Artificial Intelligence in Energy Market

Artificial Intelligence in Energy Market Insights

"The global artificial intelligence in energy market is expected to grow from USD 4.23 billion in 2022 to USD 11.05 billion by 2029 at a CAGR of 14.7% during the forecast period."

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Introduction

Artificial Intelligence (AI) is playing an increasingly important role in the energy sector by improving efficiency, reducing costs, and supporting the transition to renewable energy sources. AI algorithms can optimize energy production and consumption by analyzing data on weather patterns, energy demand, and grid performance. AI can also improve asset management by predicting equipment failures and optimizing maintenance schedules.

In addition, AI can support the integration of renewable energy sources into the grid by predicting energy output from sources such as solar and wind, and optimizing their integration into the grid. Overall, AI in energy is transforming the industry by making it more efficient, sustainable, and reliable. As the technology continues to advance, even more innovative applications of AI in energy are expected in the future.

Market Dynamics

Artificial Intelligence in Energy Market Drivers

• Growing Demand for Energy Efficiency.
• Integration of Renewable Energy Sources.
• Advancements in Smart Grid Technology.
• Rising Investments in AI & IoT.
• Stringent Carbon Emission Regulations.

Market Challenges

• High Implementation Costs.
• Data Privacy & Security Risks.
• Lack of Skilled Workforce.
• Regulatory & Compliance Issues.
• Integration with Legacy Systems.

Key Players

The major players operating in the global artificial intelligence in energy market are:

• ABB
• Schneider Electric
• Alpiq AG
• SmartCloud Inc.
• General Electric
• Siemens AG
• Hazama Ando Corporation
• ATOS SE
• AppOrchid Inc
• Zen Robotics Ltd

Note: The above list does not necessarily include all the top players in the market.

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Recent Developments of Artificial Intelligence in Energy Market

• In February 2023, Infosys teamed up with GE digital to jointly bring innovative and scalable solutions to the energy and utilities industry, and accelerate grid transformation for their existing and new clients.
• In November 2022, Duke Energy teamed up with AWS to develop smart grid solutions to drive its clean energy transition and better serve customers.
• In June 2022, ABB launched ABB Ability BE Sustainable with Efficiency AI powered by BrainBox AI, a cutting-edge technology and SaaS that improves existing HVAC equipment in commercial buildings into predictive and self-adaptive HVAC systems.
• In May 2022, Schneider Electric acquired AutoGrid, a technology provider of AI-driven optimization for distributed energy resources (DERs).

Artificial Intelligence in Energy Market Segments' Analysis

Deployment Trends

The cloud segment was the leading revenue contributor to the market, classified by deployment type. The energy industry is gradually adopting cloud-based AI technologies to enhance the capabilities of current systems. The cloud segment is witnessing several trends, including Adoption of Cloud-based AI Technologies, AI-as-a-Service (AIaaS), Edge Computing, Hybrid Cloud, and Multi-Cloud. The energy industry is increasingly adopting cloud-based AI technologies to improve the capabilities of current systems.

Cloud-based AI technologies offer scalability, flexibility, and cost-effectiveness, enabling energy companies to optimize their operations and reduce costs. AI-as-a-Service is trending among numerous industries, including the energy sector. AIaaS allows individuals and businesses to access AI for various applications without large initial investment and with a lesser risk of failure.

Application Trends

The safety and security segment is the leading revenue contributor to the market, classified by application. AI, coupled with appropriate sensors, can be highly beneficial in monitoring equipment and detecting faults before they occur in an industry where equipment failures are common and can have severe consequences.

The safety and security segment is witnessing several trends, including predictive maintenance, cybersecurity, surveillance, and emergency response. AI is being used for predictive maintenance to detect equipment faults before they occur, reducing the risk of equipment failure and downtime. Predictive maintenance uses machine learning algorithms to analyze equipment data and predict failures.

Regional Insights

During the forecast period, Asia-Pacific is expected to be the fastest-growing segment. This can be attributed to the significant opportunities that China, India, Japan, and South Korea are likely to provide to AI vendors in the Asia-Pacific market, owing to the substantial market potential from various industry verticals, including automotive & transportation, consumer electronics & appliances, and others.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Research Methodology

This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s artificial intelligence in energy market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]