MarketInsightsReports has published a report titled global Utility and Energy Analytics market research report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances, and different methodologies implemented by the primary current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.
The report also takes into account the impact of the novel COVID-19 pandemic on the Utility and Energy Analytics market and offers a clear assessment of the projected market fluctuations during the forecast period.
The global utility and energy analytics market was valued at USD 358.2 million in 2020 and is expected to reach USD 1372.6 million by 2026, at a CAGR of 24.9% over the forecast period 2021 – 2026.
– The use of electric vehicles (EVs) is growing, with the International Energy Agency (IEA) predicting that the number of electric cars on the road will increase from 3.1 million in 2017 to 125 million by 2030. It gives opportunity to the utilities vendors such that they can intelligently manage the new energy demand on the power grid.
– The utility company are significantly investing to deploy smart meters across varius region. For instance, the Chinese State Grid Corporation planned to install 380 million smart meters in the country by 2020. Due to these factors, the market studied has a huge opportunity over the forecast period.
– Further, renewable energy is another important component that can benefit from big data analytics. Renewable energy technologies are gaining acceptance, globally, primarily as a reliable source of electricity. According to IEA, renewable energy capacity is expected to expand by 43% or more than 920 giga watt by 2022. Furthermore, solar energy is expected to continue to dominate the renewables market, generating far more electricity in the next four years than wind and hydropower.
Click here to get the latest sample copy of updated research 2021 before purchase
– For instance, IBM’s hybrid renewable energy forecast technique uses big data, predictive analysis, and weather modeling technology to predict the variable resources for solar and wind power generation. This can increase the amount of renewable power generation integrated into the grid by 10%, which can power additional 14,000 homes.
Key Market Trends
Two-way Communication between Smart Meters and Utilities Enables Inreased Application
– Electricity cannot be stored in large volumes and supply and demand must be matched to achieve a balanced system. Predictive analytics plays an important role in accurately forecasting these demands.
– The deployment of advanced metering infrastructure (AMI) by utilities have enabled electricity usage sensing and bi-directional communication between consumers and electric utilities. This provides ample opportunities to efficiently deal with peak demands and reduce energy consumption by using pricing incentives as in demand response (DR) programs.
– Demand response provides an opportunity for consumers to play a significant role in the operation of the electric grid, by reducing or shifting their electricity usage during peak periods in response to time-based rates or other forms of financial incentives.
North America to Lead and Pioneer Market for Utility and Energy Analytics Solutions
– North America is one of the leading adopters of analytics solutions and is considered to be one of the largest markets for utility and energy analytics. The demand in the region is mainly driven by a higher focus on innovations through R&D and technology advancement in developed economies, such as the United States and Canada. The region’s large consumption of energy is also supporting the growth of the market. Moreover, the region has a strong foothold of vendors in the market. Some of them include IBM Corporation, Oracle Corporation, BuildingIQ, and SAS Institute Inc among others.
– Moreover, the US government is upgrading its energy grids and upgrading to Advanced Metering Infrastructure (AMI) to reduce energy consumption. For instance, according to EIA, US Energy Information Administration, the residential sector observed the highest number of AMI adoption in the country. During fiscal 2018-2019, the residential sectors adopted 118.27 million AMI whereas the commercial sector adopted 15.3 million.
– 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 essential for companies to reduce downtime to maintain profitability efficiently. This fuels the market for data analytics in utilities and energy.
Browse Full report description and TOC
The utility and energy analytics market is highly competitive and consists of several major players. These major players,, with a prominent presence in the market,, are focusing on expanding their customer base across the market segments. The companies are leveraging strategic collaborative initiatives to increase their market share and improve profitability. The companies operating in the market are also acquiring or partnering with start-ups working on utility and energy analytics technologies to strengthen their product capabilities and introduce new features.
– February 2020 – mCloud Technologies Corp. (OTC: MCLDF) has signed an Expression of Interest to acquire BuildingIQ to integrate new AI and IoT solutions into AssetCare, which would combine it’s energy savings technologies to target new large commercial spaces such as hospitals and bring new energy management tactics such as automated measurement and verification.
– September 2019 – Agentis and Oracle Utilities Opower have collaborated to help utility companies to engage and drive energy savings for every customer by combining Agentis’ software in the utility business segment with Oracle’s leading customer engagement and energy efficiency solutions. The utility company will be able to actively connect with each type of customer with personalized insights that drive action and verified energy savings.
Buy Full Utility and Energy Analytics market Report@:
Key Points of the Utility and Energy Analytics market report
– Comprehensive evaluation of all opportunities and risks in the market.
– Utility and Energy Analytics market ongoing developments and significant occasions.
– Detailed study of business techniques for development of the market-driving players.
– Conclusive study about the improvement plot of market for approaching years.
– Top to bottom appreciation of market-express drivers, targets and major littler scale markets.
– Favorable impression inside imperative mechanical and publicize latest examples striking the market.
Press Release Distributed by Xherald