The need for cost effective and reliable energy sources is always a challenge for the utility companies keeping environmental concern in mind. At the same time, residential, commercial and enterprise consumers are demanding control of their energy uses. Adoption of Energy Analytics is receiving critical market traction in North America and European regions. At the same time, the market has kick started in the Asia-Pacific region due to the need to cater to the rising energy demand. Energy Analytics solutions will help to extract the insight from the historical and current data generated from smart meters; that will follow to predict outage and energy demand pattern with the help of historical data for weather, load and environmental constraints.
MarketsandMarkets has segmented the global Energy Analytics market by type of technologies and solutions: business analytics, big data platform, optimization services, information integration and governance; by type of deployment: on premises, cloud, hybrid; by type of applications: meter operation, demand response, revenue protection, load forecasting, distribution planning; by regions: North America (NA), Asia Pacific (APAC), Europe (EU), Middle East and Africa (MEA) and Latin America (LA).
The major forces driving this market are the increasing demand for energy, need for the greener environment and increasing demand from the consumer side to know their energy consumption pattern. As per MarketsandMarkets, analytics companies believe that more data is better and good to have; whereas utility companies believe in less and right data. This trend is expected to favor analytics companies in future as there is a lot to be extracted from the big data and analytics is going to help them
The global EAUA market is estimated to grow from $1.42 billion in 2013 to $4.74 billion in 2018. This represents a Compound Annual Growth Rate (CAGR) of 27.3% from 2013 to 2018. In terms of regions, North America is expected to be the biggest market.
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