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Big data analytics in the energy sector plays a crucial role in reducing energy consumption and improving energy efficiency. The depletion of fossil fuel augments the demand for clean energy sources such as solar, wind, and tidal energy, which increases power consumption. Therefore it becomes essential to use advanced technology that uses big data-based analytical tools to understand the nature of power consumption. The volatility in oil prices brings the need to invest substantially in energy-related projects, which escalates the demand for big data analytics. In addition, the demand for quality information is increasing, which drives the demand for big data analytics in the energy sector.
The big data analytics market in the energy sector is segmented into application and geography. The market is categorized into grid operations, smart metering, and asset & workforce management segments based on the application. The grid operations segment dominates the big data analytics market due to wide data analytics deployment in maintaining grid stability during rapid decarbonization. Matching energy supply and demand in the network has been challenging, whereas data analytics plays a significant role in driving market growth.
Growing awareness for deploying smart metering along with increasing investment in alternative sources of energy are the key factors propelling the growth of the market. In addition, variability in oil prices, depletion of fossil fuel, and growing trends for increasing efficiency and reliability in transmitting power help drive the demand for big data analysis in the energy sector. However, lack of skilled manpower having domain-specific knowledge restraints market growth.
Key Market Driver -
Growing awareness for deploying smart meters drives the market growth
Key Market Restraint -
Lack of skilled manpower with specific domain expertise restraints the market growth
Some of the globally acclaimed companies for the big data analytics market in the energy sector are IBM, SAP SE, Oracle, Siemens, Accenture, Teradata, EnerNOC, Microsoft, Palantir Technologies, C3.ai, Dell, and among other players
The big data analytics market in the energy sector is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is dominating the market due to the wide adoption of IoT, big data, and advanced smart technologies in building smart cities, infrastructure and catering to the demand & supply gap in the power industry. North America is expected to be the second-largest market in the global demand due to the deployment of smart meters to track power consumption. Utilities are using big data for improving the decision making abilities in the coming years. For instance, Baltimore’s Gas & Electric utility made the various process and organizational changes to improve value from a centralized data analytics solution. Europe is also projected to grow due to its significant emphasis on improving operational efficiency from government and administration. Hence, a significant increase in demand for enhancing the energy industry's efficiency and flexibility has created a growth opportunity in the big data analytics market in the energy industry in the forecast period.
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