To capitalize on prevailing opportunities in the energy sector, companies operating in the utility and energy industry are transitioning from conventional to smarter energy systems to facilitate transmission of information in newer and more effective ways. In a report, titled “Energy Utility Analytics Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” Transparency Market Research (TMR) provides a comprehensive overview of the various factors supporting or restraining the market’s trajectory between 2016 and 2024.
Energy utility analytics facilitate real-time analysis of various process, thus enabling in operation optimization via isolation of failures and inefficiencies. The global energy utility analytics market operates on paradigms such as risk management & vendor performance, spend analytics, demand forecasting, inventory optimization, logistics and routine analytics, and predictive analytics. Considering the surging energy demand, the report presents positive forecast for the global energy utility analytics market. Besides this, consumers nowadays are more willing to curb their energy consumption more than ever. Therefore the demand for energy consumption pattern among consumers has increased as well, which is expected to augur well for the global energy utility analytics market.
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In addition, favorable government initiatives have created an environment conducive to the market’s growth across major economies. Various policies adopted and covered under Advanced Metering Infrastructure (AMI) have significantly contributed to the market’s growth. Integrating analytics in the energy and utility sector has reaped positive results for the energy sector in the past. The whole monitoring and tracking operations have gotten easier with this integration, impelling more number of companies in the sector to invest in energy utility analytics. Also maintaining infrastructure and managing risks in the energy and utility sectors have become easier with the integration of energy utility analytics.
Among the various regional markets, North America has exhibited considerable adoption of energy utility analytics. Other lucrative markets for the same are Latin America, Asia Pacific, Europe, and Rest of the World. While developed countries command over a major share in the market, emerging nations are slowly coming at fore as their governments look for more advanced methods to keep track of energy consumption patterns. According to TMR, North America and Europe is expected to remain leading regional markets. However, during the forecast period, the market is expected to witnessing increasingly rising lucrative opportunities in the Middle East and Africa and Asia Pacific.
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By type, the global energy utility analytics market can be bifurcated into software and services. Based on application, load research & forecasting, predictive maintenance, and transmission and distribution are among the key segments in the global energy utility analytics market. Some of the prominent companies operating in this market are SAP SE, IBM Corporation, Eaton Corporation, Intel Corporation, Ericsson, Schneider Electric Company, Cisco Systems Inc., Oracle Corporation, Infosys, TIBCO Software Inc., Capgemini, and Wipro.