Rising Focus on Greener Initiatives is Resulting in Increased Demand for Utility and Energy Analytics
“According to a new market research report published by Inkwood Research, the Global Utility and Energy Analytics Market is estimated to record a CAGR of 17.60% during the forecasting years of 2019-2027.”
“Browse 21 Market Data Tables and 34 Figures spread over 148 Pages, along with an in-depth TOC on the Global Utility and Energy Analytics Market Forecast 2019-2027.”
The utility and energy analytics are solutions that analyze real-time or existing data from several sources, thereby aiding in the improvement of business functions like controlling costs, accuracy in predicting demands, risk reduction, etc. There is an increasing demand for energy, along with suitable environment-friendly means, all of which are encouraging enterprises across the globe to invest in energy-efficient measures. There have been increased investments in the global utility and energy analytics market since it is considered a very smart and efficient operational practice, apart from being a process that aids in enhancing and supporting greener initiatives.
Growing Prominence on Greener Environment is Boosting Demand for Energy and Utility Analytics
There is an ever-increasing demand for energy across the globe. The consumption of energy is huge in developed countries, whereas in developing countries, there is an increasing demand for energy. This demand is attributed to the growing population and economic progress. The stats by the International Energy Agency revealed that the energy needs are anticipated to expand by 55% between 2005 and 2030. Meeting each of these demands means more CO2 emissions in the atmosphere. With the growing demands, the emissions are set to increase further.
In several countries, like the United States, the electricity generation results in industrial air pollution, since most of the electricity is generated from sources like coal and nonrenewable power plants. This has negative impacts on the environment, and it results in air, land, and water pollution. In order to tackle these, renewable energy sources can be utilized for electricity generation, and it will lead to lesser environmental impacts. They also provide reliable power supplies and fuel diversification, thereby lowering the fuel spill risks and imported fuel demand. The utilization of renewable energy sources will benefit the environment, since it would result in almost zero emissions.
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Meter Operation Category Garners the Largest Revenue Share in the Application Segment
There have been transitions from reading meters once in a month to recording meter data every 15 minutes, which is credited to the advent of smart revolution. The accumulation of vast amounts of data as part of smart meter and smart grid programs, have resulted in increased opportunities for transmission and distribution companies. The meter data encompasses interval readings, meter-related problems, data quality information, register readings, etc. These data are leveraged by the analytics for revenue management, and for ensuring accuracy, isolating potential issues, and calculating statistics. It aids in a better understanding of customer behavior and segmentation. It can also help in providing insights into consumption patterns. Further, with the analyzed data and information, new rate plans and services can be developed for the consumers.
North America Set to Lead in terms of Revenue Share in the Global Market
The North America utility and energy analytics market is set to remain prominent throughout the forecast period with the largest market share. The region is considered to be the pivotal point of technological advancements, and the aligning of technological, economic, and environmental megatrends, is further strengthening its stance in the market. The regional market also focuses on innovations through R&D and technological advancements in the developed economies of the United States and Canada. The large energy consumption in the market region further enhances its growth in the global market.
With intense competitive rivalry, the global utility and energy analytics market are conducive for both, the emerging and existing players. Some of the prominent players present in the market are General Electric Company, Capgemini SE, ABB Corporation, IBM Corporation, SAS Institute Inc., Oracle Corporation, etc. The primary costs are anticipated to be limited, and the resources required for the new entrants are estimated to be minimal. The rising demand for big data analytics is projected to have a positive impact on emerging players.