Report : Energy and Utility Analytics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (Software and Service), By Deployment Model (On-Premise, Cloud and Hybrid), By Application (Load Forecasting, Customer Analytics, Grid Analytics, Asset Management, Smart Meter Analytics, Others), and By Verticals (Oil & Gas, Renewable Energy, Nuclear Power, Electricity, and Water, Others)
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.
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.
North America held the largest share of the energy and utility analytics market in 2019, followed by Europe and Asia Pacific, respectively. Further, Asia Pacific is projected to witness the highest CAGR in the market during the forecast period. The global energy and utility analytics market is segmented into type, deployment model, application, and vertical. Based on type, the market is further bifurcated into software and service. In 2019, the software segment accounted for a larger share of the overall market. Based on deployment model, the market is segmented into on-premise, cloud, and hybrid, and in 2019, the on-premise segment accounted for a significant share of the global energy and utility analytics market. Based on application, the market is segmented into load forecasting, customer analytics, grid analytics, asset management, smart meter analytics, and others. The others segment held the largest share of the overall market in 2019. Based on vertical, the market is segmented into oil & gas, renewable energy, nuclear power, electricity, water, and others, and in 2019, the oil & gas segment accounted for the largest market share.
Impact of COVID-19 Pandemic on Energy and Utility Analytics Market
According to the World Health Organization (WHO), the US, India, Brazil, Russia, Peru, Columbia, South Africa, and Mexico are a few of the worst-affected countries due to the COVID-19 pandemic. The pandemic is affecting the industries worldwide; the global economy is on the verge of taking the worst hit in 2020, and the impact is likely to continue in 2021 as well. The outbreak has created significant disruptions in energy and utility sector.
Atos SE; BUILDINGIQ, INC.; CAPGEMINI SE; IBM Corporation; Infosys Ltd.; Oracle Corporation; SAP SE; SAS Institute Inc.; WegoWise, Inc.; and Wipro Limited are among the few major companies operating in the energy and utility analytics market.
The report segments the global energy and utility analytics market as follows:
By Deployment Model