The worldwide energy and utility analytics market is set to experience a skyrocketing CAGR of 16.6% during the forecast period 2019–2024, claims Market Research Future in its well-elaborated study. The ever-advancing and smart revolution have always been on a lookout for bringing more opportunities in the world of analytics. Currently, it has a disruptive impact on the semiconductor industry, where the complexity of data is increasing at a higher pace. Therefore, the current trend of technology has taken the market by storm and now is eyeing to gain high-end market valuation during the forecast period.
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The energy and utilities sector deals with unique set of challenges, which include increasing global demand, market volatility, risks related to safety, and unexpected downtime which slows down the operational process. The energy and utility sector demand smart grid solutions in order to provide the consumers with efficient and reliable energy transmission and distribution. Smart grid solutions offer transmission and distribution grid management, utility analytics which increases the grid efficiency, reliability, operational performance of the system and delivers high ROI.
The segmental analysis of the global energy and utility analytics market has been broadly done by the elements of component, deployment, application, and industry vertical.
In terms of components, the market has included solutions and services. Among these, the solution segment has also been segmented into customer analytics, smart grid analytics, risk analytics, logistics, financial analytics, asset management analytics, and supply chain analytics, and more. At the same time, service segment is also segmented into deployment and integration, support and maintenance, and consulting.
In terms of deployment, the market has been categorized into on-cloud, on-premise, and hybrid.
In terms of application, the market includes energy/load forecasting, emergency response management, revenue assurance, energy distribution, and transmission management, predictive maintenance, meter optimization, and many more.
In terms of industry vertical, the market includes energy and utility. Among which, the energy segment is also segmented into oil, natural gas, renewable energy, nuclear power, and coal. At the same time, the utility segment is also further segmented into water, electricity, and more.
The global energy and utility analytics market is projected to grow at a significant rate during the forecast period from 2019 to 2024. The geographical analysis for global energy and utility analytics market has been conducted for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America is expected to emerge as the leading region for global energy and utility analytics market during the forecast period. The region has been segmented, by country, into the US, Canada, and Mexico. Presence of leading analytical solution providers planning on investing in developing their solutions with advanced capabilities to cater to a wide application area is driving the growth of the market in North America. Well-established infrastructure and early adoption of advanced technologies such as IoT and big data analytics to increase operational efficiency are further propelling market growth.
Europe is following North America in the global energy and utility analytics market in terms of market share. Europe is experiencing an increasing adoption of analytical solutions across the energy and utilities sector owing to provide grid analytics, energy risk management, forecasting demand, and obtain improved revenue assurance. However, data privacy and security concerns are expected to limit market growth. The region has been segmented, by country, into the UK, Germany, France, Italy, Spain, Benelux, and the rest of Europe.
Asia-Pacific is expected to register the highest CAGR during the forecast period. Increasing demand for predictive maintenance and load management and forecasting to meet the consumer demands is driving the growth of energy and utility analytics market in the region. Growing adoption of the cloud platform and increasing amount of data generated across the energy and utility sector is expected to increase the demand for analytical solutions to manage and analyze the same effectively. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific.
Capgemini SE (France), Energysavvy Inc. (US), Schneider Electric (France), IBM Corporation (US), General Electric Company (US), SAP SE (Germany), Infosys Limited (India), Tibco Software Inc. (US), Oracle Corporation (US), Eaton Corporation (Ireland), Ericsson (Sweden), ABB Ltd (Switzerland), SAS Institute Inc. (US), Wegowise Inc. (US), Wipro Limited (India), are some of the top listed key players contributing in the growth of global energy and utility analytics market.