As per the latest report By Quadintel Research titled ” Utility and Energy Analytics Market Analysis and Forecast from 2023 to 2031″, the industry is experiencing substantial growth and offers immense potential for investors and stakeholders. The report includes an in-depth analysis of the market, covering a comprehensive range of factors that impact the market’s growth trajectory.
The report features an organized collection of statistical data and offers an overview of the current market trends and future growth prospects. Visual aids such as charts, graphs, tables, and illustrations provide a detailed understanding of the market and its various segments. With insightful information and analysis, the report aims to provide a comprehensive understanding of the market dynamics and assist investors and stakeholders in making informed decisions.
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The utility and energy analytics market was valued at USD 358.2 million in 2020, and it is anticipated to reach USD 1372.6 million by 2026, at a CAGR.
IBM Corporation – Oracle Corporation – Internap Corporation – Packet Inc. (An Equinix Inc. Company) – Scaleway Inc. – Amazon Web Services Inc. – Rackspace Inc. – CenturyLink, Inc. – LightEdge Solutions, Inc.
There is a vast untapped potential for advanced analytics tools and techniques, such as the big data platform and cloud computing, with the increase in use of the microgrids control system and other smart grid systems, which enable businesses to monitor, control, and analyze grid functioning from a centralized control center. It is anticipated that the demand for big data analytics among utility vendors will also be driven by the favorable government regulations promoting smart grid solutions and the exponentially increasing adoption of smart meters.
The International Energy Agency (IEA) projects that the number of electric cars on the road will rise from 3.1 million in 2017 to 125 million by 2030. This highlights the growing use of electric vehicles (EVs). It gives utility vendors an opportunity to effectively manage the new energy demand on the power grid.
The utility company is investing a lot in the installation of smart meters throughout the various regions.
For example, the Chinese State Lattice Organization wanted to introduce 380 million savvy meters in the country by 2020. Over the course of the forecast period, this market presents a significant opportunity.
During the forecast period, the software segment, which includes risk analytics, asset management analytics, grid analytics, and other types of analytics, is anticipated to maintain its market position. Utility companies are not only gaining an understanding of the consumption patterns of their customers but are also managing technical obstacles like dispatch capability and load matching with the assistance of big data.
The EU’s Energy Performance of Buildings Directive (EPBD) and the US’s Commercial Building Initiative (CBI) are two other government initiatives that are requiring public authorities and businesses to increase their efforts to reduce community energy consumption and greenhouse gas emissions. Renewable energy is another important aspect that can benefit from big data analytics. Globally, renewable energy technologies are gaining traction primarily because they provide a dependable source of electricity. By 2022, the IEA predicts that renewable energy capacity will rise by 43%, or more than 920 gigawatts.
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In addition, it is anticipated that solar energy will continue to dominate the renewable energy market, producing significantly more electricity over the next four years than wind and hydropower.
Energy utilities can optimize power planning and generation with analytics solutions. The sustainable power area is empowering the reception of investigation. When applied to renewable energy power plants, predictive analytics can provide precise energy production forecasts. It anticipates the machine malfunctions. Along these lines, enhancing functional efficiencies. Predicting the fluctuating resources for solar and wind power generation, for instance, is made possible by IBM’s hybrid renewable energy forecast strategy, which makes use of technology for weather modeling, predictive analysis, and big data.
As a result, 14,000 additional homes could be powered by an additional 10% of the grid’s renewable power generation. Utilities and the energy industry may anticipate a shift in the demand for electricity as a result of the recent outbreak of Covid-19. In an effort to slow the virus’s spread, numerous governments around the world are increasingly restricting people’s freedom of movement. As people stay at home for longer periods of time, it is anticipated that residential consumption and demands on water infrastructure will also rise. These businesses will primarily benefit from the use of analytics solutions for accurate distribution planning and better forecasting demand response.
Additionally, given that the COVID-19 crisis has had a significant impact on the utility and energy industries, it is likely that the majority of the existing suppliers are having trouble meeting the urgent needs. Industries are still adjusting to the COVID-19 economy, whether through the development of new internal logistics like WFH or infrastructure expansion to meet increased demand. Additionally, many of the largest reductions in spending are occurring in the sectors that were adversely affected by COVID-19.
Key Market Trends Enables Increased Application Two-way Communication Between Smart Meters and Utilities Electricity cannot be stored in large quantities, and supply and demand must be balanced in order to achieve a balanced system. In order to accurately forecast these demands, predictive analytics is crucial.
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Electricity usage sensing and bidirectional communication between consumers and electric utilities have been made possible by utilities’ implementation of advanced metering infrastructure (AMI). Utilizing pricing incentives, similar to those found in demand response (DR) programs, this opens up numerous opportunities to effectively manage peak demand and cut down on energy use.
By reducing or shifting their electricity consumption during peak times in response to time-based rates or other forms of financial incentives, demand response gives consumers the chance to play a significant role in the operation of the electric grid.
The increasing availability of electricity consumption data with high dimensionality and resolution presents unique opportunities for the creation of forecasting models. However, this has also provided a data repository for data analytics in order to achieve supply-demand equilibrium. In wholesale markets, these models have the potential to lower the price of electricity, which in turn can lower retail rates.
Energy Efficiency Services Limited (EESL) completed the installation of 10 lakh smart meters throughout India as part of the Smart Meter National Program launched by the Indian government in February 2020. Over the next few years, EESL intends to install 25 million smart meters.
North America to Lead and Pioneer Market for Utility and Energy Analytics Solutions North America is regarded as one of the largest markets for utility and energy analytics and is one of the leading adopters of analytics solutions. In developed economies like the United States and Canada, a greater emphasis on innovations through R&D and technological advancement drives the region’s demand. The large amount of energy used in the region also helps the market grow. Additionally, the region has a significant number of market vendors. BuildingIQ, SAS Institute Inc., Oracle Corporation, and IBM Corporation are just a few examples.
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In addition, in an effort to cut down on energy use, the US government is upgrading its energy grids and implementing Advanced Metering Infrastructure (AMI). For instance, the residential sector saw the highest rate of AMI adoption in the nation, according to the US Energy Information Administration (EIA). During financial 2018-2019, the private areas embraced 118.27 million AMI though the business area took on 15.3 million.
As per the US Energy Data Organization, the absolute energy utilization is supposed to increment by 5% somewhere in the range of 2016 and 2040. Companies must cut down on downtime in order to effectively maintain profitability given the lack of growth. The market for data analytics in energy and utilities benefits from this.
Due to Canada’s ambitious initiatives in its most populous provinces, smart meters are widely used in the country. According to the Institute for Electric Efficiency, annual shipments of smart electricity meters in the United States will increase from 61 million units in 2015 to 90 million units in 2024. Additionally, it is anticipated that the large number of smaller cooperative and municipal utilities will also play a significant role in market penetration. Companies like Consolidated Edison, Duke Energy, Ameren, Entergy, PSEG, National Grid, and Xcel Energy are all expected to use smart meters, which is expected to boost sales over the next few years.
The market for utility and energy analytics is very competitive and has several major players. With a significant presence in the market, these major players are concentrating on expanding their customer base across all market segments. In order to expand their market share and boost profitability, the businesses are making use of strategic collaborative initiatives. In order to enhance their product capabilities and introduce new features, the market players are also acquiring or forming partnerships with start-ups working on utility and energy analytics technologies.
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February 2020 – mCloud Innovation Partnership has marked a Declaration Important to obtain BuildingIQ to incorporate new computer based intelligence and IoT arrangements into AssetCare, which would consolidate it s energy reserve funds advancements to target new huge business spaces like clinics and bring new energy the executives strategies like robotized estimation and check.
September 2019: Agentis and Oracle Utilities Opower have joined forces to help utility companies engage and motivate energy savings for every customer by combining Oracle’s leading customer engagement and energy efficiency solutions with Agentis’ utility business software. With individualized insights that motivate action and verified energy savings, the utility company will be able to actively connect with every kind of customer.
Oracle Utilities Analytics Insights has been able to disaggregate the energy being consumed by the vehicle using advanced metering infrastructure (AMI) data, identify the presence of an electric vehicle using deep machine learning, and display the time and frequency of charging. Utilities can rely on this intelligence to reliably plan for the energy infusion required to power EVs on a large scale and encourage customers to charge when it is least expensive for them and best for the health of the energy grid. Several utilities are currently testing Oracle Utilities Analytics Insights’ new EV detection capabilities.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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Key Questions Answered in The Report:
- What are the strengths and weaknesses of the key vendors?
- Who are the Leading key gamers and what are their Key Business plans in the close to future?
- What will be the market increase price and measurement in the coming year?
- What are the principal key elements riding the market?
- What are the key market tendencies impacting the increase of the world Market?
- Which are Trending elements influencing the market shares of the pinnacle areas throughout the globe?
- What is the have an effect on of The Russia-Ukraine Crisis on the modern industry?
- Who are the key gamers and what are their strategies in the international Market?
- What are the market opportunities and threats confronted by using the carriers in the world Market?
- What industrial trends, drivers, and challenges are manipulating its growth?
- What are the key consequences of the 5 forces evaluation of the world industry?
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