|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Big Data analytics market in the energy sector is expected to record 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, thus boosting the demand for analytics in the sector.
- The scarcity of fossil fuels is increasing the dependency on alternate energy sources, such as solar, wave, and wind turbines, wherein consumption is increasing at a high pace. Thus, it has become imperative to use advanced big data-based analytical tools to understand the behavior or adaption of these energy sources.
- The volatility in oil prices leads to high expenditure on energy-related projects, creating demand for big data analytics. Thus, the need for quality information is increasing, which may boost the market’s growth.
- The energy sector faces many problems like predicting production demand, enhancing efficiency, optimizing load distribution and optimization, and optimizing operational processes. Many large corporates like BP and Halliburton have adopted data analytics, while there is a high scope for small companies with lesser data to achieve new heights.
- The recent COVID-19 outbreak revealed the negative impacts of uncertainty on decision-making processes and markets. When market participants started receiving real-time information about the situation, the energy markets began to ease. Big Data can be used in such scenarios to amplify information to various stakeholders to prevent panic and ensure market stability and security of supply.
- The growing awareness of the benefits of smart metering and increased investment in alternative energy sources are driving market expansion. Furthermore, the volatility of oil prices, the depletion of fossil fuels, and emerging trends for improved efficiency and dependability in power transmission contribute to the demand for Big Data analysis in the energy sector. However, a shortage of trained labor with domain-specific knowledge limits industry expansion.
Scope of the Report
Big Data analytics helps the energy utility sector by optimizing power generation and planning, the two most important decision-making processes in power generation, along with economic load dispatch.
The report presents a detailed study on the Big Data analytics market in the energy sector, segmented by application and geography.
|Asset and Workforce Management|
|Middle-East and Africa|
Key Market Trends
Smart Metering to Fuel Market Growth
- Smart metering in Big Data analytics involves grid operations, field services, resource planning, customer experience, and regulatory compliances. It helps predict demand and forecast based on the data collected, which is likely to boost the market growth.
- Moreover, Big Data analytics in smart metering helps project energy consumption, which plays a vital role in managing demand and supply and mitigating the waste of energy. For instance, Siemens introduced the incorporation of Big Data analytics with smart meters to achieve deeper insights from the smart grid, which, in turn, offers data to mitigate extra energy consumption and increase profit margins.
- Utilities that require decarbonization and decentralization can benefit from metering data by adding other information sources like geographic information systems (GIS), CIS, and weather data. AWS Quick Start deploys the Smart Meter Data Analytics (MDA) platform on AWS Cloud. This platform helps the utilities tap the value of energy consumption data while removing heavy lifting. The platform also allows utilities to provide new services such as load prediction, deeper customer engagement through proactive notifications, predictive maintenance on distribution assets, and circuit quality analytics.
- Depending on the business context, the individual operating systems can send data to the platform and get 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, get the information to create an outage ticket from the Big Data platform.
- Developing countries, such as India and Brazil, are hugely investing in the energy sector, which is expected to boost smart metering with advanced Big Data techniques in the coming years.
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Asia-Pacific is Expected to Emerge as the Fastest-growing Market
- Factors, such as the increasing adoption of IoT and smart technologies and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India, affirm the region as the fastest-growing region in the Big Data analytics market in the energy sector.
- For instance, according to the recent data released by the National Smart Grid Mission, Ministry of Power, out of the total allocated quantity of 11.16 million smart meters, 3.73 million smart meters were installed across various states in India as of January 2022. EESL aims to replace 25 crore conventional meters with smart meters in India through the Smart Meters National Program (SMNP) to reduce AT&C losses.
- In the Asia-Pacific region, China is expected to be the leading country in Big Data analytics in the energy utility sector due to its large population and increasing rate of adaptation of smart metering and smart grid systems.
- Recently, China and India launched their first joint projects in the Big Data and AI fields. The two projects, backed by India's National Association for Software and Services Companies (NASSCOM) and the Chinese government, aim to boost the cooperation between Indian software organizations and Chinese firms in high-tech IoT and Big Data projects.
- Additionally, there has been significantly high activity in the region's power generation sector. The energy sector in the region is increasingly adopting greener power generation solutions, especially in India, China, Japan, and Singapore. Such trends are expected to drive the growth of the market in the Asia-Pacific region during the forecast period.
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The Big Data analytics market in the energy sector is consolidated, with major players holding a maximum share. Due to factors a lack of skilled workforce (with analytical skills and expertise), rising privacy concerns, and data breaches, new players are finding it difficult to enter the market. The competitive rivalry is expected to be high due to higher market penetration and the ability to invest in new technologies. Some key players include IBM Corporation, SAP SE, Microsoft Corporation, Dell Inc., Accenture, and Siemens AG.
- February 2022 - cQuant.io, an energy analytics company, partnered with Microsoft to scale its cQuant energy analytics solution, helping customers reduce their greenhouse gas emissions with reliable renewable energy purchases.
- February 2022 - IBM and SAP strengthened their partnership to help clients move workloads from SAP Solutions to the Cloud. IBM announced teaming with SAP to provide technology and consulting expertise, making it easier for clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP Solutions to the cloud for regulated and non-regulated industries.
- April 2022 - Accenture announced its intent to acquire Greenfish, an independent engineering and advisory company specializing in sustainability consultancy services. Founded in 2010 and based in Brussels, Greenfish provides sustainability consultancy services and engineering solutions to accelerate sustainable business transformation, from strategy to implementation. With offices in Belgium, France, and the Netherlands, the company’s more than 270 employees will join Accenture Sustainability Services post the acquisition.
- March 2022 - SAP SE and Icertis announced an expanded partnership for enhanced contract management to help companies increase efficiency, minimize risk, and realize the full intent of their agreements. The partnership, which includes a financial investment from SAP in Icertis, would lead to a joint product road map and deeper technological integration to deliver enterprise-wide value, including faster negotiations, greater compliance, and AI-powered business insights and automation.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Research Framework
2.2 Secondary Research
2.3 Primary Research
2.4 Data Triangulation and Insight Generation
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Enormous Influx of Data
4.2.2 Volatility in the Oil Prices
4.3 Market Restraints
4.3.1 Lack of Skilled Labor
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of the Impact of COVID-19 on the Industry
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Grid Operations
5.1.2 Smart Metering
5.1.3 Asset and Workforce Management
5.2 By Geography
5.2.1 North America
5.2.4 Latin America
5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 IBM Corporation
6.1.2 Microsoft Corporation
6.1.3 SAP SE
6.1.4 Dell Technologies Inc.
6.1.5 Accenture PLC
6.1.6 Infosys Limited
6.1.7 Intel Corporation
6.1.8 Siemens AG
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Big Data Analytics Market market is studied from 2020 - 2027.
What is the growth rate of Big Data Analytics Market?
The Big Data Analytics Market is growing at a CAGR of 11.28% over the next 5 years.
Which region has highest growth rate in Big Data Analytics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Big Data Analytics Market?
North America holds highest share in 2021.
Who are the key players in Big Data Analytics Market?
IBM Corporation, Siemens AG, SAP SE, Dell Inc., Accenture PLC are the major companies operating in Big Data Analytics Market.