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Key Trends Reshaping the Energy and Utilities Analytics Market: Empowering Energy and Utilities with Technological Innovations for Sustainability and Efficiency Industry Transformation
Energy and Utilities Analytics Market
Energy and Utilities Analytics Market Size Growth Forecast: What to Expect by 2025?
The market size for energy and utilities analytics has witnessed significant expansion in the past few years. Its value is projected to increase from $3.3 billion in 2024 to $3.84 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 16.2%. Factors like increased intricacy in energy systems, a surge in renewable energy utilization, the progression of smart grids, management of demand response, and efficiency and optimization contributed to the growth during the historical period.
How Will the Energy and Utilities Analytics Market Size Evolve and Grow by 2029?
In the coming years, the energy and utilities analytics market size is anticipated to experience swift expansion. It is projected to escalate to $7.16 billion by 2029, with a compound annual growth rate (CAGR) of 16.9%. The anticipated growth is due to factors such as a focus on energy efficiency, readiness for cybersecurity, improvements in customer engagement, emphasis on predictive maintenance, and optimization of demand response. Key trends for the forecast period comprise the integration of AI and machine learning, integration of renewable energy, initiatives for grid modernization, decision-making based on data, and demand response management.
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What Drivers Are Propelling the Growth of Energy and Utilities Analytics Market Forward?
The energy and utilities analytics market is expected to benefit from the increasing usage of smart meters. These devices monitor the flow of electric current and voltage routinely, subsequently summarizing the data to calculate power consumption. The growth of smart meter usage enhances the effectiveness of power usage as it facilitates a dual-directional exchange of information between utilities and consumers. The capabilities of such meters, such as real-time data communication, allows for quick detection of power outage, identification of electricity theft, and prevention of meter data tampering, ensuring superior service. As per the Energy Information Administration, a US governmental body, in 2022, US electric utilities installed about 119 million Advanced Metering Infrastructure (AMI) systems, constituting roughly 72% of all electric meters. Residential users accounted for approximately 88% of these installations, with AMI meters forming about 73% of all residential electric meters. Consequently, the increasing usage of smart meters is propelling the energy and utilities analytics market forward.
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Which Emerging Trends Are Transforming the Energy and Utilities Analytics Market in 2025?
A vital trend gaining traction in the energy and utilities analytics market is the rise of Technological Advancements. To gain insights about energy and consumption, energy and utility firms utilize state-of-the-art technologies like artificial intelligence and cloud computing, enabling them to generate and analyze vast data sets accumulated over time. Big players in the energy and utilities analytics market are increasingly focusing on innovating new technological solutions to consolidate their market position. For instance, in June 2023, the U.S.-based IT firm, Microsoft Corporation, debuted the Microsoft Azure Energy Platform - a comprehensive solution merging Artificial Intelligence, Internet of Things, and advanced analytics to bolster the effectiveness and dependability of energy systems. It assists energy firms to upgrade their data management and analytics prowess via the cloud-based OSDU Data Platform. Microsoft is committed to reaching the 100% renewable energy milestone by 2025 and aims to achieve water positivity by 2030, thereby aligning its cloud services with sustainability objectives in the energy sector. In summary, Microsoft Azure is supplying comprehensive solutions that enable energy companies to boost efficiency, curtail costs, and foster innovation using advanced analytics and IoT technologies.
What Are the Key Segments in the Energy and Utilities Analytics Market?
The energy and utilities analytics market covered in this report is segmented -
1) By Type: Software, Services
2) By Deployment Mode: Cloud, On-Premises
3) By Application: Load Forecasting, Meter Operation, Distribution Planning, Demand Response, Other Applications
Subsegments:
1) By Software: Asset Management Software, Demand Forecasting Software, Energy Management Software, Data Visualization And Reporting Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training Services
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Who Are the Key Players Shaping the Energy and Utilities Analytics Market's Competitive Landscape?
Major companies operating in the energy and utilities analytics market are 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., TIBCO Software, Honeywell International Inc., Capgemini SE, ABB Limited, Hitachi Ltd., Siemens Energy AG, Wipro Limited, Infosys Limited, accenture* plc
What Geographic Markets Are Powering Growth in the Energy and Utilities Analytics Market?
North America was the largest region in the energy and utilities analytics market share in 2024. The regions covered in the energy and utilities analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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