This report is accomplished and comprehensive research of the Big Data Analytics in Energy Sector Market 2019-2024 based on the major regional market situations, key driving factors, major competitors, and the size & scope of the market. The Big Data Analytics in Energy Sector Market Research Report is a valuable source of perceptive data for business strategists. It delivers the Market outline with growth study and antique & revolutionary cost, revenue, and demand. The Market Report is designed to include both qualitative and quantitative aspects of the company for each region and country participating in the study.
Top Manufacturers of Big Data Analytics in Energy Sector Market Research Report 2019-2024:
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Dell Inc.
- Accenture
- Infosys Limited
- Intel Corporation
- Siemens AG
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Summary for Big Data Analytics in Energy Sector Market Report:
The big data analytics market in energy sector is expected to grow at a CAGR of 10.22%, during the forecast period 2019 - 2024. Big data analytics in the energy sector plays a crucial role in reducing energy consumption and improving energy efficiency. This factor, along with other associated benefits is expected to propel the demand for analytics in the industry.
- The scarcity of fossil fuel is giving rise to alternate sources of energy such as solar, wave, and wind turbines, wherein consumption is increasing at a high pace. Thus, it has become imperative to use advanced tools that use big data-based analytical tools to understand the behavior or adaption of these sources of energy.
- The volatility in oil prices leads to high expenditure in energy-related projects, which creates demand for big data analytics. Additionally, the need for quality information is increasing, owing to the aforementioned factor, which is likely to boost the market growth. The energy sector demands high maintenance for machinery and equipment monitoring, owing to which big data analytics plays an important role.
- However, the lack of skilled employee with specific domain expertise will hinder the growth of the market.
Scope of Big Data Analytics in Energy Sector Market Research Report 2019-2024
Big Data Analytics helps energy utility sector by optimizing power generation and planning. Power generation planning and economic load dispatch are the two most important decision-making processes in power generation. Economic load dispatch in simple terms is matching power supply with the demand for energy from the grid over a short period of time at the lowest possible cost subject to transmission and distribution constraints. Matching energy supply and demand on the network has always been a tight balancing act, and data analytics has a significant role to play by taking advantage of collected energy data and advanced big data analytics techniques.
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Key Market Trends
Smart Metering to Fuel Market Growth
- The smart metering in big data analytics involves components such as grid operations, field services, resource planning, customer experience, and regulatory compliances. It helps to predict demand and forecast based on the data collected, that will boost the market growth.456- Furthermore, big data analytics in smart metering helps in forecasting energy consumption, which plays a vital role in the management of demand and supply which also mitigates the waste of energy.456- For instance, Siemens introduced 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 increases profit margins.456- Developing countries such as India, Brazil, etc. are hugely investing in the energy sector, that will boost the smart metering with advanced big data techniques in recent years.456 456Asia-Pacific to be the Fastest Growing Market
- Increasing adoption of IoT and smart technologies and various government initiatives such as smart cities across APAC countries, including China and India vouch for APAC to be the fastest-growing region in the big data analytics in energy sector market.456- For instance, India has deployed 200,000 smart meters in 11 cities in 208 and will install 1500,000 more in 2019. It will use technology such as RF Mesh, GPRS, PLC and 6 LoWPAN. EESL aims to replace 25 crore conventional meters with smart meters in India through Smart Meters National Programme (SMNP) as this would help in reducing AT&C losses.456- In the APAC region, China will 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, smart grid systems across the country.456 456121
Big Data Analytics in Energy Sector Market Segment by Key Regions:-
- North America (the USA, Canada, and Mexico)
- Europe (Germany, France, UK, Russia, and Italy)
- Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
- South America, Middle East, and Africa
Big Data Analytics in Energy Sector Market Research Report offers the Following Segments:
- Supply chain trends mapping the latest technological advancements
- Big Data Analytics in Energy Sector Market Strategic endorsement for the new freshman
- Big Data Analytics in Energy Sector Market share evaluation for the regional and country-level segments
- Big Data Analytics in Energy Sector Market forecasts for a minimum of 5 years of all the mentioned segments, sub-segments and the regional markets
- Big Data Analytics in Energy Sector Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter's five forces analysis, SWOT analysis etc.
- Strategic commendation in key business segments based on the market assessment
- Company profiling with detailed master plan, financials, and Current developments
- Competitive landscaping survey the key common trends
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