The Big Data in Power Sector Market is expected to reach USD 14.01 Billion during the forecast period at a 9.93% CAGR.
Notable development of Big Data in Power sector 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 in power sector 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 in power sector trends 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 big data in power sector market 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 in power sector market 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.
Leading players of the global big data in power sector market include International Business Machines Corporation (IBM), SAP SE, Oracle Corp., Siemens AG, Accenture PLC, Teradata, Microsoft, Palantir Technologies Inc., EnerNoc Inc., C3 Inc., and more others.
Key segments of ‘Global Big Data in Power Sector Market’
Segmentation by product and the big data in power sector market
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