Utility and Energy Analytics Market Size Expected To Reach US$ 7.9 Billion With CAGR 17.6% By 2028

They help analyze valuable real-time data related to the distribution and consumption of electricity. They offer insights into customer consumption patterns, preferences, and decisions that can help organizations to predict forecast demand, manage energy constraints, improve customer satisfaction, encourage energy conservation, prevent loss and fraud, comply with regulations, expand business decisions, detect risks, and control costs. In addition, they are reliable, save costs, overcome maintenance issues, offer effective solutions, and improve efficiency. Owing to these benefits, utilities and energy efficiency are gaining immense traction across several industrial verticals. 

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Utility and Energy Analytics Market Trends:

The market is primarily driven by the escalating electricity demand due to the growing population, rapid urbanization, and the rising dependence on electrical appliances. In addition, the increasing use of microgrid control systems that allows organizations to control, monitor and analyze grid functioning from a central control center resulting in the expansion of energy analytics which is contributing to market growth. Moreover, various technological advancements such as machine learning (ML), artificial intelligence (AI), and cloud-based deployment model to examine energy use across all facilities and equipment represents another major growth-inducing factor.

Besides this, the widespread product adoption by the renewable energy sector to provide precise energy production forecasts and anticipate mechanical glitches resulting in improved operational effectiveness is accelerating the product adoption rate. Furthermore, the increasing employment of smart water meters on account of the rising consumption of potable water for commercial, domestic, and industrial applications is creating a positive market outlook. Looking forward, IMARC Group expects the market value to reach US$ 7.9 Billion by 2028, exhibiting a CAGR of 17.6% during the forecast period (2023-2028). 

Report Segmentation:

The report has segmented the market into the following categories:

Competitive Landscape:

• ABB Ltd.
• BuildingIQ Inc.
• Capgemini SE
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• SAS Institute Inc.
• Schneider Electric SE
• Siemens AG
• Salesforce.com Inc.
• Teradata Corporation
• TIBCO Software Inc.

Breakup by Type:

• Solutions
• Services

Breakup by Deployment:

• Cloud-based
• On-premises

Breakup by Application:

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

Breakup by Vertical:

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

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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Key highlights of the report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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