The energy & utility analytics market accounted for US$ 2,260.0 Mn in 2017 and is expected to grow at a CAGR of 12.5% during the forecast period 2017 – 2025, to account for US$ 5,713.3 Mn in 2025.

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.

In addition, the analytics also play a critical role in transforming enormous amount of data from the information assets, such as meters, sensors, and SCADA into actionable insights, which further facilitates into prediction and prescription of critical decision making, particularly for analysing Quality of Service, outage management and preventive maintenance activities. The myriad advantages offered by the analytics is therefore expected to exponentially drive the energy and utility analytics market for the coming years.

Market Insights

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Energy and Utility Analytics Market: Strategic Insights

Energy and Utility Analytics Market

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  CAGR (2017 - 2025)

  12.5%
• Market Size 2017
  US$ 2.26 Billion
• Market Size 2025
  US$ 5.71 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Atos SE
• BUILDINGIQ, INC.
• CAPGEMINI SE
• IBM Corporation
• Infosys Ltd.
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• WegoWise, Inc.

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Software and Service

Deployment Model

• On-Premise
• Cloud and Hybrid

Application

• Load Forecasting
• Customer Analytics
• Grid Analytics
• Asset Management
• Smart Meter Analytics
• Others

Verticals

• Oil & Gas
• Renewable Energy
• Nuclear Power
• Electricity
• Water
• Others

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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.

Type Market Insights

Smart revolution has resulted in increasing operational complexities for Energy & Utility companies across the globe. Additionally, there is a tremendous growth in the volume, diversity, as well as complexity of data. With the increasing competition and highly regulated environment, the companies operating in the energy and utility industry are implementing analytical capabilities for efficiently competing in the market place. The type segment of energy and utility analytics market is categorized into solutions and services.

Services Market Insight

The service segment of energy and utility analytics is bifurcated into managed services and professional services. Rapid technology advancements have stressed the necessity to comprehend the complexities of the IT environment and assure that the technology is synchronized with the business objectives of energy and utility companies. Integrating multiple IT systems that serve different departments, functions, and stages in product lifecycles have been a key challenge faced by organizations today on their growth path. Thus, organizations are seeking for implementing technology-driven business models to attain a competitive advantage.

Deployment Model Market Insight

The Global Energy and Utility Analytics market is segmented on basis of deployment type is categorized into on-premise, cloud, and hybrid. In the present scenario, the need for analytics solutions by the energy and utility companies is increasing. However, the threat of cybercrimes always remains a challenge for companies adopting the analytics software. Thus, many companies select on-premise deployment model in order to protect their data and keep their data within their reach.

Application Market Insight

The global energy and utility market by application is further segmented into load forecasting, customer analytics, grid analytics, asset management, smart meter analytics and others. Demand forecasting of electricity is an integral and central process for strategizing facility expansion and periodical operations in the energy & power sector. And as demand patterns of different sectors are nearly very complex because of deregulations among the energy markets, selecting a suitable forecasting model for a particular electricity network has become a relatively tough task for the energy and utility industries. Although there are various forecasting methods present in the market, none can be generalized for all demand patterns.

Vertical Market Insight

The industry vertical segment of Global Energy and Utility analytics market is segmented into oil & gas, nuclear power, renewable energy, utility, and others. The oil & gas companies are rigorously adopting analytics solutions as the industry continues to seek risk management on several frontages. In addition, the increasing cost of extraction and drilling is also expected to create a challenge for companies operating in oil & gas industry. Thus, the companies are embedding analytics for reservoir characterization, forecasting production, drilling optimization, and improve reservoir characterization complexities among other such benefits. Further, with the government initiatives towards renewable energy production, the renewable energy installations are also expected to notice a significant growth globally.

The players operating in the enterprise content management market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

• In April 2018, BuildingIQ entered into a partnership with Cypress Envirosystems, to enhance the productivity and a step towards saving energy. BuildingIQ is to combine its predictive optimization with the Envirosystems’ advanced thermostats provided by Cypress. The partnership aims to provide old buildings with the AI-driven solutions to offer better insight about the system. Also, it would also allow the old buildings to lower electrical energy usage by 30%.

• In February 2018, EnergySavvy and Snohomish County Public Utility District introduced the PUD's new Home Energy Profile which is an online assessment tool that enables customers to save the energy of their homes.

Energy and Utility Analytics Market Report Scope

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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

Energy & utility analytics Market – By Geography

• North America

  • U.S.
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • Italy
  • Spain
  • UK
  • Rest of Europe

• Asia Pacific (APAC)

  • Australia
  • China
  • India
  • Japan
  • Rest of APAC

• Middle East & Africa (MEA)

  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA

• South America (SAM)

  • Brazil
  • Rest of SAM

Companies

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