Energy Economics

The world has become a global village due to use of technology and data in large amounts.
Management of this data is important in many ways. For instance, one such method is to apply big data
management to construction sector in sorting out the efficient consumption of energy in building sector.
For this purpose, researchers are trying their level best to find new technologies and tools to analyses the
big data and reach to the efficient use of energy on individual consumer level. A large number of
equipment’s as computers, digital achiness and meters, internet and mobile devices can make and
generates data to show how to control the wasting of energy which is very precious and needs to be
conserved and recycled if need be.

The use of energy in construction sector is increasing by day and night. Almost 40% of energy is
consumed in construction sector. The article is related with efficient use of energy in building sector with
the help of big data collection. The world has turned into virtual system which needs everything
systematic and stored. In order to conserve energy in construction sector it is necessary to have a know
how f big data, its collection, analysis and proper storage. Its of utmost importance to generate data, in
other words, to get important data out of a large number and leave out the waste is crucial. A research
report has pointed out that in the year 2011, 1.8BZ data was generated and assimilated and it further said
that it has increased 50 times in 2020. Now the problem is not only the generation of data but also its
storage and management( to dig out the important data out of large amount of useless data).

Big data does not refer to ordinary sets of data but it is huge amount of datasets like terabytes to
petabytes even hexa bytes of data size, therefore, it becomes impossible for common data analyzing
software and tools to manage, analyses and use this data. More recently, in 2012, Gartner updated the
definition as follows: “Big data is high volume, high velocity, and/or high variety information assets that
require new forms of processing to enable enhanced decision making, insight discovery and process
optimization”.

Furthermore, it is based on the 3V Model which means high volume, high velocity and high
variety information assets. In the 3v model high volume stands for large amount of data collected.
Velocity mainly means the speed of energy big data collection, processing and analysis. Variety refers to
different types of data collected via sensors, smartphones or social networks, such as videos, images, text,
audio, data logs, and so on.

In short we can say that every blessing is with a short coming, so is the big data management.
Though researchers are working day and night to overcome those shortcomings in order to make the
system perfect and lessen the use or wastage of energy in construction sector. The problems in this system
are taking out the accumulated data in a short time, very big amount of information when involving
several dimensions, limited possibilities of existing applications to process big amount of data. With the
advent of new technologies these problems will be solved in best interest of humanity.