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Exploring Industry Trends 2022 to 2031: Harnessing Big Data for Energy Market Dynamics

04-16-2024 04:06 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Big Data Analytics in Energy Market

Big Data Analytics in Energy Market

According to a new report published by Allied Market Research, titled, "Big Data Analytics in Energy Market," The big data analytics in energy market was valued at $9.51 billion in 2021, and is estimated to reach $36.76 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031.

The big data analytics in energy market is a service-oriented offering, with highly efficient system for utility companies to analyze all aspects of energy production and consumption. Big data analytics in energy sector often connects technologies such as artificial intelligence (AI), internet of things (IoT), and smart grid with advanced metering infrastructure to get strategic insights that would foster efficient energy use. For instance, the key technologies such as smart meters, big data, and IoT-based predictive maintenance help energy industry in fault detection and predictive maintenance.

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Furthermore, the key factors that drive the big data analytics in energy market trends include increase in importance of effective forecasting, prioritization of power generation strategy, and surge in digital channel investments to improve customer processes, experience, and perceived value. In addition, growth in need for operational efficiency and risk mitigation in the energy sector positively impacts the growth of the big data analytics in energy market.

However, factors such as technological and analytical skill gaps in workforce and stringent government rules & regulations are expected to hamper the big data analytics in energy market growth. On the contrary, rise in internet penetration and adoption of IoT devices are expected to offer remunerative opportunities for the expansion during the big data analytics in energy market forecast.

COVID-19 Scenario:

• The outbreak of COVID-19 had a positive impact on the growth of the global big data analytics in energy market, owing to the occurrence of lockdowns in various countries across the globe.

• Lockdowns resulted in increased internet penetration, and hence more and more companies were increasingly receiving significant investments in advanced technologies such as IoT and smart technologies.

• Besides, various organizations have initiated work-from-home culture for their employees, which created an immense demand for the cloud-based big data analytics to manage critical information of organizations. This, in turn, creates lucrative opportunity for the market expansion during the forecast period.

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Trends in Big Data Analytics within the Energy Market:

• Predictive Maintenance: Using data analytics to forecast equipment failures and optimize maintenance schedules, reducing downtime and operational costs.

• Smart Grid Optimization: Implementing analytics to manage and optimize the flow of electricity in the grid, improving efficiency and reliability.

• Renewable Energy Integration: Analyzing data to better integrate renewable sources like solar and wind into the grid, optimizing their usage and storage.

• Energy Consumption Analytics: Utilizing data to understand consumer patterns and behaviors, enabling targeted energy-saving programs and personalized services.

Depending on organization size, the large enterprise segment holds the largest big data analytics in energy market share as it helps to maintain functionalities such as billing, rating, charging, and customer experience. However, SMEs segment is expected to witness growth at the highest rate during the forecast period due to advancement of IT, 5G, IoT technologies, and other technologies that help organizations to get efficiently handle complex operations, and support services along with considerable reductions in operational expenditure.

Based end-user, the utilities segment held the largest market share in 2021, garnering nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. The energy segment, on the other hand, is expected to cite the fastest CAGR of 15.8% during the forecast period.

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Based on application, the asset analytics segment held the dominating market share in 2021, holding nearly one-third of the global market, and is expected to maintain its leadership status during the forecast period. The customer analytics segment, on the other hand, is expected to cite the fastest CAGR of 17.5% during the forecast period.

Region wise, the big data analytics in energy market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to growth in demand for adoption of 5G, IoT technology, and faster network accessibility. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in adoption of cloud big data analytics solutions in applications, which encourages players to capitalize on R&D and to introduce innovative products to meet the growing needs of customers.

The key players that operate in the big data analytics in energy market analysis are ALTERYX, INC., Dell Technology, Energyly, Enview., Google LLC., HEWLETT PACKARD ENTERPRISE, Infosys Limited, IBM Corporation, Intel Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Siemens AG, SAS Institute Inc, Teradata, and TIBCO Software Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the big data analytics in energy industry.

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Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have special requirements, please tell us, and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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