Energy and utility analytics market is expected to grow US$ 5,713.3 Mn by 2025 from US$ 2,260.0 Mn in 2017
LONDON, Sept. 10, 2018 /PRNewswire/ -- Energy and utility analytics market is expected to grow US$ 5,713.3 Mn by 2025 from US$ 2,260.0 Mn in 2017. Globally evolving living standards amid the rapidly expanding population worldwide are expected to increase the energy usage and dependency on energy and utility resources, and owing to this the global energy demand in coming 10 years is projected to increase by approximately 15-18%. This explosion in the energy and utility demand is also expected to bring several fundamental transformations, where alterations related to low carbon emission targets, regulatory landscape, low commodity prices, an uptick in industry consolidation and generation of affordable and more competitive renewables would procure the chief attention. While energy and utility sector is growing in terms of reinvention and adaption of a dynamic environment, provides a promising outlook for innovation and growth opportunities for analytics solution and services adoption.
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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 optimization and other programs 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 spur in the near future.
Energy and utility analytics market by vertical is 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 requires to manage risks on several frontages, as well as the assets of oil & gas companies, are expensive and capital intensive.
Further, with the government initiatives towards renewable energy production, the renewable energy installations have noticed a significant growth globally, which in turn is expected to increase the demand growth for energy and utility analytics market.
The overall energy and utility analytics market size have been derived using both primary and secondary source.The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the energy and utility analytics market.
Also, the primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include energy and utility analytics market industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the energy and utility analytics market industry.
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