Growth in population along with advancements in the industrial sector is contributing to the rising demand for energy from different parts of the world. Hence, energy conservation has become vital for the world. Reducing energy consumption will help the world to fight against rising costs, energy shortage and environmental damage. In order to achieve this goal, analyzing the total consumption and production of energy is vital. This is where energy analytics come into play. Utility analytics help organizations control large energy data and costs. As a result, more and more businesses are adopting advanced energy analytics. This increasing rate of adoption is positively influencing the global utility analytics market, which is poised to make significant growth in the years to come.
Market Trends in Energy Analytics Market
As mentioned before, growing adoption of advanced energy analytics is the strongest driving factor for the global utility analytics market. Businesses belonging to various industrial verticals located in different parts of the world are increasingly adopting innovative solutions for bringing efficiency and control in industry processes. Various key players are making large investments in the industry, which is also playing a key role in the current rate of progress of the industry. Development of the emerging markets in terms of industrialization and globalization are also creating better business opportunities for the analytics market. Growing prospects in terms of potential business opportunities in future is also considered to be a strong reason for the growing short and long term investments in the market.
Segmentation and Forecasting
The global utility analytics market is categorized on the basis of the types of technologies, solutions, and deployment and industrial verticals. Demand across different geographic regions is also taken into consideration for detailed analysis of the industry. On the basis of technology, the market is segmented into big data platform, business analytics, governance, and information integration and optimization services. These solutions are available in several deployment models including cloud or hosted, on-premise and hybrid. These technologies are adopted across different industrial verticals including energy, oil and gas and utilities.
These segments are further divided based on the types of energy sources. Geographically, the industry is categorized into Europe, Asia Pacific, Latin America, North America and Middle East and Africa. Growing demand for energy, attractive rate of adoption and development of the emerging markets are expected to make strong influence on the industry. According to the market research reports, utility analytics market is expected to grow at a CAGR of over 27% from 2013. During the forecasting period, the market is estimated to become worth $4.74 billion in 2018. In 2013, the industry was worth $1.42 billion.