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Energy and Utilities Analytics Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033
Energy and Utilities Analytics Market Growth
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According to The Business Research Company's, The energy and utilities analytics market size has grown rapidly in recent years. It will grow from $2.87 billion in 2023 to $3.37 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to growing complexity in energy systems, rise in renewable energy adoption, smart grid development, demand response management, efficiency and optimization.
The energy and utilities analytics market size is expected to see rapid growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to energy efficiency focus, cybersecurity readiness, enhanced customer engagement, predictive maintenance emphasis, demand response optimization. Major trends in the forecast period include ai and machine learning integration, renewable energy integration, grid modernization initiatives, data-driven decision making, demand response management.
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Market Drivers and Trends:
The growing focus on renewable energy is expected to propel the growth of the energy and utilities analytics market in the coming years. Renewable energy is energy obtained from elements that are renewed naturally in a human timeframe. The successful use of energy and utility analytics facilitates the efficient, dependable, and sustainable implementation of renewable energy technologies, hence propelling the shift towards a more robust and cleaner energy system. For instance, in March 2023, according to the International Renewable Energy Agency (IRENA), a UAE-based intergovernmental body tasked with encouraging collaboration, developing understanding, and promoting the use and long-term usage of renewable energy, global renewable energy capacity expanded by 10% in 2022, a 0.4% rise concerning last year's 9.6%. Therefore, the growing focus on renewable energy is driving the energy and utilities analytics market.
Technological Advancements are a key trend gaining popularity in the energy and utilities analytics market. Energy and utility companies use cutting-edge technology in their operations, such as artificial intelligence, cloud computing technology to generate massive data sets collected over time to gain insight about energy and consumption. Major companies operating in the energy and utilities analytics market are focused on developing new technological solutions to strengthen their position. For instance, in April 2021, Bidgely, a US-based innovation partner for UtilityAI company, launched energy analytics for utilities on the salesforce app exchange. Through this, customers can enrich account analysis for utilities by using Bidgely's energy insight widgets embedded within the salesforce. The solution addresses a significant pain point for utility system integrators by unifying customer data into a single platform by integrating consumption-level insights into their existing CRM system.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Eaton Corporation, Salesforce Inc., International Business Machines Corporation (IBM), SAP SE, Intel Corporation, General Electric, Schneider Electric, Siemens AG, Cisco Systems Inc., Google LLC, Oracle Corporation, SAS Institute, Yellowfin, OpenText, Teradata Corporation, Infor, Atos World Line India Pvt Ltd., MicroStrategy, Alteryx, TIBCO Software, Qlik, Honeywell International Inc., Capgemini SE, ABB Limited, IBM Corporation, Hitachi Ltd., Siemens Energy AG, Wipro Limited, Infosys Limited, Accentur*e plc
Energy and Utilities Analytics Market 2024 Key Insights:
• The energy and utilities analytics market size is expected to see rapid growth in the next few years. It will grow to $6.12 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%.
• Smart Meter Deployment Drives Growth In The Energy And Utilities Analytics Market
• Technological Advancements Drive Innovation In The Energy And Utilities Analytics Market
• North America was the largest region in the energy and utilities analytics market share in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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