The energy and utility analytics market is expected to grow from $ 2,260.0 million in 2017 to $5,713.3 million by 2025.
This is according to the Insight Partners' latest report, "Energy and Utility Analytics Market to 2025 - Global Analysis and Forecast".
Globally evolving living standards amid the rapidly expanding population worldwide are expected to increase energy usage and dependency on energy and utility resources.
Owing to this, the global energy demand is projected to increase by approximately 15-18% over the next 10 years.
This explosion in energy demand is also expected to bring several transformations, related to lower carbon emission targets, changing regulatory landscapes, low commodity prices, increased industry consolidation and generation of increasingly affordable renewable energy. These changes will boost the analytics market to a large degree.
The energy and utility sector is growing in terms of reinvention and adaption of a dynamic environment and provides a promising outlook for innovation and growth opportunities for analytics solutions and services adoption.
The key trend which will predominantly affect the energy and utility analytics market in the coming year is data sharing among the energy and utility network.
The emergence of data sharing is expected to generate adoption opportunities for analytical solutions such as, robust demand response networks, supply chain optimisation and other programmes that would make a significant contribution to the growth in areas such as smart cities.
Although the data sharing is at present limited to only certain developed economies of the world, the trend is expected to accelerate in the near future.
Energy and utility analytics market is vertically segmented into oil & gas, renewable energy, nuclear energy, water, electricity, and others (waste and recycle energy).
Oil & gas companies are rigorously adopting analytics solutions as the industry needs to manage risks on several fronts, as well as the assets of oil & gas companies, are expensive and capital intensive.
Furthermore, with government initiatives focusing on renewable energy production, renewable energy installations have grown globally, which in turn is expected to increase the demand growth for energy and utility analytics market.