A new study conducted by Research and Markets, forecasts the global utility and energy analytics market to grow by 13.04% between 2015 and 2020.Revenue generation in the utility and energy analytics market is expected to grow from $1.62 billion in 2015 to $2.99 billion by 2020 as businesses will increase investments in energy efficiency measures.
Utilities will increase the use of analytics to improve consumer energy consumption behavior under efforts to meet growing energy demand.
According to the report, increased investments in clean technologies to ensure a sustainable future will drive growth of the global utility energy analytics market during the forecasted period.
Governments are expected to continue developing and implementing policies to address global warming and resource use. For instance, policies stipulating the adoption of advanced metering infrastructure will drive an increase in the use of analytics.
Smart grid technologies have shown the value of analytics in optimising utilities’ operations hence energy companies will want to invest more in making use of data to operate assets in real-time.
Moreover, utilities regard the use of analytics in their businesses as “a very smart operational practice.”
Energy analytics and utility adoption
The launch of the report follows Energy Australia partnering with US based software firm Oracle to improve customer experience using data analytics.
The utility will employ data analytics to understand customer satisfaction regarding services provided, as well as predict how and when they will pay their bills. Read more...
In Canada, Oakville Hydro said it will implement a smart grid pilot with Survalent. The programme includes developing a new data analytics tool 'Distribution State Estimation' to help energy providers improve real time management of grid networks through access to advanced prediction and algorithms on the performance of energy systems.
Stakeholders in energy and utility markets have played a significant role in ensuring the development of new data analytics software, which would help improve operational efficiency in the sector.
In late August, energy technology start-up Innowatts secured $6 million in funding from a consortium of investors to expand its operations globally.
The consortium providing Innowatts with funding consists of Shell Technology Ventures, Iberdrola Ventures-PERSEO and the Energy and Environmental Investment Inc. Continue reading...
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