(Credit: Canva Pro)By the end of 2021, the utility and energy analytics market had generated $2.2 billion in sales and is predicted to increase at a CAGR of 14.7% from 2022 to 2032, reaching $9.8 billion by that time.
Utility analytics refers to the use of software and equipment to provide greater insights into the large amounts of information generated by the energy and utility sector, enabling the utility sector's businesses and industries to run more effectively. Utility Analytics and Energy Analytics Market Overview (2022-2032), a report from Future Market Insights indicates the top 5 countries in the market are the United States, Gulf Corporation Council (GCC) Countries, China, Germany, and India. The market for utility and energy analytics makes up around 10% of the global market for industrial analytics.
Solar farms, wind farms, and natural gas production are expected to increase in size and quantity throughout the projected period due to a commitment among nations to transition to renewable and clean energy sources.
Big-scale power plants and industries that provide energy to a significant number of individuals within a specific geographic area are frequently large-scale utility corporations and organizations. Occasionally, weather variations, such as rain in the case of dams and water power producers, will affect their operations. Multiple devices must be examined in the event of a power failure or other damage. Data analytical tools can assist these industries in day-to-day tasks by allowing them to make data-driven decisions, upgrade existing legacy systems, and improve data management abilities. Consequently, using utility analytic tools, organizations will be able to identify factors that impact delivery and increase the efficiency rate.
During the projected period, North America is anticipated to hold a market share of 27.6% due to the presence of several utility analytics companies and industries in the region. The Middle East and Africa (MEA) region is anticipated to experience a CAGR of 16.7% during the same period. While MEA has wide and apparent economic disparities, GCC countries in this region have the resources to establish large-scale solar power plants.
Leading utility analytics companies are Agilent Technologies, Thermo Fisher Scientific, Takara Bio Inc, and Capheid Inc. Additional Companies profiled in the report include:
