Your Shopping Cart Is Empty
| Report Code: A12587 | Oct 2022 | Pages: 291 | ||
| Tables: 180 | Charts: 83 |
| |
The global artificial intelligence (AI)Â in energy market size was valued at $4.0 billion in 2021, and is projected to reach $19.8 billion by 2031, growing at a CAGR of 17.4% from 2022 to 2031.
The developed and developing nations are adopting artificial intelligence in energy sector and are highly contributing towards the growth of the market during the forecast period. Measuring greenhouse gas emissions with AI enabled drones, accelerating energy transition and optimizing geothermal energy are the strategies being adopted by major players that are operating in the artificial intelligence in the energy market which may enhance the market position and boost the growth of the market over the forthcoming years.
Artificial intelligence (AI) is an extent of computer technology that emphasizes the formation of intelligent machines which works and reacts such as humans. In addition, considering advanced technologies, it creates significant changes and effects of AI technology in the energy and utility market that can be seen in their applications such as smart automated grid and energy distribution system.
Smart grids transport data in addition to power. Effectively balancing consumption and generation is crucial when dealing with intermittent and unstable sources such as solar and wind. One of the expectations for artificial intelligence applied to the energy sector is that it can help with climate change, emission-reduction effects of technological progresses in industry, energy balances, and environmental impact. One of the most fundamental uses is that machine learning (or automatic learning, a crucial component of artificial intelligence) enables in improving the efficiency of generation systems, design technologies, and the production of energy-efficient products.
During the forecast period, it is anticipated that the rapid modernization of energy in developing nations would increase the use of AI solutions in energy systems. During the forecast period, it is anticipated that the high cost of AI solution deployment in the energy sector is expected to impact the AI in energy market growth It is anticipated that a lack of technological expertise within the energy industry employees in developing nations will hamper market expansion.
The artificial intelligence in energy market forecast is segmented on the basis of component type, deployment type, application, end user, and region. On the basis of component type, it is classified into solutions and services. By deployment type, the market is categorized into on-premise and cloud. On the basis of application, the market is fragmented into robotics, renewables management, demand forecasting, safety & security, infrastructure, and others. On the basis of end user, it is divided into energy transmission, energy generation, energy distribution, and utilities. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global artificial intelligence in energy market analysis profiles leading players that include, ABB ltd., Accenture plc, Amazon Web Services Inc., Autogrid Systems, Inc., C3.ai, Centrica plc, Cisco Systems Inc., General Electric, HCL Technologies, Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Mitsubishi Electric and Schneider Electric, and Senseye.
By component type, the services segment was the highest artificial intelligence in energy market share, at a significant CAGR of 17.7% during the forecast period.AI services also support the integration of AI solutions into core business functions and processes. For instance, AI for marketing, helping companies get more out of their marketing spend using data; AI for processing, helping companies process information or data more efficiently; and AI for customer engagement, improving customer service for companies with tools such as AI chatbots
By deployment type, the cloud segment was the highest revenue contributor to the market with a CAGR of 17.6%. the energy industry is increasingly adopting cloud-based AI technologies to improve the capabilities of current systems. Furthermore, the emergence of AI-as-a-service (AIaaS) is trending among numerous industries users of AI, as it allows individuals and businesses to access AI for various applications without large initial investment and with a lesser risk of failure.
By application, the safety and security segment is the highest revenue contributor to the market,with a CAGR of 18.0%. AI and the appropriate sensors can be helpful to monitor equipment and discover faults before they happen in a sector where equipment failure is widespread and can have serious implications.
By end user, the utility segment was the highest revenue contributor to the market,with a CAGR of 17.9%. AI facilitates Energy & Utility companies in the prediction of the market price of electricity/gas, proper planning and scheduling, enabling optimization of the energy price, creating a smart warehouse, maintenance of inventories, managing shipping operations for replacing assets, risk hedging, and improved delivery times & reduction in overall costs.
By region, Asia-Pacific is the fastest-growing segment during the forecast period. This was attributed to China, India, Japan, and South Korea are likely to provide lucrative opportunities for AI vendors in the Asia-Pacific market as there is a massive market from various industry verticals such as automotive & transportation, consumer electronics & appliances among others.
Key Benefits For Stakeholders
AI in Energy Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 19.8 billion |
| Growth Rate | CAGR of 17.4% |
| Forecast period | 2021 - 2031 |
| Report Pages | 291 |
| By Component type |
|
| By Application |
|
| By End user |
|
| By Deployment Type |
|
| By Region |
|
| Key Market Players | ABB, SmartCloud Inc., Hazama Ando Corporation, General Electric, Schneider Electric, AppOrchid Inc, ATOS SE, Alpiq AG, Zen Robotics Ltd, Siemens AG |
According to CXOs of leading companies, the global artificial intelligence in energy market is projected to exhibit high growth potential. Artificial intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think such as humans and mimic their actions.
In addition, transmission and distribution (T&D) system aids in reducing congestion and transmission losses. The T&D services assist electrical grid firms with high voltage grid strategy planning and cost-effectively utilizing existing assets through improved management systems. The growing industrialization is boosting the power sector's development and enhancing demand for artificial intelligence.
Global artificial intelligence in the energy market growth is being driven by increase in demand to make grids smarter to satisfy requirements of changing energy systems. Artificial intelligence is being employed more and more in the trading of power, smart grids, and the fusion of the transportation, heat, and electricity industries. The demand for AI solutions in energy systems is rising as a result of digitalization of the energy industry. The ability of artificial intelligence (AI) to stabilize power grid through the near-real-time detection of abnormalities in generation, consumption, or transmission and the development of appropriate remedies for these irregularities is increasing demand for AI in the energy sectors. The CXOs further added that sustained economic growth and the development of the robotics, renewables management, and power sectors have surged the popularity of artificial intelligence in energy market.
A. Artificial intelligence is attempting to be used in the energy sector and is already proving essential by providing the market and households with new information services in the control over energy infrastructure, optimizing generation, reducing consumption or fighting climate change, which are only some of the promises it holds in the coming years.
A. Additional growth strategies, such as expansion of production capacities, acquisition, and partnership in the development of the innovative products from manufacturers have helped to attain key developments in the AI in energy market trends.
A. Increasing adoption of cloud-based solutions is another factor supporting the global AI market growth in the forecast period. With the increasing applications of robotics in recurring and risky tasks, end-users are increasingly seeking possibilities to ensure the elimination of limitations of industrial automation and robotics technologies.
A. The global artificial intelligence in energy market profiles leading players that include, ABB ltd., Accenture plc, Amazon Web Services Inc., Autogrid Systems, Inc., C3.ai, Centrica plc, Cisco Systems Inc., General Electric, HCL Technologies, Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Mitsubishi Electric and Schneider Electric, and Senseye.
A. Microsoft and IBM are the potential customers of AI in Energy Industry.
A. Asia-Pacific garnered the highest share of 40% in 2021, in terms of revenue, growing at a CAGR of 17.7%.
Start reading instantly.
This Report and over 66,905+ more Reports, Available with Avenue Library. T&C*.
Enterprise
License/PDF
Library
Membership
*Taxes/Fees, if applicable will be added during checkout. All prices in USD
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Contact Details
Need to talk to an expert? Book your free consultation and let our research experts help you with your needs/problems.
Global Report 
Regional Report
Country Report
Related Report