In the ever-evolving landscape of the power industry, big data has emerged as a driving force for innovation and strategic investments. Recent patent developments reveal cutting-edge technologies, while strategic deals underscore the industry’s commitment to harnessing the power of data. These trends not only shape the trajectory of the industry but also impact the hiring landscape and highlight the global leaders driving big data adoption within the power sector. Moreover, the impact of big data extends beyond the power sector, influencing various industries. GlobalData’s data and analytics market report provides a detailed analysis of the near-term opportunities, competitive dynamics, and evolution of demand by product/service type including big data and verticals across markets. Buy the report here.
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 leveraging new big data technologies and applications to innovate and improve their businesses, as evidenced by the latest patents in the field. One patent titled "Methods and systems for adjusting power consumption based on a fixed-duration power option agreement" describes a system that adjusts load power consumption based on a power option agreement. This technology allows power companies to optimize their power consumption and meet minimum power thresholds for each time interval. Another patent titled "Techniques to control system updates and configuration changes via the cloud" introduces a method to enable or disable firmware updates and configuration changes based on the access level of operation. This allows power companies to efficiently manage and control their systems remotely. These patents demonstrate how power companies are utilizing big data technologies to enhance their operations and improve efficiency.
The industry experienced a 72% decline in the number of big data-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of big data-related patent applications in the power industry witnessed a rise of 78% compared with Q2 2022.
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 2023, the number of big data-related deals in the power industry grew by 183% compared with Q2 2022. On a quarterly basis, there was 6% increase in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the power industry experienced a 18% drop compared with the previous quarter. On an annual basis, job postings also grew by 24%. Notably, Computer and Mathematical Occupations, with a share of 26%, emerged as the top big data-related job roles within the power industry in Q2 2023, with new job postings drop by 5% quarter-on-quarter. Management Occupations came in second with a share of 10% in Q2 2023, with new job postings dropping by 27% over the previous quarter. The other prominent big data roles include Business and Financial Operations Occupations with an 8% share in Q2 2023, and Architecture and Engineering Occupations with a 8% share of new job postings.
Siemens, Schneider Electric, Amentum Services, NextEra Energy, and Electricite de France 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, China, the UK, Canada and Spain also maintain significant positions in big data adoption within the power industry.
In conclusion, the power industry witnessed a significant quarterly decline in big data-related patent applications, but substantial annual growth. Strategic deals in big data surged, reflecting its increasing importance. Job postings experienced a temporary quarterly dip but grew steadily annually, with computer and mathematical occupations being the top big data-related job roles.
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