Energy Utility Analytics Market Trends

Key Emerging Trends in the Energy Utility Analytics Market

There are some obvious trends taking shape in the energy and utility analytics market that affect how companies do business inside the energy industry. One important trend is the growing emphasis on predictive analytics. As utilities strive to increase the efficiency of operations, shorten downtime and optimize use of resources predictive analytics is playing an important role. As such, with the aid of historical data as well as advanced algorithms, utilities can predict equipment failures and plan for its repair before problems become too serious.

This will improve overall reliability while reducing costs. Another important trend is growing synergy between artificial intelligence (AI) and machine learning (ML) in energy and utility analytics. These technologies enable the utilities to make analyses of huge datasets, find patterns. Grid management, demand forecasting and patterns for energy consumption are all optimized through use of AI and ML. Real-time data also allows managers to make more informed, analytical decisions and makes building a smarter, better adjusted energy network possible.

Another trend in the energy and utility analytics market is that distributed energy resources (DERs) are coming into their own. As the number of consumers equipped with solar panels, wind turbines and energy storage devices multiplies rapidly grows utilities are required to cope with a decentralized environment. Because of the integration requirements, utilities now have the means to monitor and balance things on a fine scale while taking into consideration what is unique about renewable sources. In the marketplace, cybersecurity is becoming an important trend.

As energy infrastructure grows more integrated and digital, the threat of cyber-attacks is rapidly rising. Critical assets and data have led utilities to prioritize cybersecurity efforts. These analytics solutions also have a strong security component, protecting the grid from cyber-attacks and giving it greater resilience. Moreover, the market is moving toward cloud-based analytics solutions. Scalability, flexibility, and cost attributes of cloud platforms are spurring utilities away from their traditional on-premises systems to replace legacy analytics with cloud environments. This trend means that utilities can access real time data, collaborate without friction and deploy analytics solutions requiring very little upfront investment in infrastructure.