Global Energy & Utilities Analytics Market Growth to be Propelled by Rising Demand for Energy by CAGR of ~17% During 2023 – 2033
The global energy & utilities analytics market is estimated to grow at a CAGR of ~17% over the forecast period, i.e., 2022-2031.
Kenneth Research published a report titled “Energy & Utilities Analytics Market: Global Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global energy & utilities analytics market in terms of market segmentation by deployment mode, type, application, and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global energy & utilities analytics market is estimated to grow at a CAGR of ~17% over the forecast period, i.e., 2022-2031. The market is segmented by deployment mode into on-premises, and cloud. Out of these, the cloud segment is anticipated to hold the largest share over the forecast period owing to the energy & utilities companies opting for cloud-based systems to store massive data related to smart meters, smart grid, and others. Moreover, there has been increasing adoption of cloud-based energy and utilities solutions.
Rising demand for energy is anticipated to increase the growth of the global energy & utilities analytics market. Moreover, increasing price volatility is further expected to surge the growth of the market.
Geographically, the global energy & utilities analytics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of them, the market in the North America region is projected to hold the largest market share by the end of 2033 on the back of surging adoption of smart technologies, and increasing energy & utilities planning for saving resources.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Smart Grid Installation to Drive the Growth of the Market
According to the U.S Energy Information Administration, there have been nearly 102.9 Million advanced smart meter infrastructure installations by the U.S. electric utilities in the year 2020
The smart grid refers to the electricity network used to supply electricity to consumers through two digital communication ways based on the digital technology. Moreover, this system should be fully monitored and analyzed within the supply chain in order to improve its efficiency and reduce the cost. Hence, it is projected to boost the growth of the global energy & utilities analytics market.
However, lack of skilled analytical workers, risk related to data theft, and lack of awareness among the organizations are expected to operate as key restraint to the growth of global energy & utilities analytics market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global energy & utilities analytics market which includes company profiling of Microsoft Corporation, Salesforce, Inc., IBM Corporation, General Electric, Oracle Corporation, SAP SE, Schneider Electric, Atos SE, TIBCO Software Inc., SAS Institute Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global energy & utilities analytics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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