Product Code: 51502
The big data analytics market in energy sector is expected to grow at a CAGR of 11.28%, during the forecast period, 2021-2026. Big data analytics play a crucial role in reducing energy consumption and improving energy efficiency in the energy sector. This factor, along with other associated benefits is expected to propel the demand for analytics in the sector.
- The scarcity of fossil fuels is is increasing the dependency on 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, in turn, creates demand for big data analytics. Owing to this factor, the need for quality information is increasing, which is likely to boost the market growth.
- Big data analytics play an important role in the energy sector, as the sector demands high maintenance of machinery and equipment monitoring.
- However, the lack of skilled employees with specific domain expertise is likely to hinder the market growth.
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, which is likely to boost the market growth.
- Moreover, big data analytics in smart metering helps in forecasting the energy consumption, which plays a vital role in the management of demand and supply, and in mitigating the waste of energy.
- 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.
- Developing countries, such as India, Brazil, etc., are hugely investing in the energy sector, which is expected to boost the smart metering with advanced big data techniques in the coming years.
Asia-Pacific to be the Fastest Growing Market
- Factors, such as increasing adoption of IoT and smart technologies and various government initiatives, such as smart cities, across APAC countries, including China and India, affirm Asia-Pacific to be the fastest-growing region in the big data analytics in energy sector market.
- For instance, India has deployed 200,000 smart meters in 11 cities in 208 and is expected to install 1500,000 more in 2019. It will use technologies, 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 Program (SMNP), as this would help in reducing AT&C losses.
- In the APAC 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 across the country.
The big data analytics market in energy sector is a consolidated market, where major players have maximum market share. Moreover, owing to factors, such as lack of skilled workforce (with analytical skill and expertise), rising privacy concerns, and data breaches, new players are finding it difficult to enter the market. Moreover, high initial capital investment is also restricting the entry of new players in the market. Some of the key players include IBM Corporation, SAP SE, Microsoft Corporation, Dell Inc., Accenture, and Siemens AG, among others.
- May 2019 - Siemens and Chronicle, an Alphabet company, partnered to protect the energy industry's critical infrastructure from increasingly sophisticated and malicious industrial cyber threats at Spotlight on Innovation, Siemens flagship US technology and innovation conference. Through a unified approach that will leverage Chronicle's Backstory platform and Siemens' strength in industrial cybersecurity, the combined offering gives energy customers unparalleled visibility across the information technology (IT) and operational technology (OT), to provide operational insights and confidentially act on threats.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
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
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 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Latin America
- 5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 IBM Corporation
- 6.1.2 Microsoft Corporation
- 6.1.3 SAP SE
- 6.1.4 Dell Inc.
- 6.1.5 Accenture
- 6.1.6 Infosys Limited
- 6.1.7 Intel Corporation
- 6.1.8 Siemens AG
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS