DUBLIN–(BUSINESS WIRE)–The “Energy and Utilities Analytics Market by Component (Solutions and Services), Deployment Mode, Organization Size, Application (Upstream, Midstream, and Downstream), Vertical (Energy and Utilities), and Region – Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
The energy and utilities analytics market size is projected to grow from USD 2.0 billion in 2020 to USD 4.3 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 16.3% during the forecast period.
The major factor driving the growth of the energy and utilities analytics market is the mounting adoption of smart meters for enabling twoway communication between companies and customers. The prioritization of power generation planning and the need for accurate forecasting, and the investments in digital channels to improve customer processes, experience, and perceived customer value are also expected to drive the market growth.
Services segment to grow at a higher CAGR during the forecast period
The energy and utilities analytics market by component is segmented into solutions and services. The services segment is expected to grow at a rapid pace during the forecast period. The services considered in the report are managed and professional services. The growth of this segment can be attributed to the increasing adoption of energy and utilities analytics solutions, which leads to the rising demand for pre- and post-deployment services.
Renewable energy vertical to grow at the highest CAGR during the forecast period
The energy and utilities analytics market by energy vertical is segmented into four categories: oil and gas, mining, renewable energy, and others (coal and nuclear power). The renewable energy vertical is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the ability to accurately forecast the availability of renewable energy, such as wind power and solar energy. This would enable utilities to integrate more renewable energy into the power grid, diminishing carbon emissions while improving clean energy outputs. The wind sector is one of the major sectors in the energy vertical.
Most of the companies are focusing on next-generation technologies for wind park owners and operators who help them measure, monitor, and control turbines in real-time without field visits. It provides centralized remote monitoring and diagnostics services for turbines to achieve the best production and the lowest maintenance cost. The solar industry must innovate new ways to automate and speed processes that make it easier for consumers, businesses, and utilities, among others, to access solar power. Google has partnered with SunPower to help make the transition to solar panels seamless. For instance, GE offers the GE Digital Solar Plant solution that performs analysis on the digital solar twins of site assets in real-time to determine deviations from expected KPIs at any operating point and in any environmental condition.
Asia Pacific to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. The region’s high growth is due to the growing number of energy and utility customers who demand for smart house infrastructure, which would drive the adoption of energy and utilities analytics solutions and services in the APAC region. APAC constitutes major countries, such as China, India, Japan, and the rest of APAC, which are increasingly contributing to the adoption of IoT, Artificial Intelligence (AI), and Machine Learning (ML) technologies in the energy and utilities analytics market.
- Mounting Adoption of Smart Meters to Enable TwoWay Communication Between Companies and Customers
- Prioritization of Power Generation Planning and the Need for Accurate Forecasting
- Increasing Investments in Digital Channels to Improve Customer Processes, Experience, and Perceived Customer Value
- Business Need for Operational Efficiency and Risk Mitigation
- Legacy Database Technologies Limiting Utility Effectiveness
- Technological and Analytical Skills Gaps Within the Existing Workforce
- Stringent Government Rules and Regulations
- Increasing Investments in Smart Grid and Advanced Metering Infrastructure
- Rising Internet Penetration and Adoption of IoT Devices
- Inability to Analyze Streaming IoT Data
- COVID-19 to Have a Significant Impact on the Energy and Utilities Sector
- Schneider Electric
- SAS Institute
- Tibco Software
- Board International
For more information about this report visit https://www.researchandmarkets.com/r/f8xr1m
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