Energy and Utilities analytics are used by companies to track the power consumption of their consumers using technology. The introduction of smart meters and smart grids have enabled energy and utilities providers to allocate services efficiently and minimize costs. The advancement in technology coupled with ever-growing demand for power the energy and utilities analytics market is expected to grow at an assumed CAGR of 13.5% during the forecasting period 2018-2023. Increasing environmental awareness, rising costs and the need for transparency propelled energy and utilities companies to utilize energy smartly.
What is Energy and Utility Analytics?
Energy and Utilities analytics is the implementation of technology to analyze and provide resourceful insights using the data collected. Until a few years ago, energy and utilities providers applied a traditional single data point system i.e. using a meter to monitor power consumption. Smart meters and smart energy grids have revolutionized the ways information is collected and utilized. Using these devices data such as utility consumption of water, electricity and waste & recyclables, the peak hours of usage, power shortages and fluctuations, and interactive services are collected and transferred. The major industries where analytics have high potential are Oil, Gas, Electricity, Coal, Nuclear, Renewables and Others.
Market Research and Market Trends of Energy and Utilities Analytics Market
- Top level CEOS and industry leaders are increasingly adopting analytics in their daily business operations. Environmental awareness and increasing costs are terms which are heard on a regular basis in this industry. To combat these issues companies are ditching traditional methods and are increasingly opting for smart devices. Major players use analytical tools such as big data, predictive, descriptive, diagnostic and prescriptive to evaluate trends and obtain actionable information.
- The EnergyIP Analytics Suite service introduced by Siemens helps consumer’s access energy efficiently and effectively. The company uses a metering system and an app to record all the important energy data from their sources. Smart meters and smart energy grids record and transfer data regularly to service providers. With the help of excellence teams and analytics companies are able to understand consumer usage patterns, forecast demand, maintain energy constraints more efficiently, check upon fraud, minimize losses and enhance customer services. Also, many companies are providing full-fledged home automation services, a system is installed at home to track and remotely control all the devices at home. Users can access all appliances from their smartphones and either turn on or turn off depending on their usage without being physically present.
Who are the Major Players in Energy and Utilities Analytics Market?
The key players in the market are ABB, Capgemini, CA Technologies, IBM, Oracle, SAP, SAS, Siemens, Heliopower, Schneider Electric and many others.
What is our report scope?
The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2023.
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Key Takeaways from this Report
- Evaluate market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level – for product types, end use applications and by different industry verticals.
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