Use Cases of Big Data Analytics in the Energy Sector
We often relate big data and analytics with the IT industry but it’s phenomenal power does not have boundaries! When we look deep, we can understand the big role of big data and analytics in the energy sector. Statistics stated that the CAGR (compound annual growth rate) of big data analytics is expected to reach 11.28% this year.
Energy industry is a massive sector they produce and sell energy. Many more like petroleum, electricity, coal, oil, renewable energy, nonrenewable energy, etc. are come under energy industry. Here let’s have a look at the prominent use cases of big data in the energy sector
Use Cases of Big Data in Energy Sector
Smart meters
Smart meters are installed in millions of homes and businesses across the country. They along with Geographic Information Systems are generating information about usage patterns by the seconds. This data was previously not analyzed due to a lack of computing resources. But now thanks to cloud computing services, governments and companies around the world are making use of it to make more informed decisions about how their operations should be designed and run.
Smart metering can be used in many operations like
- grid operations
- filed services
- customer experience
- resource planning
- and a lot more
Smart metering effectively helps out in managing supply and demand and effective usage of energy consumption. Developing countries are more likely to invest more in the energy sector and so the use of big data analytics and smart metering.
Also Read: Three Big Benefits Of Big Data
Smart Cities
Many countries have initiated the frame named, “Smart cities”. The ultimate aim of smart cities is to provide improved lifestyle to the citizens by adopting the technology in multiple phrases. The main thing involves effective usage of energy and streamlined operations.
Not only enterprises, but even governments started utilizing big data in the energy sector for streamlined operations. For instance, Chinese government bring their energy sector under big data analytics for improved operations
Smart load Management
Energy demand and optimal power supply must be deliberately and intelligently balanced within a specific time frame for the E&U companies to manage energy load effectively. With the aid of distributed energy sources, cutting-edge control systems, and end-use devices, they are able to meet the end-to-end network management requirements, including demand and energy sources.
The management system’s various parts all produce data. The businesses may make precise decisions about their power planning and generation, energy load, and performance estimation by using big data analytics.
Asset Management
E&U is an asset-intensive sector and largely depends on the functionality of its hardware and network infrastructure. Failure of these assets could result in significant problems with power delivery and, as a result, reduced consumer confidence. Therefore, one of the industry’s key responsibilities is to prevent such events.
Preservation of Energy
Shortage of energy is a global issue. some countries suffer a lot with shortage of energy. Energy Preservation is the most important thing that needs to be incorporated by both developing countries as well as developed countries. Thus, big data helps out in finding the right way of approach in energy preservation.
Data collaboration
As this is a massive sector deals with a bulk volume of data. Big analytics help out in segregating and accessing those data. Big industrial players like BP and Halliburton are using big analytics for their business prospects.
Supply Chain
Another big sector involved in this case is the supply chain. In supply chain big data analytics is used in deriving strategies and decisions. For instance, Walmart uses 2.5 petabytes of data to make effective decisions and planning in business.
Applications
From the large amounts of information about customers’ consumption habits, gas usage, etc., as well as other factors like weather patterns, and solar panel output, big data analytics helps give insights to optimize operations, reduce costs and improve regulations compliance. Using analytics, companies can do better load management that helps to reduce strain on their electricity grids and lowers costs without reducing service quality or reliability standards. The information can help companies figure out patterns of consumer demand during peak hours in different geographies and transfer supply to areas that need them more.
Analysis can also easily identify any problem that might affect their operations such as power outages or maintenance issues. This would allow them to take immediate action before they escalate into bigger problems that could affect customers’ safety or cause damage to equipment or infrastructure.
Better Customer Experience
The new approach to customer engagement is primarily driven by the quick evolution of technology, shifting governmental regulations, and empowered consumers. Energy firms can change to engaging with clients in highly tailored environments with the use of analytics, which can boost customer satisfaction, advertise new goods, and cut down on service costs.
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