The global utility analytics and energy analytics market size was exhibited at USD 4,919 million in 2024 and is projected to hit around USD 19,557 million by 2034, growing at a CAGR of 14.8% during the forecast period 2024 to 2034.
Utility Analytics is a segment of the energy sector that involves the use of implementing solutions and software to better understand the vast amount of data on the energy and utility sector, and to better understand the rules for the utility sector and the company to operate more efficiently, which growing the utility analytics energy analytics market.
Utility analytics energy analytics market continuous to grow due to the energy utilities can use more efficient analysis and planning. The renewable energy industry is encouraging the use of analytical tools. When used in renewable energy facilities, forecasting can provide accurate energy production. It can predict operational failure, thereby improving operational efficiency. For example, IBM’s hybrid renewable energy technology uses big data, predictive analytics, and weather models to predict different capacities for predictive analysis, and weather modeling technologies. This could provide 10% of renewable energy production to the system, enough to power an additional 14,000 homes.
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