analytics_image

Vantage Market Research

Blogs-Data Analytics For Electric Utilities Market Is Growing At An Impressive Pace Over the Upcoming Years

Vantage Market Research | 05 Nov 2022

Technology & Media

Data Analytics For Electric Utilities Market Is Growing At An Impressive Pace Over the Upcoming Years

image

The Global Data Analytics for Electric Utilities Market was valued at USD 5 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 7.6% between 2021 to 2028. Big data analytics for electric utilities refers to large amount of data generation by the utilization of electronic sensors, electric supply, using grid operations and grid technologies to have a coordinated, analyzed, and effective reduction energy consumption and increasing efficiency of energy sector.

The market is driven by the need of increasing dependency on alternate sources of energy due to the scarcity of fossil fuels aided with the increased consumption of electric energy. To meet the demand for the excess of energy requirement advanced tools that involve use of big data analytics is incorporated in order to efficiently understand the behavior and adapt to these sources of energy. Moreover, due to the volatility in oil prices has led to an unprecedented expenditure in energy related projects that has in turn boosted the demand for the data analytics.

Furthermore, due to the COVID-19 pandemic the market has been increasingly declining owing to the halt in industrial and economic development during the pandemic 10;The market is expected to grow substantially after the upliftment of the restriction imposed to curb the viral infection.

The volatility in oil prices leads to high expenditure in energy-related projects, which, in turn, creates demand for big data analytics. Owing to this factor, the need for quality information is increasing, which is likely to boost the market growth.

However, the data analytics market needs to be supported by skilled employees with expertise in specific domain and matching the power supply demand for the operations to proceed over a short period of time is a restrain for the growth of overall market across the globe. But optimized power generation and electricity utilization is expected to be portrayed as an opportunity for the growth of market.

Globally, the Asia-Pacific region is expected to dominate the market and is growing at the fastest pace owing to the increasing adoption of IoT and smart technologies aided with various governmental initiatives regarding adoption of smart technologies specifically in China and India.

Major key players in the data analytics for electric utilities market are Bain & Company, McKinsey, C3 Energy and EnergySavv.

Technology & Media

Data Analytics For Electric Utilities Market Is Growing At An Impressive Pace Over the Upcoming Years

05 Nov 2022

Min Read

Historical Data | Base Year 

Add banner

star icon

Access Full Report

Cosmetic Ingredients Market - Global Industry Assessment (2022 - 2028)

This report by Vantage Market Research delivers comprehensive analysis of Somatostatin Analogs Market , focusing on Market Size, Share & Trends Analysis Report by Type (Octreotide, Lanreotide, Pasireotide) by Application (Acromegaly, Neuroendocrine Tumors (NETs), Others) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)

Request Sample

Related Reports

Healthcare

Veterinary Care Market Size, Share & Trends Analysis Report.

13 Nov 2023

10 Min Read

Healthcare

Surgical Imaging Market Size, Share & Trends Analysis Report.

13 Nov 2023

10 Min Read

Healthcare

Surgical Imaging Market Size, Share & Trends Analysis Report.

13 Nov 2023

10 Min Read

Latest Blogs

13 Nov 2023

Veterinary Care Market Size, Share & Trends Analysis Report.

Healthcare

13 Nov 2023

Surgical Imaging Market Size, Share & Trends Analysis Report.

Healthcare

13 Nov 2023

Surgical Imaging Market Size, Share & Trends Analysis Report.

Healthcare

vantage logo

Vantage Market Research & Consultancy Services is all about providing accurate and reliable market intelligence to its clients for the seamless execution of their business growth strategies.

© 2025 Vantage Market Research. All right reserved
Secured Bysecured by
Data Analytics For Electric Utilities Market Is Growing At An Impressive Pace Over the Upcoming Years