Analytics in the Energy and Utility Market: Current Analysis and Forecast (2022-2028)

Analytics in the Energy and Utility Market: Current Analysis and Forecast (2022-2028)

Analytics is a critical tool for the energy and utility industry, helping companies to make data-driven decisions and improve efficiency. One key area where analytics is being used is predictive maintenance. By analyzing data from sensors and other sources, companies can identify potential equipment failures before they occur, allowing them to perform maintenance proactively and reduce downtime. This improves reliability and reduces costs. Energy optimization is another area where analytics is being used in the energy and utility industry. Companies can identify opportunities to reduce consumption and improve efficiency by analysing energy usage data. Additionally, analytics is also being used to integrate renewable energy sources such as solar and wind power into the grid. By analyzing data from multiple sources, companies can predict energy production and demand and manage the flow of energy to ensure that it is distributed efficiently. Overall, analytics is playing an increasingly important role in the energy and utility industry. By leveraging data to make informed decisions, companies can optimize their operations, reduce costs, and improve customer satisfaction.

The Analytics in the Energy and Utility Market is expected to grow at a strong CAGR of 16% during the forecast period owing to the increasing demand for predictive maintenance, demand forecasting, energy optimization, customer segmentation, and renewable energy integration among others. Moreover, the increasing investment, collaboration between the leading players, and increasing adoption of renewable energy, along with the increasing digitalization are expected to support market growth. For instance, in July 2022, Matterport Inc. the digital service-providing company announce its partnership with Burns & McDonnell to strengthen its services in the energy, utility, and manufacturing industry.

• Based on components, the market is segmented into software and solution. 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.
• 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. This information can then be used to improve maintenance schedules, replace equipment, or adjust production processes to improve efficiency. Also, the increasing demand for energy across the world will increase field development and exploration activities along with offshore development and is expected to support market growth.
• On the basis of vertical, the market is bifurcated into the energy and utility segments. The utility segment is expected to witness significant CAGR during the forecast period owing to the requirement of various tools to analyse the big data produced during the operation. Also, utilities use analytics to segment their customers based on their energy consumption patterns, demographics, and other factors. This helps them design targeted marketing campaigns and tailor their services to the needs of each segment, leading to better customer satisfaction.
• For a better understanding of the market adoption of the analytics in the energy and utility industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Itlay, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Rest of World. 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.
• 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