Energy Sector Big Data Analytics Market – Growth, Trends, Impact of COVID-19 and Forecast (2022)

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The energy sector big data analytics market is expected to grow at a CAGR of 11.28% during the forecast period 2022-2027. Big data analytics plays a crucial role in reducing energy consumption and improving energy efficiency in the energy sector.

New York, May 03, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Big Data Analytics Market in the Energy Sector – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06272886/?utm_source=GNW
This factor, along with other associated benefits, is expected to propel the demand for analytics in the industry.

Highlights
The scarcity of fossil fuels increases the dependence on alternative energy sources, such as solar power, waves and wind turbines, the consumption of which is increasing at a high rate. Thus, it has become imperative to use advanced tools that use big data-based analytical tools to understand the behavior or adaptation of these energy sources.
Volatile oil prices drive high expenditures for energy-related projects, which, in turn, creates demand for big data analytics. Due to this factor, the need for quality information is increasing, which is likely to drive the growth of the market.
In the energy sector, there are many issues such as forecasting generation demand, improving efficiency, load dispatching and optimization, and optimizing operating processes at preserve. Many large companies like BP and Halliburton have embraced data analytics, while smaller companies with less data have a great chance of reaching new heights.
The recent outbreak of the COVID-19 pandemic has revealed the negative effects of uncertainty on decision-making processes and markets. As market participants began to receive real-time information on the situation, energy markets began to ease. This is a scenario where big data can be used to amplify information to different stakeholders to avoid panic and ensure market stability and security of supply.
Rising awareness of the benefits of smart meters and increasing investment in alternative energy sources are driving the expansion of the market. Additionally, volatility in oil prices, depletion of fossil fuels, and emerging trends in improving the efficiency and reliability of power transmission are contributing to the demand for big data analytics in the energy sector. However, a shortage of skilled labor with domain-specific knowledge limits the expansion of the industry.

Main market trends

Smart meters to fuel market growth

Smart metering in big data analytics involves components such as network operations, field services, resource planning, customer experience, and regulatory compliances. It helps in forecasting the demand and forecasting based on the collected data which is likely to drive the growth of the market.
Additionally, big data analytics in smart meters helps predict energy consumption, which plays a vital role in managing demand and supply and mitigating energy waste. For example, Siemens has introduced the integration of big data analytics with smart meters to gain deeper insights from the smart grid, which in turn offers data to mitigate additional energy consumption and increase profit margins.
Utilities facing the need for a transition driven by decarbonization and decentralization can benefit from the power of metering data and its enrichment with other sources of information such as geographic information systems (GIS) , CIS and meteorological data. AWS Quick Start, which deploys the Smart Meter Data Analytics (MDA) platform on the AWS Cloud, helps utilities unlock unrealized value from energy consumption data while removing an undifferentiated heavyweight for utilities . This enables utilities to provide new services such as load prediction, deeper customer engagement through proactive notifications, predictive maintenance of distribution assets, circuit quality analysis, and more.
Additionally, depending on the business context, individual operating systems may send data to the platform and derive actionable insights. For example, a request can be sent from an outage management system (OMS) to check the status of one or more smart meters and, in return, obtain the information to create an outage ticket from the Big Data.
Developing countries like India, Brazil, etc. are investing heavily in the energy sector, which is expected to boost smart meters with advanced big data techniques in the coming years.

Asia-Pacific will be the fastest growing market

Factors, such as the growing adoption of IoT and smart technologies and various government initiatives, such as smart cities, in APAC countries, including China and India, claim that Asia – Pacific is the fastest growing region in big data analytics in the energy sector. sector market.
For example, according to recent data released by the National Smart Grid Mission, Ministry of Energy, out of the total allocated quantity of 11.16 million smart meters, 3.73 million smart meters have been installed in various states across the country. India in January 2022. Additionally, EESL aims to replace 25 crore of conventional meters with smart meters in India through the Smart Metering National Program (SMNP) as this would help reduce AT&C losses.
In the APAC region, China is expected to be the leading country in big data analytics in the energy utility industry due to its large population and increasing rate of adaptation of smart metering and smart grid systems to across the country.
Recently, China and India launched their first joint projects in the fields of big data and AI. The two projects, supported by the Indian National Association of Software and Services Companies (NASSCOM) and the Chinese government, aim to strengthen cooperation between Indian software organizations and Chinese companies in high-tech IoT and Big Data.
Additionally, there has been significantly elevated activity in the region’s power generation sector. Similar to the global trend, there has been immense activity in the sector to embrace greener power generation solutions, especially in countries like India, China, Japan, and Singapore, among others. These trends are expected to drive the growth of the market studied in the Asia-Pacific region over the forecast period.

Competitive landscape

The energy sector big data analytics market is a consolidated market, where major players hold maximum market share. Additionally, due to factors such as lack of skilled labor (with analytical skills and expertise), growing privacy concerns, and data breaches, new players find it difficult to enter. the market. Moreover, given the market penetration and the ability to invest in new technologies, the competitive rivalry is expected to remain high. Major players include IBM Corporation, SAP SE, Microsoft Corporation, Dell Inc., Accenture, and Siemens AG, among others.

February 2022 – cQuant.io, an energy analytics company, has partnered with Microsoft to evolve its cQuant energy analytics solution, helping customers reduce their greenhouse gas emissions through trusted energy purchases. ‘renewable energy.
February 2022 – IBM and SAP strengthen their partnership to help customers move workloads from SAP solutions to the cloud. IBM announced its partnership with SAP to provide technology and consulting expertise to make it easier for customers to adopt a hybrid cloud approach and move critical workloads from SAP solutions to the cloud for regulated and non-regulated industries. regulated.

Additional benefits:

The Market Estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06272886/?utm_source=GNW

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