Geographically, Utility And Energy Analytics market report 2018-2023 offers a comprehensive analysis on major regions such as North America, Europe, Asia Pacific, South America & Middle East and Africa. Utility And Energy Analytics market analysis is provided for the international market including development history, competitive landscape analysis, and major regional development status, segmentations with product type and application.
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The global utility and energy analytics market was valued at USD 2.07 billion in 2017 and is expected to reach a market value of USD 3.95 billion by 2023, registering a CAGR of 11.04% during the forecast period (2018 – 2023). With the increase in the usage of microgrid control system, and other smart grid systems which enables companies to monitor, control, and analyze grid functioning from a central control center, there is a vast untapped potential of advanced analytics tools and techniques, such as the big data platform and cloud computing.
The scope of the report is limited to solutions offered by Major Players including providers of software, professional services in meter operation, load forecasting, demand response, demand response, and distribution planning. The study also emphasizes on different types of deployment, such as cloud, on-premise, and hybrid.
Rising Demand for Energy is the Major Market Driver
Global energy needs are expected to grow, with fossil fuels remaining the major source of energy in the forecast period. Developed countries continue to consume large amounts of energy while the demand is increasing in the developing countries. Over 70% of the increased energy demand is from developing countries, led by China and India. Europe and North America use 70 % of the world energy, although this is only 20% of the world’s population. Oil powered 92% of the vehicles in 2014, but that is expected to fall to between 78% and 60% as electric vehicles are expected to become more popular by 2030. It has been estimated that companies around the world spend around USD 7 billion on big data and analytics. Oil, coal, and gas are collectively expected to account for the majority of global primary energy consumption.
North America Expected to Hold the Largest Market Share
The demand in North America is mainly driven by a higher focus on innovations through R&D and technology advancement in developed economies, like Canada and the United States, and this growth is also supported by its large consumption of energy. According to the US Energy Information Administration, the total energy consumption is expected to increase by 5% between 2016 and 2040. With such less growth, it is important for companies to efficiently deliver energy and reduce downtime in order to maintain profitability. This drives the market for data analytics in utilities and energy.
Key Developments in the Market:
• October 2017: Exelon and GE announced multi-year agreement to deploy GE’s portfolio of Predix software solutions across the Exelon’s six electric utilities. This deal is aimed to enhance reliability and efficiency of the service provided to Exelon to more than 10 million customers. The software will be used to predict and manage outages and strengthen the overall performance of electric transmission and delivery system.
• August 2017: Willdan acquired data analytics firm Integral Analytics. Willdan is expected to have made this acquisition to improve their ability to target locational energy savings and micro grids, and to provide the company with a technical advantage on energy efficiency programs. In 2018, it is expected that the acquisition will add approximately USD 10 million in revenue of Willdan
• May 2017: Verisk Analytics Acquired MAKE to add deep wind expertise. MAKE became a part of Wood Mackenzie, a Verisk Analytics business that provides research and advisory services to the power and natural resources sector. Wind is expected to provide nearly 5.5% of the electricity used in the United States, according to American Wind Energy Association. This acquisition is expected to help Verisk Analytics get into wind energy analytics business.
• Feb 2017: Velco and IBM Research came together to establish a new company in utility and energy analytics, named Utopus Insights. Due to fluctuations in weather and high dependency of renewable energy generation on weather, Utopus Insights was formed in early 2017 so as to provide expert insights using analytics to other utilities’ ongoing grid transformation work.
The Major Players include – ORACLE CORPORATION, CAPGEMINI SE, ABB CORPORATION, IBM CORPORATION, CA TECHNOLOGIES, SAS INSTITUTE INC., SIEMENS AG, SCHNEIDER ELECTRIC SE, SAP SE, BUILDINGIQ, and TERADATA CORPORATION, amongst other.
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Major Points Covered in Table of Content of Utility And Energy Analytics Market:
Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Utility And Energy Analytics Market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market
And Many More….
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