The future of the energy and utility market will increasingly depend on analytic software and tools aimed to increase its efficiency.
By the end of 2021, the utility and energy analytics market had generated $2.2 billion in sales, and now the estimates are that it will grow 14.7% a year from 2022 to 2032, to reach a staggering $9.8 billion.
Utility analytics represents the use of software and tools to gain greater insights into the large amounts of information generated by the energy and utility sectors.
The goal of utility analytics is to run the sectors’ businesses and industries more effectively.According to the Environmental Leader, the top 5 countries in the utility and energy analytics market are the US, Gulf Corporation Council (GCC) Countries, China, Germany, and India.
By using analytics tools, organizations will be able to identify factors that impact the effectiveness of large-scale power plants and water power products that provide energy to large numbers of people within a specific area.
Thanks to the presence of several utility analytics companies and industries, North America is estimated to hold a market share of 27.6% during the projected period.
As a comparison, the Middle East and Africa (MEA) region is anticipated to hold a market share of 16.7% — mainly because of the resources to establish large-scale solar power plants.
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