Market Outlook
According to the author, the global utility and energy analytics market is expected to display a positive market trend over the forecast period of 2019-2027, exhibiting a CAGR of 17.46%.
Advanced analytics tools & techniques, such as cloud computing and the big data platform, have a vast untapped potential for applications in the energy and utility market. Predictive analytics plays a crucial role in the utilities sector, primarily to identify failing physical assets, analyze the increasing data volumes and improve understanding of customer behavior. Companies in the utility sector rely on a continuous operation, which includes proper functioning at each stage. Thus, for avoiding massive reverberations, a wide adoption of predictive analytics has been observed.
The rise in focus by consumers on energy consumption pattern analysis is driving the global utility and energy analytics market. Also, the emphasis on renewable energy has been instrumental in raising the demand for energy and utility analytics. However, deploying analytics techniques requires high capital investment, which severely limits the market growth. The utility and energy analytics market also faces certain challenges like the lack of industrial expertise and security concerns, which are hindering its growth.
The energy and utility industry has largely adopted cloud technology, and this factor will help in reaching the projected growth. Also, smart cities & infrastructures are being developed. Technology can play an important role is to manage the city’s regions with various government agencies working together more effectively, not just locally but regionally. It can streamline review and approval processes, and promote more effective community outreach and communication. This provides plenty of opportunities to propel the growth of the market further.
Regional Outlook
The markets in the regions of North America, Latin America, the Asia-Pacific, the Middle East and Africa and Europe have been covered in the report on the global utility and energy analytics market.
The market for utility and energy analytics in the Asia-Pacific region is growing at the fastest rate, owing to the flexible government policies in developing nations, and the enhanced digitization in the region’s expanding utility sector. There has been an increase in energy consumption, due to explosive economic growth throughout APAC. This growth also demands efficient management for sustainable development. A high rate of adoption is expected to be witnessed in the countries of India, China, Japan, Australia and South Korea.
Competitive Outlook
The companies that have been mentioned in the utility and energy analytics market report are Eaton Corporation, Cisco Systems, Inc., Teradata Corporation, Schneider Electric SE, BuildingIQ, Inc., Wipro Limited, Infosys Limited, SAP SE, General Electric Company, IBM Corporation, Siemens AG, SAS Institute, Inc., ABB Corporation, Oracle Corporation and Capgemini SE.
ABB Ltd. is a leading global company providing power & automation technologies. It offers products, solutions, systems and services for improving productivity, increasing power reliability and enhancing energy efficiency. The company serves gas, water and electric utilities, along with commercial and industrial customers. ABB has five business divisions: electrification products, power grids, robotics & motion, corporate, industrial automation and other. The company has its operations in Asia, Europe, North America, Latin America and the Middle East & Africa.
According to the author, the global utility and energy analytics market is expected to display a positive market trend over the forecast period of 2019-2027, exhibiting a CAGR of 17.46%.
Advanced analytics tools & techniques, such as cloud computing and the big data platform, have a vast untapped potential for applications in the energy and utility market. Predictive analytics plays a crucial role in the utilities sector, primarily to identify failing physical assets, analyze the increasing data volumes and improve understanding of customer behavior. Companies in the utility sector rely on a continuous operation, which includes proper functioning at each stage. Thus, for avoiding massive reverberations, a wide adoption of predictive analytics has been observed.
The rise in focus by consumers on energy consumption pattern analysis is driving the global utility and energy analytics market. Also, the emphasis on renewable energy has been instrumental in raising the demand for energy and utility analytics. However, deploying analytics techniques requires high capital investment, which severely limits the market growth. The utility and energy analytics market also faces certain challenges like the lack of industrial expertise and security concerns, which are hindering its growth.
The energy and utility industry has largely adopted cloud technology, and this factor will help in reaching the projected growth. Also, smart cities & infrastructures are being developed. Technology can play an important role is to manage the city’s regions with various government agencies working together more effectively, not just locally but regionally. It can streamline review and approval processes, and promote more effective community outreach and communication. This provides plenty of opportunities to propel the growth of the market further.
Regional Outlook
The markets in the regions of North America, Latin America, the Asia-Pacific, the Middle East and Africa and Europe have been covered in the report on the global utility and energy analytics market.
The market for utility and energy analytics in the Asia-Pacific region is growing at the fastest rate, owing to the flexible government policies in developing nations, and the enhanced digitization in the region’s expanding utility sector. There has been an increase in energy consumption, due to explosive economic growth throughout APAC. This growth also demands efficient management for sustainable development. A high rate of adoption is expected to be witnessed in the countries of India, China, Japan, Australia and South Korea.
Competitive Outlook
The companies that have been mentioned in the utility and energy analytics market report are Eaton Corporation, Cisco Systems, Inc., Teradata Corporation, Schneider Electric SE, BuildingIQ, Inc., Wipro Limited, Infosys Limited, SAP SE, General Electric Company, IBM Corporation, Siemens AG, SAS Institute, Inc., ABB Corporation, Oracle Corporation and Capgemini SE.
ABB Ltd. is a leading global company providing power & automation technologies. It offers products, solutions, systems and services for improving productivity, increasing power reliability and enhancing energy efficiency. The company serves gas, water and electric utilities, along with commercial and industrial customers. ABB has five business divisions: electrification products, power grids, robotics & motion, corporate, industrial automation and other. The company has its operations in Asia, Europe, North America, Latin America and the Middle East & Africa.
Table of Contents
1. Global Utility And Energy Analytics Market - Summary
2. Industry Outlook
3. Global Utility And Energy Analytics Market Outlook - By Deployment
4. Global Utility And Energy Analytics Market Outlook - By Type
5. Global Utility And Energy Analytics Market Outlook - By Application
6. Global Utility And Energy Analytics Market - Regional Outlook
7. Competitive Landscape
8. Research Methodology & Scope
List of Tables
List of Figures
Companies Mentioned
A selection of companies mentioned in this report includes:
- Capgemini SE
- Oracle Corporation
- ABB Corporation
- SAS Institute, Inc.
- Siemens AG
- IBM Corporation
- General Electric Company
- SAP SE
- Infosys Limited
- Wipro Limited
- Buildingiq, Inc.
- Schneider Electric SE
- Teradata Corporation
- Cisco Systems, Inc.
- Eaton Corporation
Methodology
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