Orbis Research has compiled a new report on the effect that big data and analytics is having in the energy sector and where it may lead.
The study, called ‘Global Big Data Analytics in the Energy Sector Market’, offers a comprehensive analysis of the industry, from regional markets to the technologies being explored and their broader appeal for widespread adoption.
Defined as the large volumes of accumulated information gathered from myriad sources within an organisation, big data’s value, particularly when unlocked by analytics software, has become a primary focus for companies seeking an easy way to optimise.
Leveraging data to understand the future
It is, perhaps, unsurprising that the harbinger for change in the energy sector has been the industry shift towards renewable forms of energy (solar, wind, hydroelectric, nuclear, etc). As old paradigms are replaced, corporations need data to forecast the market’s future.
Moreover, the recent drop in the price of fossil fuels like oil has invigorated alternative energy projects globally. This increased amount of equipment, such as wind turbines or solar PV panels, will require further IoT and analytical software to stay adequately maintained.
However, despite the exponential growth of the market seen in the last decade, Orbis considers the overall scarcity of talent in the fields of data science and renewable energy to be a hindering factor, something which will require immediate attention and investment.
The effect of data analytics on the industry
Despite the challenges and uncertainty inherent in a major market shift, the dimensions for the optimisation of big data and analytics software cannot be ignored. Indeed, a report by Capgemini in 2019 estimated that up to US$813bn was feasible via tech integration.
Orbis highlights smart meters as a key development in the progress of integrating data and analytics with the energy industry.
Useful not just for businesses but also for utility customers, smart meters are emblematic of the benefits that improved forecasting bestow: lower costs, greater optimisation of energy usage and far less waste, which also has a net benefit for the environment too.
Data and analytics can also be used to change the way we live, work and experience the world via its application in smart buildings and cities.
Orbis highlights the Asia-Pacific region’s pioneering progress in this regard, which has seen construction companies and government agencies integrate renewable energy sources and optimise energy usage via analytical software. An example of this is the Frasers Tower in Singapore.
The conclusion of Orbis’ research is that data and analytics will continue to shape the modern industry and, more importantly, allow companies a glance at which direction the energy sector will go.