Report : Energy and Utility Analytics Market to 2025 - Global Analysis and Forecast by Type (Solution, and Service), by Service (Professional Services, and Managed Service), by Deployment Model (On-Premises, Cloud-Based and Hybrid) by Application (Load Forecasting, Customer Analytics, Grid Analytics, Asset Management, Smart Meter Analytics) and by Verticals (Oil & Gas, Renewables, Nuclear Power, Electricity, and Water)
According to the new research report published by The Insight Partners, titled “Energy & Utility Analytics Market - Global Analysis and Forecast to 2025”, the global energy & utility analytics market is expected to reach US$ 5.71 billion in 2025, registering a CAGR of 12.5% during the forecast period 2018-2025.
In 2017, North America accounted for the largest revenue share of total market share, followed by Europe.
North America has also been experiencing a noteworthy flow of investments by the energy & utility organizations particularly for back-office IT systems, AMI (Advanced Metering Infrastructure), and grid edge customer analytics. Further, the investment in the advancement of energy and utility grids and are projected increase remarkably for next five years, which would subsequently contribute to exceptional growth for the energy & utility market in North America. The implementation of analytics by the energy and utility industry has already shown notable progress in their operations. Some of the utilities in North America have registered enhanced restoration forecasting with the help of data and analytical tools.
Several market initiatives are adopted by the companies to extend its footprint throughout the globe and to answer the growing demand for the gunshot detection in the market. The players present in energy & utility analytics market majorly focuses on partnership, contractual alliances for the deployment of gunshot systems in the required areas which also permit the company to maintain its brand name at a global level. Most of the market initiative were observed in North America region, which have the high potential of energy & utility analytics related products and solutions. In 2018, IBM and Galp together created an AI-based advisor to improve the seismic interpretation in the oil & gas based exploration areas. The tool facilitates development of risk assessment of new prospects, advanced geological models, and optimization of the new oil wells. Also, in 2018, Infosys entered into a partnership with Siemens PLM Software to create applications and services for MindSphere which is an open cloud-based IoT operating system from Siemens. The partnership of Siemens and Infosys would enable the customers to enhance the competitiveness by managing the data produced by their devices. Initially the focus of partnership would be on the customers of energy, manufacturing, utilities, healthcare, transportation and logistics industries
Energy & Utility Analytics market, based on the type, is segmented into solutions and services; based on services as professional services and managed services; on deployment model as on-premise, cloud and hybrid; application as load forecasting, customer analytics, grid analytics, asset management, smart meter analytics, others; and by vertical as oil & gas, renewable energy, nuclear power, electricity, water and others. The global energy & utility market is segmented on basis of geography as North America, Europe, Asia Pacific, Middle East and Africa, and South Africa.
Key findings of the study:
Europe held the second largest market share in 2017. Since past few years the European energy industry value chain has experienced tremendous changes, wherein unbundling of distribution and retail activities is considered to be the biggest shift experienced by the industry. For the electricity and utilities industries in Europe, DSOs (Distribution System Operators) play a very critical role in ensuring distribution of electricity right from its transmission/generation to consumers by regulating and operating the distribution grid and handling information relative to distribution of electricity. Europe comprises of approximately 2,400 electricity DSOs, and in coming few years EUs DSO landscape is anticipated to undergo various transformations driven by various factors, which includes collaboration of DSOs with continuously growing shares if distributed generation, emergence of distributed storages and digital evolution spurred by bolstering deployment of smart meters and network atomization.
Globally evolving living standards amid the rapidly expanding population worldwide is expected to increase their dependency on energy and utility resources, and owing to this the global energy demand in coming 10 years is projected to increase by approximately 15-18%. This explosion in the energy and utility demand is also expected to bring several fundamental transformations, where alterations related to decarbonization targets, regulatory landscape, low commodity prices, uptick in industrial consolidation and generation of affordable and more competitive renewables would procure the chief attention. While this sector is growing in terms of reinvention and adaption of dynamic environment, provides a promising outlook for innovation and growth opportunities. Some of the major players identified across the earplugs market are International Business Machines Corporation, Oracle Corporation, BuildingIQ, Inc., Capgemini SE, Energysavvy Inc., Infosys limited, SAP SE, SAS institute Inc., Wegowise, Inc. and Wipro Limited among others.
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