Energy and Utilities Analytics Market is projected to grow up to USD 7.2 billion by 2027 growing at a CAGR of 18% during the forecasting period 2021-2027.
The application of technology to analyse and generate resourceful insights from the data obtained is known as energy and utilities analytics. Until a few years ago, energy and utility companies used a single data point device to monitor power use, i.e., a metre. The collection and use of data has been transformed by smart metres and smart energy networks. Data on water, electricity, garbage, and recyclables consumption, peak hours of use, power shortages and variations, and interactive services are collected and communicated using these devices. Oil, gas, electricity, coal, nuclear, renewables, and others are some of the major industries where analytics has a lot of potential.
The market for energy utility analytics is being driven by rising energy demand, the need for a better environment, and rising customer demand for information about their energy consumption patterns. The newest trends in the energy sector are big data analytics, supply chain analytics, cloud computing, and operational analytics. By providing shorter time to insights, big data analytics services put data, processes, analytics tools, and visualisations in place. Through exploratory and self-learning models, it improves the quality and dependability of findings. As a result, data-driven decisions boost business outcomes. A smart grid development system is included in the energy utility analytics Big Data. The amount of data generated by this smart grid development is enormous. AMI, synchrophasors and smart appliances, microgrids, sophisticated distribution management, remote asset monitoring, event avoidance, and self-healing networks are some of the gadgets and new IT applications driving grid growth.
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The Energy and Utilities Analytics Market report has been categorized as below
By Component
Software
Infrastructure
Operations
Services
Managed Services
Consulting Services
Support and Maintenance
Deployment and Integration
By Organization Size
Large Enterprises
Small and Medium-Sized Enterprises (SME’s)
By Industry Vertical
Energy, and Oil & Gas
Oil
Coal
Natural Gas
Nuclear Power
Renewable Energy
Utilities
Water
Electricity
Waste and Recycle
By Region
North America
Europe
Asia Pacific
Rest of World
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