Big data technologies are becoming essential in the power industry, enhancing operational efficiency and energy management. Innovations such as machine learning for solar performance, integrated energy optimizers, and advanced transformer monitoring are driving significant improvements. Despite a drop in patent applications, strategic investments and job growth in big data are expanding rapidly. The impact of big data extends beyond the power sector, influencing various industries. GlobalData’s big data market report provides comprehensive analysis of the market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the power industry regarding big data. It provides an overview of recent developments in big data-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of big data in power industry
Power companies are increasingly leveraging innovative big data technologies to enhance operational efficiency and optimize energy management. Recent patents highlight advancements such as a machine learning-based method for predicting solar cell performance, enabling rapid and accurate assessments that can improve solar energy deployment. Honeywell's integrated energy optimizer combines cloud and edge computing to streamline building management systems, enhancing energy efficiency through real-time data processing. Additionally, Lancium's system adjusts power consumption based on fixed-duration agreements, allowing for strategic load management. Grid20/20's transformer monitoring device utilizes environmental sensors for proactive risk management, while Siemens' redundant power supply design ensures reliability in data centers. These technologies collectively empower power companies to make data-driven decisions, reduce costs, and improve service reliability.
The industry experienced a 78% decline in the number of big data-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of big data-related patent applications in the power industry witnessed a drop of 22% compared with Q2 2023.
Strategic deal trends in big data in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in big data. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of big data in the power industry.
In Q2 2024, the number of big data-related deals in the power industry grew by 38% compared with Q2 2023. On a quarterly basis, there was 120% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the power industry experienced a 3% growth compared with the previous quarter. On an annual basis, job postings also declined by 11%. Notably, computer and mathematical occupations, with a share of 21%, emerged as the top big data-related job roles within the power industry in Q2 2024, with new job postings rising by 6% quarter-on-quarter. Management occupations came in second with a share of 12% in Q2 2024, with new job postings rising by 34% over the previous quarter. The other prominent big data roles include business and financial operations occupations with a 9% share in Q2 2024, and architecture and engineering occupations with a 8% share of new job postings.
Duquesne Light, Schneider Electric, Hitachi Energy, PG&E, and AES are among the top companies leading in big data hiring within the power industry.
Countries driving adoption of big data in power industry
The US is the leading country in big data adoption within the power industry, boasting the highest number of big data-related patents, jobs, and deals. Meanwhile, the UK, Singapore, Japan and India also maintain significant positions in big data adoption within the power industry.
In conclusion, although patent applications for big data technologies have declined, strategic investments and job growth in this field are on the rise. These developments are key to enhancing energy management and operational efficiency in the power industry.
To further understand GlobalData's analysis on big data in the power industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
