The global Big Data Analytics in Energy market is anticipated to increase at a 14.6% CAGR to reach value $36.76 Billion in 2031
The global big data analytics in energy market size has propelled due to the imbalance in electricity demand and supply leading to the higher demand for smart solution like Big Data. Big data demand has increased as it helps utility companies keep an eye on consumption pattern and forecast, hence, resulting in higher utilizing assets. Last year’s data suggested that there has been an increment in investment for artificial intelligence and big data. Higher adoption of smart grid by government has augmented the volume of data and as a result the demand of big data analytics in the power sector boosted.
Notable development of Big Data Analytics in Energy Market is that in October 2017, Teradata launched a modern software Teradata Analytics Platform. The platform embeds analytics close to data, eliminating the need to move data and allow users to run their analytics against larger data sets with greater speed and frequency.
Day-by-day smart grid market is maturing. Utility companies have invested hugely to deploy smart meters pushing to a greater value. With the survey, it has been found that more than half deployment is into China. But both, developed as well as developing economies like China, the United States and India have implemented smart grid plans to meet their growing electricity demand, distribution loss, reduce transmission and establish two-way communication to tackle the consumption trend. This has resulted in installation of higher number of smart grid deployment programs to escalate the volume of data. This has encountered the opportunity for the market to use the data generated to have valuable insights, which could be helpful in managing supply during peak hours with help of variable pricing and decrease the power outages number.
the U.S. big data market is expected to become dominant as it has accounted quarter of total market share. Companies present in electricity industry have installed 65 million plus smart meters which covers more than half of the total households. In North America, most utilities use big data for enhance decision-making. Baltimore’s Gas & Electric utility made various process and organizational changes to drive improved value from a centralized data analytics solution. A gas and power company name PG&E has managed big data challenge with help of Interval Data Analytics (IDA), reducing access time.
Europe is envisioned to have a substantial demand during the forecast period due to government and administers are continuously emphasizing on intensifying operational efficiency. Another fastest growing markets for big data analytics is Asia Pacific which include emerging economies like China and India, which are expected to adopt big data for better decision making and strategic decisions.
Based on big data component, the big data analytics in energy sector is segmented into software & services, storage and hardware whereas application based segmentation is extended to sectors like healthcare, manufacturing, BFSI, IT and telecommunications, government, media entertainment and retail.
The top-notch players that are leading the global big data analytics in energy sector are International Business Machines Corporation (IBM), Oracle Corp., SAP SE, Teradata, EnerNoc Inc., Accenture PLC., Microsoft, Palantir Technologies Inc., Siemens AG, C3, Inc., among others.
Big Data Analytics in Energy Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||by product, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||International Business Machines Corporation (IBM), Oracle Corp., SAP SE, Teradata, EnerNoc Inc., Accenture PLC., Microsoft, Palantir Technologies Inc., Siemens AG, C3, Inc.|
Key segments of ‘Global Big Data Analytics in Energy Market’
Segmentation by product and the big data market analysis in the oil and gas sector
Others Based on region, the market has been segmented into,
- North America: United States, Canada, Mexico
- Asia-Pacific: China, India, Japan, South Korea, Australia, Indonesia, Singapore, Malaysia, Philippines, Thailand, Vietnam
- Europe: Germany, France, UK, Italy, Spain, Russia
- Central & South America: Brazil, Rest of Central & South America
- Middle East & Africa: GCC Countries, Turkey, Egypt, South Africa