Big Data Analytics In Energy Market Research, 2031
The global big data analytics in energy market was valued at $9.51 billion in 2021, and is projected to reach $36.76 billion by 2031, growing at a CAGR of 14.6% from 2022 to 2031.
Increase in importance of effective forecasting, prioritization of power generation strategy, and surge in digital channel investments to improve customer processes, experience, & perceived value boost the growth of the global big data analytics in energy market. 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 of the market during the forecast period.
Big data analytics in energy services is a full solution to adoption of greener power generation. It enables sustainability consultancy services and helps to reduce greenhouse gas emissions with reliable renewable energy purchases. Furthermore, big data analytics services aim to resolve complex business problems to take strategic investment decisions.
Segment Review
The big data analytics in energy market is segmented on the basis of component, enterprise size, application, industry vertical, and region. On the basis of component, the market is categorized into solutions and service. On the basis of enterprise size, the market is bifurcated into large enterprises and SMEs. On the basis of application, the market is classified into workforce analytics, supply chain & logistics analytics, customer analytics, pricing analytics, asset analytics, and others. On the basis of industry vertical, it is classified into energy and utilities. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the big data analytics in energy market are Accenture, 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 industry.
In terms of component, the solution segment holds the largest big data analytics in energy market share as, it allows facilities to analyze all energy consumption across various facilities and equipment. However, the service segment is expected to grow at the highest rate during the forecast period owing to high level of cost savings on the total cost of ownership, increased delivery speed, and quality.
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 the presence of major players that offer advanced solutions and invest heavily in solutions such as 5G and IoT technologies. However, Asia-Pacific is expected to witness significant growth during the forecast period. Growth in awareness regarding importance of strengthening the overall big data analytics, IoT technologies & other technology services to ensure low-cost servers, storage solution, and easy accessibility of analytical solutions are anticipated to boost the big data analytics market.
Top Impacting Factors
Increase in importance of effective forecasting and prioritization of power generation strategy
Surge in demand for effective power generation planning drives the market growth. In addition, big data analytics is helping in the presence of scheduled and unscheduled outages and unforeseen variations in the system load fuel the market growth. In addition, development of a suitable transmission network to transport the generated electrical energy to the bulk load centers fuels the market growth. Furthermore, energy analytics is a useful tool for providing knowledge about plausible energy futures, a valuable tool for supporting policy makers, and stakeholders in strategic decision making related to the green energy transition.
In addition, reliable, secure, and cost-optimal planning is extremely important for distributors’ systems operations and transmission system operators. To better correspond to the grid’s operational capabilities, solar forecasting is anticipated to be crucial in the years to come, as efforts to manage the grid when the load is at peak would be intensified. Thus, these are the major factors that drive the growth of the market.
Upsurge in digital channel investments to improve customer processes, experience, and perceived value
Increase in investment in digitization of energy sector is driving the market growth as digitalization tools and platforms help build renewable energy plants with automated processes, for informed decision making. In addition, the interconnections they propose are the basis of a more decentralized generation, thus avoiding isolated energy islands.
In addition, these platforms reduce downtime by offering alerts based on predictive maintenance and anticipating asset maintenance. Furthermore, the modernization of production plants is necessary to make them more competitive and efficient, which in turn is a major factor driving the market growth. Moreover, new power plants based on digitalization, guarantees the efficiency and high availability of their services. In addition, they are backed by digital twins that help with modelling, forecasting, and testing for optimal performance, from power generation to its link with the customers. Thus, driving the market growth.
COVID-19 Impact Analysis
The big data analytics in energy industry has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to witness a slight downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and the shutdown of travel across the world to prevent the transmission of virus. The big data analytics in energy industry is projected to prosper in the upcoming years after the recovery from the COVID-19 pandemic.
Various organizations have initiated work-from-home culture for their employees, which is creating demand for the cloud-based big data analytics to manage critical information of organizations, thus creating lucrative opportunity for the market expansion during the forecast period. Surge in volume of data generated by different industries and the need to manage this data are the key factors that drive the growth of the market. In addition, governments of numerous countries have adopted big data analytics to update real-time data of coronavirus and to make actionable insights from the data.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the big data analytics in energy market analysis from 2021 to 2031 to identify the prevailing big data analytics in energy market opportunities.
- The big data analytics in energy market forecast is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the big data analytics in energy market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global big data analytics in energy market trends, key players, market segments, application areas, and market growth strategies.
Big Data Analytics in Energy Market Report Highlights
| Aspects | Details |
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 By Application |
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 By End-user |
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 By Enterprise Size |
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 By Region |
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 Key Market Players | Microsoft Corporation, SAP SE, SAS Institute Inc, ALTERYX, INC., Infosys Limited, TIBCO Software Inc., Energyly, Enview., Dell Technology, Intel Corporation, Siemens AG, HEWLETT PACKARD ENTERPRISE, Google LLC, Teradata, Accenture, Oracle Corporation, IBM Corporation |
Analyst Review
Big data analytics in energy sector allows businesses to collect, store, and analyze huge amount of information, helps in reducing energy consumption, and improves energy efficiency. In addition, increase in adoption of IoT & smart technologies, various government initiatives owing to rise in adoption of smart metering and smart grid systems across the globe are anticipated to reduce global energy consumption. Furthermore, big data analytics in smart metering helps in forecasting energy consumption and helps to manage the demand, supply, and in mitigating the waste of energy.
Key providers of the big data analytics in energy market such as IBM Corporation, SAP SE, Microsoft Corporation, Dell Inc., Accenture, and Siemens AG account for a significant share in the market. With growth in requirement for big data analytics in energy various companies have established alliance to increase their capabilities. For instance, in February 2022, IBM partnered with SAP SE to help organizations gain the insights they need to continuously update and optimize their business processes. In addition, the partnership helped clients to move workload from SAP Solutions to the green cloud computing technique, which is used to reduce the energy consumed by physical resources in data center. The strategic partnership brings SAP SE, vast functional capabilities, to provide technology and consulting expertise to make 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.
In addition, with further growth in investment across the world and the rise in demand for big data analytics in energy, various companies have expanded their current business portfolio with increased diversification among customers. For instance, in February 2022, cQuant.io announced partnership with Microsoft to deliver a new digital health solution and help customers to reduce their greenhouse gas emissions with reliable renewable energy purchases.
Moreover, with increase in competition, major market players have started acquiring companies to expand their market penetration and reach. For instance, in June 2022, Enview, acquired by Matterport, provides breakthrough building analysis and data insights to customers, which include automated building inspections, AI-powered space planning, and property utilization analysis to deliver operating efficiencies in a completely digital environment. The integration of its multi-disciplinary highly skilled team and expanded best in class contract are projected to reinforce the ability to deliver on transformative digital initiatives for their customers.
Increase in importance of effective forecasting, prioritization of power generation strategy, and surge in digital channel investments to improve customer processes, experience, & perceived value boost the growth of the global big data analytics in energy market.
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 the presence of major players that offer advanced solutions and invest heavily in solutions such as 5G and IoT technologies.
The global big data analytics in energy market was valued at $9.51 billion in 2021, and is projected to reach $36.75 billion by 2031, registering a CAGR of 14.6% from 2022 to 2031.
The key players that operate in the big data analytics in energy market are Accenture, 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 industry.
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