer Analytics
Grid analytics
Asset Management
Smart Meter Analytics
Others

Energy & utility analytics Market - By Vertical
Oil & Gas
Renewable Energy
Nuclear Power
Electricity
Water
Others

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