Energy and Utility Analytics Market Growth Factors Analysis

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)

  • Report Code : TIPTE100000310
  • Category : Manufacturing and Construction
  • Status : Published
  • No. of Pages : 224
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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.

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Energy and Utility Analytics Market: Strategic Insights

Energy and Utility Analytics Market

  • 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
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

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

Report Attribute Details
Market size in 2017 US$ 2.26 Billion
Market Size by 2025 US$ 5.71 Billion
Global CAGR (2017 - 2025) 12.5%
Historical Data 2015-2016
Forecast period 2018-2025
Segments Covered 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
By Verticals
  • Oil & Gas
  • Renewable Energy
  • Nuclear Power
  • Electricity
  • Water
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Atos SE
  • BUILDINGIQ, INC.
  • CAPGEMINI SE
  • IBM Corporation
  • Infosys Ltd.
  • Oracle Corporation
  • SAP SE
  • SAS Institute Inc.
  • WegoWise, Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    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
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Type , By Deployment Model , By Application , and By Verticals

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, Spain, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which type-based segment is expected to dominate the market in the forecast period?

    The energy and utility analytics market is led by software segment with highest share in 2019, and service segment is expected to dominate the market on the basis of highest CAGR. The dominance of software segment is mainly because the energy and utility industry is still into implementation phase of the analytics, however in the coming years as the penetration of cloud based solutions increases majority of the solution providers would shift to analytics as a services, contributing to the services sector in energy and utility market.

    What are reasons behind energy and utility analytics market growth?

    The growth of the energy and utility analytics market growth is primarily attributed to the advanced decision making capabilities offered by analytics solutions. Moreover, the enhanced customer service capabilities and increasingly complicating oil & gas industry to drive the demand for robust analytical solutions, thereby substantially driving the energy and utility analytics market.

    What are market opportunities for energy and utility analytics market?

    Increasing infrastructure development and smart cities is expected to create significant opportunity for the energy and utility analytics market growth. The emerging smart cities and infrastructural development across the developing countries such as India and China have been creating the excessive opportunities in the digital analytics market. Implementation of green industrialization and use of renewable energy has been promoted by developed countries. In this era of modernization, use of smart devices and IoT technology has been raising for the real-time accessibility, effectiveness, control and easy managing. Smart cites technologies has gained momentum around the globe and set for rapid transformation. It also includes intelligent transport systems, smart waste management and robust information technology that will improve the quality of living, employment opportunities and urban services. Thereby, analytics solutions would be used for analyzing the essential decision making for the smart cities and for industrial development, as there is the requirement for monitoring and analyzing the expensive assets, manage price fluctuations and reduced operational cost.

    The List of Companies - Energy & Utility Analytics Market

    1. Atos SE
    2. BUILDINGIQ, INC.
    3. CAPGEMINI SE
    4. IBM Corporation
    5. Infosys Ltd.
    6. Oracle Corporation
    7. SAP SE
    8. SAS Institute Inc.
    9. WegoWise, Inc.
    10. Wipro Limited

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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