Energy and Utilities Analytics Market Size, Share, Growth, and Industry Analysis, By Type (On-premise and Cloud-based), By Application (Energy and Utilities) , Regional Insights and Forecast From 2025 To 2033

• 

  Request a Free sample to learn more about this report

ENERGY AND UTILITIES ANALYTICS MARKET OVERVIEW

global energy and utilities analytics market size was USD 3.17 billion in 2023 and market is projected to touch USD 10.53 billion by 2032 at CAGR 14.30% during the forecast period.

Energy and utilities analytics refers to the use of data analytics techniques and technologies to optimize operations, improve efficiency, and drive innovation in the energy and utilities sector. These analytics solutions leverage vast amounts of data generated by sensors, meters, and other devices to provide insights into energy consumption patterns, grid performance, asset health, and customer behavior. By analyzing this data, energy companies can identify opportunities to reduce costs, enhance reliability, and mitigate risks.

One key application of energy and utilities analytics is predictive maintenance, where advanced analytics algorithms are used to forecast equipment failures and prioritize maintenance activities. By predicting when assets such as transformers or turbines are likely to fail, utilities can schedule maintenance proactively, minimizing downtime and reducing operational costs. Additionally, analytics can help utilities optimize their energy distribution networks by identifying areas of inefficiency or overload, enabling them to allocate resources more effectively and improve overall grid reliability. Overall, energy and utilities analytics play a crucial role in enabling companies to make data-driven decisions that drive operational excellence and support the transition to a more sustainable and resilient energy future.

COVID-19 IMPACT:

Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering; with the energy and utilities analytics market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Disruptions in global supply chains affected the availability of components and equipment required for implementing analytics solutions in the energy and utilities sector. Delays in procurement and deployment of analytics tools may have hindered the pace of digitalization initiatives and innovation in the industry. With revenue streams impacted by reduced demand and economic downturn, energy and utility companies prioritized cost reduction initiatives. While analytics solutions offer long-term efficiency gains, the immediate focus shifted towards short-term cost-cutting measures, impacting the allocation of resources for analytics projects.

Many energy and utility companies postponed or reduced their investments in analytics solutions amid economic uncertainty caused by the pandemic. This led to a slowdown in the adoption of advanced analytics tools and technologies for optimizing operations and improving efficiency. The market is anticipated to boost the energy and utilities analytics market growth following the pandemic.

LATEST TRENDS

Integration of Artificial Intelligence (AI) and Machine Learning (ML) to Drive Market Growth

Energy and utilities companies were increasingly adopting AI and ML algorithms to analyze vast amounts of data generated by sensors, smart meters, and other IoT devices. These technologies enable predictive maintenance, demand forecasting, and anomaly detection, improving operational efficiency and asset performance. Predictive analytics continued to gain traction in asset management for energy and utilities infrastructure. By analyzing historical data and real-time sensor data, companies can predict equipment failures, optimize maintenance schedules, and extend the lifespan of critical assets. These latest developments are anticipated to boost the energy and utilities analytics market share.

Request a Free sample to learn more about this report

ENERGY AND UTILITIES ANALYTICS MARKET SEGMENTATION

By Type                  

Based on type the global market can be categorized into On-premise and Cloud-based.

• On-premise: On-premise deployment refers to hosting analytics software and infrastructure within the organization's physical premises, typically on local servers or data centers owned and maintained by the company. Organizations have full control over their data, infrastructure, and software, allowing for customization and configuration according to specific needs and security requirements.

• Cloud-based: Cloud-based deployment involves hosting analytics software and infrastructure on third-party cloud platforms, such as Amazon Web Services (AWS), Microsoft Azure, or Google Cloud Platform (GCP), accessed over the internet. Cloud-based solutions offer scalability, allowing organizations to easily scale resources up or down based on demand, without the need for upfront investments in hardware. Accessible from anywhere with an internet connection, enabling remote access, collaboration, and flexibility in deployment. Cloud-based solutions often operate on a pay-as-you-go or subscription-based pricing model, reducing upfront capital expenditure and offering predictable operational expenses.

By Application

Based on application the global market can be categorized into Energy and Utilities.

• Energy: Energy analytics solutions are utilized to predict equipment failures in energy production and distribution facilities such as power plants, turbines, and substations. By analyzing historical data and real-time sensor information, predictive maintenance models can identify anomalies and potential failures, allowing for proactive maintenance to minimize downtime and optimize asset performance.

• Utilities: Utilities leverage analytics solutions to optimize the operation and management of energy distribution grids. By analyzing grid performance data, load profiles, and network topology, utilities can identify areas of congestion, voltage instability, and equipment stress, enabling proactive grid optimization measures such as load balancing, voltage regulation, and optimal placement of grid assets.

DRIVING FACTORS

Increasing Complexity of Energy Systems to Boost the Market

The energy landscape is becoming increasingly complex due to factors such as decentralized energy generation, distributed energy resources (DERs), and the rise of electric vehicles (EVs). Analytics solutions help utilities manage this complexity by providing insights into grid operations, energy demand, and customer behavior. Energy and utilities companies face pressure to improve operational efficiency and reduce costs while maintaining reliable service delivery. Analytics solutions offer insights into asset performance, energy consumption patterns, and operational processes, enabling companies to identify inefficiencies and optimize resource allocation.

Demand for Sustainable Solutions to Expand the Market

Growing awareness of environmental sustainability and the need to reduce carbon emissions drive the adoption of analytics solutions in the energy and utilities sector. Analytics enables companies to optimize energy usage, promote energy efficiency, and support the transition to a more sustainable energy future. The increasing integration of renewable energy sources and the modernization of energy grids require advanced analytics capabilities. Analytics solutions help utilities manage the variability of renewable energy generation, optimize grid operations, and enhance grid stability. These factors are anticipated to drive the energy and utilities analytics market share.

RESTRAINING FACTOR

Cybersecurity Concerns to Potentially Impede Market Growth

As energy and utilities become more connected and digitized, the risk of cyber threats increases. Concerns about the security of sensitive data and critical infrastructure may lead to hesitancy in adopting analytics solutions, especially if companies fear potential vulnerabilities in the systems. The collection and analysis of large volumes of data raise privacy concerns among consumers and regulatory bodies. Energy and utilities companies must navigate these concerns and ensure compliance with data protection regulations, which can add complexity to analytics initiatives. The factors are anticipated to hinder the growth of the energy and utilities analytics market growth.

• Request a Free sample to learn more about this report

•  

ENERGY AND UTILITIES ANALYTICS MARKET REGIONAL INSIGHTS

North America Dominating the Market with Technological Advancements and Large Energy & Utilities Sector

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America, particularly the United States and Canada, is known for its strong technological infrastructure and innovation ecosystem. The region is home to many leading technology companies, research institutions, and startups that drive advancements in analytics technologies, making it a fertile ground for the development and adoption of Energy and Utilities Analytics solutions. North America has a sizable energy and utilities sector, encompassing various industries such as oil and gas, electricity generation, water utilities, and renewable energy. The region's diverse energy landscape, including traditional fossil fuels and growing renewable energy sources, creates significant demand for analytics solutions to optimize operations, manage resources, and improve efficiency.

KEY INDUSTRY PLAYERS

Key Players Focus on Partnerships to Gain a Competitive Advantage

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Top Energy And Utilities Analytics Companies

• IBM [U.S.]
• SAP [Germany]
• Intel [U.S.]
• GE (General Electric) [U.S.]
• Schneider Electric [France]

INDUSTRIAL DEVELOPMENT

November 2022: The "Grid Optimization Software Suite" is a comprehensive software solution designed to optimize the operation and management of energy distribution grids in the energy and utilities sector. Developed by General Electric (GE), this software suite leverages advanced analytics and optimization algorithms to enhance grid reliability, efficiency, and performance.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.