Analytics in the Energy and Utility Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Software and Solution); Application (Upstream, Midstream and Downstream); Vertical (Energy and Utility); and Region/Country
The Analytics in the Energy and Utility Market was valued at USD 2035.5 million in 2021 & is expected to grow at a CAGR of 16.0% from 2022-2028. Owing to the increasing demand for predictive maintenance, demand forecast and increasing renewable energy adoption along with the smart grid integration. Utility and energy analytics involve the use of data analysis techniques to derive insights from energy data. It is an emerging field that leverages advanced analytics and machine learning algorithms to optimize energy use, reduce energy costs, and improve the efficiency of energy production and distribution. The adoption of energy analytics is growing rapidly as energy companies seek to improve their operations, reduce costs, and enhance customer experience. The need for energy analytics arises from the complexity of the energy sector, which involves multiple stakeholders, including energy producers, distributors, and consumers. Energy analytics provides a way to manage this complexity by providing real-time insights into energy usage patterns, energy demand, and energy production. Energy analytics can also be used to improve energy production and distribution. By analyzing data from sensors and other sources, energy companies can optimize the performance of energy production facilities and reduce downtime. Energy analytics is also an important tool for energy consumers. By analyzing their energy consumption patterns, consumers can identify areas of inefficiency and implement measures to reduce energy waste. This includes upgrading appliances, improving insulation, and adjusting their behaviour to reduce energy usage during peak periods.
Some of the major players operating in the market include SAP SE, IBM Corporation, SAS Institute Inc, Microsoft, EATON, Intel Corporation, Salesforce Inc., Teradata, Siemens, and Cisco Systems Inc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst components, the software segment held a dominating CAGR of the market in 2021.”
Based on components, the market is segmented into software and solutions. The software segment is expected to witness a significant CAGR during the forecast period. As energy and utility sector relies heavily on data to optimize operations, improve efficiency, and make informed decisions. Analytics software is an essential tool for extracting valuable insights from the vast amounts of data generated in the sector. Also, the software in energy and utility is widely used for predictive maintenance, asset management, customer engagement, and demand forecast and is expected to propel the market demand.
“Amongst applications, the upstream segment held the majority share of the market in 2021.”
By application, the market is segmented into upstream, midstream, and downstream. The upstream segment is expected to hold a significant market share during the forecast period. The upstream segment involves activities such as exploration, production, and extraction of crude oil and natural gas. Analytics plays a vital role in this segment, and it can be used to optimize production, reduce costs, and improve safety. One of the key areas where analytics can be applied in the upstream segment is production optimization. By analyzing data from sensors and other sources, energy companies can identify inefficiencies in their production processes and take corrective actions to optimize production. For example, analytics can be used to identify equipment failures or other issues that may be causing downtime or reduced productivity.
“North America dominated the Analytics in the Energy and Utility market in 2021.”
The utility and energy analytics market in North America is expected to continue to grow in the coming years, driven by increasing demand for energy, rising energy costs, and a growing emphasis on sustainability and energy efficiency. Additionally, technological advancements in data analytics and the adoption of smart grid technology are expected to further drive growth in the market. Also, the adoption of renewable energy and smart grid technology. Smart grids use advanced analytics and communication technology to monitor and manage the flow of energy across the grid, allowing utilities to better manage energy supply and demand.
Analytics in the Energy and Utility Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
Global analytics in the energy and utility market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Analytics in the Energy and Utility Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global analytics in the energy and utility market were the three major steps undertaken to create and analyze the adoption of analytics in the energy and utility in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of global analytics in the energy and utility market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the analytics in the energy and utility market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the analytics in the energy and utility market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, application, and vertical. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the analytics in the energy and utility market. Further, we conducted factor analysis using dependent and independent variables such as component, application, and vertical of the analytics in the energy and utility market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the analytics in the energy and utility market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global analytics in the energy and utility market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the analytics in the energy and utility market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in global analytics in the energy and utility market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global analytics in the energy and utility market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global analytics in the energy and utility market.
The main objective of Global Analytics in the Energy and Utility Market Study
The current & future market trends of global analytics in the energy and utility market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the analytics in the energy and utility market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the component, application, and vertical.
- Define and analysis of the regulatory framework for analytics in the energy and utility
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the analytics in the energy and utility market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the analytics in the energy and utility market and the growth strategies adopted by the market players to sustain in the fast-growing market.
Deep dive regional level analysis of the industry.
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