Hyderabad, July 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Big Data Analytics Market in the Energy Sector Report (2023-2028)," the market is estimated at USD 8.37 billion in 2023. It is expected to register a CAGR of 11.28% during the forecast period.
Big data analytics caters to the energy sector by improving power generation and planning, which are critical during decision-making in economic load dispatch. It maximizes energy efficiency in the energy sector, thus increasing the demand for analytics in this sector.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 8.37 billion |
| Market Size (2028) | USD 14.28 billion |
| CAGR (2023-2028) | 11.28% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increasing need to enhance the energy sector’s efficiency. |
| The need to gain insights into energy sector operations. |
Which are the Top Companies in the Big Data Analytics Market in the Energy Sector?
The big data analytics market in the energy sector is consolidated in nature, with various major players occupying prominent market shares. New players are finding it tough to enter the market due to the lack of a skilled workforce, increasing privacy concerns, and rising data breaches. The market’s competitive rivalry is expected to be high due to the increased market penetration rate and investments in new technologies.
Prominent players in the global big data analytics market in the energy sector are,
- IBM Corporation
- Siemens AG
- SAP SE
- Dell Technologies Inc.
- Accenture PLC
- Infosys Limited
- Intel Corporation
- Microsoft Corporation
- Palantir Technologies Inc.
- Enel X Srl
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Key Highlights from the Big Data Analytics Market in the Energy Sector Report:
Smart Metering to Boost Market Growth
- In big data analytics, smart metering includes resource planning, grid operations, field services, customer experience, and compliance. It helps increase the demand and enhance the forecast of the data generated, which is expected to boost the market’s growth.
- Big data analytics in smart metering helps predict energy consumption, which is essential when maintaining demand and supply and mitigates energy waste.
Market to Experience Maximum Growth in Asia-Pacific
- Asia-Pacific contributes significantly to the market growth due to the increasing adoption of IoT technologies and government initiatives like the development of smart cities in countries like China and India. China is expected to be a notable country in the market, which is increasingly adopting smart metering and enhanced grid systems.
- In Japan, the electric utility sector is implementing national grid restructuring programs, which are expected to attract investments in T&D equipment and infrastructure. Due to the country’s nuclear power plants’ decommissioning, the Japanese government is focusing on renewable energy and is expected to generate 25 to 35% of power from renewables by 2030.
What are the Latest Developments in the Big Data Analytics Market in the Energy Sector?
- In June 2022, Accenture acquired Greenfish, an engineering and advisory company working in sustainability consultations. The company provides consultation services to boost sustainable business development, from strategizing to implementing.
- In May 2022, Origin collaborated with Accenture and Google Cloud to launch an online DIY solar tool, which uses 3D data, visual AI, and advanced analytics to equip customers with accurate and customized recommendations of the ability of solar energy and its cost-saving benefits in ten minutes.
Mordor Intelligence has Segmented the Big Data Analytics Market in the Energy Sector Based on Application and Geography:
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Grid Operations
- Smart Metering
- Asset and Workforce Management
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
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- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Big Data Analytics Market in the Energy Sector Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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