Operational Intelligence Market for Power Industry - Global Industry Report, 2031
Operational Intelligence Market is driven by rising adoption of big data and artificial intelligence in industries due to increasing need for operational efficiency and escalating demand for centralized control and monitoring systems
- Rise in population and urbanization has boosted the demand for power. Industrial growth and globalization across the globe have also propelled the demand for power.
- Operational intelligence is a type of business analytics that delivers insights, data, visibility, and control over business operations. It organizations make decisions faster with the help of analytics insights through manual or automated actions.
- The power sector consists of various parameters and operational activities. Implementation of operational intelligence in the power sector is expected to augment operational efficiency in plants and reduce human intervention.
- Various countries are investing significantly in the power generation sector to meet the demand for energy and supply. This is anticipated to boost the global operational intelligence market for power industry.
Key Drivers of Global Operational Intelligence Market for Power Industry
- Demand for operational intelligence for the power industry has been increasing due to the rise in demand for power
- New developments in gas turbines, renewable energy, and digital solution technologies is also anticipated to fuel the investment scenario in the global power generation market. This, in turn, is likely to propel the operational intelligence market for power industry.
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COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns, as a precautionary measure to curb the spread of the COVID-19 pandemic. This has disrupted planned projects of operational intelligence across the globe. The pandemic has disrupted the supply of essential equipment and skilled labor in the market, resulting in project delays.
- On June 15, 2020, Microsoft and SAS Institute Inc. entered into an extensive technology and go-to-market strategic partnership. The two companies will enable customers to easily run their SAS workloads in the cloud, expanding their business solutions and unlocking critical value from their digital transformation initiatives. The partnership is anticipated to help customers accelerate growth and find new ways to drive innovation with a broad set of SAS Analytics offerings on Microsoft Azure.
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Asia Pacific to Hold Major Share of Global Operational Intelligence Market for Power Industry
- Based on region, the global operational intelligence market for power industry can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global operational intelligence market for power industry in 2020. The market in the region is highly developed. Internet of Things (IoT) has been introduced in the market to increase operational capabilities. Rise in investment in the renewable power sector is also estimated to propel the market in the region in the next few years.
- The market in North America and Europe is projected to expand at a moderate pace as the market is mature in these regions. Therefore, it is likely to observe less investments in the near future.
- The market in Asia Pacific is estimated to be highly attractive during the forecast period, owing to high growth in industrialization and automation in the region. The trend is projected to continue during the forecast period, especially in countries such as China, India, Japan, and South Korea. The region is focusing on digitizing operations and adopting data analytics and the Internet of Things (IoT) ?across the power sector.
- Renewable power plants in China are witnessing significant investments to lower the carbon emission and produce alternate sources of power. Combined heat power plants and nuclear power plants are also helping meet the rising demand for power.
- The market in Middle East & Africa and Latin America is anticipated to expand at a healthy pace during the next few years. These regions are developing. Hence, demand for power is rising in these regions. In Middle East & Africa, Saudi Arabia announced a US$ 200 Bn plan to build the world’s biggest solar power project, which would end the country’s dependence on oil. This solar power plant would supply enough electricity not only for Saudi Arabia but much of the Middle East.
Key Players Operating in Market
Major players operating in the global operational intelligence market for power industry are as follows:
- Advanced Control Systems, Inc.
- RheinBrücke IT Consulting GmbH
- Wipro Limited
- Uniper SE
- Amazon Web Services, Inc.
- Domo, Inc.
- TIBCO Software Inc.
- Sisense Inc.
- SAP SE
- Vitria Technology Inc.
- Hitachi Vantara Corporation
Global Operational Intelligence Market for Power Industry: Research Scope
Global Operational Intelligence Market for Power Industry, by Component
- Data Integration and ETL
- Reporting and Visualization
- Deployment & Integration
- Support & Maintenance
Global Operational Intelligence Market for Power Industry, by Deployment
Global Operational Intelligence Market for Power Industry, by Application
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