Growing implementation of smart meters and smart grids will be the major driving factor for growth in the energy & utility analytics market between 2017 and 2025
The tremendous global economic development since past few years have resulted in increased per capita income, which in-turn has increased the capacity of an individual to procure advanced technologies resulting in up heaved living standards. The constantly upgrading living standards and penetration of smart technologies into residential as well as commercial sectors has bolstered the energy consumption across the globe. In order to efficiently manage this constantly burgeoning energy demands, the distribution operators have begun to emphasize on deployment of intelligent devices such as smart meters, smart grids, and sensors to their energy network. Owing to the expanding presence of connected devices in the energy and utility network, the data generated by the companies is massive, and extremely critical for derivation of future demand forecasting, and strategy building. This trend is therefore, expected to remarkably drive the energy & utility analytics market by 12.5% between 2017 and 2025.
Furthermore, energy and utilities companies across the globe are increasingly implementing, and using various analytical tools and solutions for different applications, to create new opportunities in terms of improving production capacity, operational efficiency, and revenue streams and to have an edge over competitors. The major application areas for which energy and utility companies use analytics solutions are load research and forecasting, meter operation and optimization, asset management, and workforce management among others.
Despite the high initial capital expenditure, increasingly complicating oil & gas and utilities industry will drive the demand for robust analytical solutions, and market is projected to continuously evolve in the forthcoming years.
Geographically, the North America region is slated to account for majority share in the market followed by Europe and Asia Pacific. In next 5-8 year the Asia Pacific region is also expected to the largest revenue generating region for the energy & utility analytics market. The growth in Asia Pacific is attributed to the increasing investment in utility infrastructure development, and various rapidly developing verticals leading to further growth in utility sector. The South America and MEA region are also possessed to provide some growth opportunities to the energy & utility analytics market.
Some of the major players identified across the earplugs market are International Business Machines Corporation, Oracle Corporation, BuildingIQ, Inc., Capgemini SE, Energysavvy Inc., Infosys limited, SAP SE, SAS Institute Inc., Wegowise, Inc. and Wipro Limited among others.
