The Report Big Data in Power Management Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023 gives a detailed analysis on the role big data plays in the global power management market. Big Data has conquered many walks of our lives – be it transportation, strategy, finance, insurance and services. It has revolutionised the way things are invented, reinvented, branded and positioned and has gone a long way in helping businesses collect, analyse and channelize the data. Big data has been a boon to the power sector, though it has lagged behind in comparison to other sectors. One of the major issues face by the power industries is balancing the demand and supply of electricity and big data has been successful in tackling this to an extent by employing digital meters, which has also lead to cleaner distribution of energy.
Like governments from across the world, data -sharing agreements have allowed researchers to study real – time electricity usage through a specific utility tariff. These analyses suggest that utility consumers benefit more from time – based pricing structures. Big data has been able to deliver such valuable insights. With climate changes a major concern, it is more important for the researchers and policymakers to determine with greater accuracy how and when consumers use electricity and big data is the path to reach the goal. The challenges ahead include the support from governmental authorities to provide resources for researchers to access data.
Another way big data has been and will continue to help utilities sector is predictive maintenance. Many providers often schedule the maintenance on equipment. This can be extremely expensive; while employing big data can help in making this process cost efficient and reduce disruptions in production. This is believed to be one of the major ways big data can change the utilities market.
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Ankur Gupta, Head Marketing & Communications