More organizations, especially the ones active in the energy sector have reasons more than one to depend on Big Data
If you thought Big Data was just as an impressive show of an advance technology, you may be missing out on its capabilities to solve critical problems. In fact, research analysts at Allied Market Research call it the most powerful and effective instrument for creating the best policies and social development. One of the most discussed topic by experts eyeing the size, share, and opportunities is energy including new conservation techniques, implementation, and consumption volume. The significance of energy particularly in the renewable and reusable segment cannot be exaggerated both at commercial and residential level.
Ways Business Sectors Can Implement Big Data to Rein Energy Consumption
Today, businesses and individuals require more energy than ever. Entities, however, want it at a cost-effective price. Earlier it seemed a daunting task but with Big Data including Hadoop as a Service it is now a reality. The Big Data technology enables companies accumulate, store, and assess high volume of data. Companies prefer implementing Big Data in different ways. The first most popular way is by installing an architecture on a site where the company can use Big Data in cloud. In such arrangements, the cloud provider takes care of the complete infrastructure.
Making Energy Management Efficient in Smart Cities
To deal with the consequences of rapid expansion and growing number of smart cities experts are designing blueprints to leverage Big Data technology for the benefit of Mother Nature and citizens. In a recent incident, the city of Oslo located in Norway managed to lower the energy consumed by street lighting by almost 62% with the help of a smart system. Statistics reveal that Big Data tools helped the city of Portland in Oregon eliminate over 157,000 metric tons of carbon dioxide emission in six years. The technology was used to optimize the timings of the traffic signals. The volume of carbon dioxide eliminated was equivalent to approximately 30,000 vehicles off the streets for a year. Technology geeks behind the new smart city of Rivas-Vaciamadrid located in Spain are planning on saving 35% and cut down on the ICT investments by 50%. They want to turn their idea into reality by combining smart access control, grid & energy management, IPTV, and others. These are just a few of significant projects worth discussing.
Big Data Benefits Energy Consumption
There has been a continuous rise in the systems, which can track and analyze the path that electric power usually takes from a particular source to consumption. Buildings have already started the transmission from conventional light bulbs to light emitting diodes and usage of efficient HVACs. However, changing customer preference behavior is a major obstacle moving forward. This is where pioneers such as Opower comes into the picture. The company allows its consumers to compare the usage of electricity with their neighbors. The company has accumulated about information on energy consumption from over 99.5 million homes, and is in the process of adding between 80 and 100 million data sets each year.
Is the Opportunity Worth?
Big Data is undoubtedly an important element required to solve some of the prime business problems associated with the utility companies. The technology can turn the data obtained from the smart meters as well as the smart grids into effective and operational insights. The information offers clarity on customer behavior. Both smart grid and smart meters are significant to the energy sector and will soon generate thousands of terabytes of information every year. Thus, the accuracy and depth of new information is anticipated to present new opportunities for many utility companies that are ready to benefit from them.
Omkar Gaikwad, is a senior content writer with Allied Market Research. He has worked intimately with industry specialists from different segments including chemical, automotive and transportation, information technology, life sciences, construction and manufacturing & energy and power. Omkar’s article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices.