AI in Energy Market: AI is accelerating innovation in the energy sector as it continues to change the way of organizations and industries operate

The AI in Energy Market size was valued at USD 5.27 Billion in 2021 and is expected to grow by 29.88% from 2022 to 2029, reaching nearly USD 42.67 Billion. Artificial intelligence (AI) is becoming more and more applicable to companies as they digitally transform their operations with the adoption of new IT innovations. As the energy business transforms to relying on renewable energy, AI is increasingly functioning as a vital facilitator. However, the scale of this transition is expensive, and the industry needs to seek new methods to innovate to ensure that this transition is successful in terms of cost, time, and success. Renewable energy generation is continuing to rise, which is mostly driven by growing investor interest. AI helps to increase economic dispatch based on planned load demands, optimize the operation of generation facilities, save energy and fuel, and lower risk with shortfall planning. At a time when the environmental effects of the global power grid are constantly being scrutinized, cutting-edge developments in artificial intelligence (AI) in the energy sector are advancing how the world produces, sells, and consumes energy. Companies are using AI and machine learning (ML) to delve deeply into data in order to make better decisions, gain financial advantages, and make forecasts that could prevent energy catastrophes and costly downtime. The worldwide energy industry generates an astonishing amount of data overall. Humans would have a very difficult time manually extracting and analyzing enough of these data sources to make meaningful deductions and predictions. Making sense of vast amounts of energy-related data is becoming increasingly important, thanks in large part to AI, especially machine learning. Additionally, in order to make forecasts about prospective outages and equipment breakdowns and run energy organizations more effectively and efficiently, AI-enhanced software platforms and smart tools will look into energy data. AI in Energy MarketTo know about the Research Methodology :- Request Free Sample Report

AI in Energy Market Trends in 2021

AI Accelerating the Renewable Energy Transition As more people are switching to renewable sources of energy, AI is helping the economies to become more adaptable and cost-effective while also increasing efficiency. A layer of intelligent coordination between energy production, transmission, and use can be built using AI. As a result, the technology is assisting investors in finding patterns and insights in data, gaining knowledge from mistakes and gradually improving system performance, and forecasting and modelling potential outcomes of complicated scenarios. Additionally, the technology has currently demonstrated its worth in the renewable energy sector by enhancing grid operations and optimization, demand-side management, coordination of distributed energy assets, forecasting of renewable energy, and materials innovation and discovery. The accuracy of estimations of energy consumption is greatly increased by using advanced AI technologies, which can also be used to learn from past events that may have an impact on the energy market. Additionally, platforms with AI capabilities can enhance the trade of gas (NG, LNG), electricity, hydrogen, wind, solar, etc., assisting in the exploitation of decentralised energy generation from a variety of sources. Complexity rises as energy consumption rises as a result of increasing output using various energy sources. Real-time electricity demand and consumption forecasting made possible by artificial intelligence makes the system more resilient to unforeseen shocks. A balanced grid can be maintained, energy can be intelligently stored when demand is low and intelligently transferred when demand is high thanks to artificial intelligence (AI).

AI in Energy Market Dynamics:

Energy Companies Are Recognizing Faults Using AI Before Energy Failures In the global energy sector, equipment failure is a regular, expensive worry that could have disastrous results. AI-powered solutions assist businesses in developing the best maintenance plans by evaluating data from sensors that are used to monitor equipment and identify issues before emergencies occur. In the long run, these innovations are helping businesses save millions of dollars while improving the efficiency and dependability of energy generation and consumption. AI is used by companies like ABB to analyze images and find flaws like cracks in machinery and pipelines. For instance, the company cites a pilot project with one of the largest hydroelectric utilities in the world. The company claims that employing ABB's platform resulted in a 10% decrease in routine maintenance and a 2% increase in output, resulting in millions of dollars in cost savings. Microsoft's machine learning platform is used by Schneider Electric to monitor and set up oil and gas pumps in the field for earlier failure detection. When the technology identified a maintenance issue early, one of the company's biggest clients, Tata Power, the largest power generator in India, was able to save $300,000. Since early identification of a pump failure can prevent weeks of equipment downtime and repair costs of up to $1 million, Schneider Electric uses Microsoft's machine learning capabilities to remotely monitor and configure pumps in the oil and gas field. As a result, these factors are expected to boost the AI in Energy Market growth through the forecast period. AI in Energy MarketAI-Powered Robots Are Increasing Energy Sector Worker Safety The advancement of autonomous robots that can replace humans in hazardous power-related scenarios is one of the most sci-fi-sounding applications of AI in energy. Instead of sending human divers into dangerous deep waters, self-driving vehicles can perform jobs like monitoring high-voltage power cables or even searching the seafloor for precious materials. For instance, Exxon Mobile collaborates with the MIT Energy Initiative to build the technologies necessary to give autonomous robots the ability to complete more difficult tasks. The MIT team literally connected technology that is exploring new horizons on a distant planet and at the bottom of Earth's oceans by modelling its self-learning AI robots after the Mars Curiosity Rover. During the forecast period, it is obvious that AI will continue to play a crucial role in the global energy industry, one that could help address ongoing environmental challenges related to power users around the world. As a result, these factors are expected to drive AI in Energy Market growth across the world. AI in Energy MarketIncreasing Use of Microgrids driving the AI in Energy Market Growth across the World The increased usage of microgrids, particularly as smart cities are being built is primarily driving the market growth. The microgrid market is rapidly developing and changing. In order to continue providing services in the event of an emergency or power loss, many governmental bodies are looking into the viability of microgrids. With new technologies like blockchain and distributed energy resources, AI has the ability to provide the active management that the future will require. Strong AI will be able to negotiate acts, negotiate demands, balance grids, facilitate a variety of new products and services, and self-heal. For Instance, In Finland, Siemens is developing a self-sufficient, intelligent, autonomous microgrid system. Although the investment in this project is not yet estimated, the Ministry of Economic Affairs and Employment (MEAE) has reviewed its initiatives and taken its investments for granted when it comes to renewable energy and innovative technology. The adoption of AI in the energy sector is expected to be fueled by the growth of microgrids and smart grids. Vulnerability To Cyberattacks And Concern Over The Centralization Of Major Infrastructure are Hampering AI in Energy Market Growth Fear of the centralization of key infrastructure and cyberattack susceptibility is expected to hamper the market growth through the forecast period. For instance, the European Commission called for the regulation of AI in the energy sector, highlighting the industry's high-risk status as well as its inherent data security and governance problems. Overall, it is expected that the number of new use cases and sectors for the deployment of AI models within the energy sector will explode over the next few years. Energy corporations will look for technology that will give them ongoing competitive advantages over rivals as costs fall for all types of renewable energy.

AI in Energy Market Segment Analysis:

By Type, the AI in Energy Market is segmented into Solutions and Services. The Solutions segment accounted for the largest market share in 2021. The rise in globalization, adoption of the machine learning platform, text analytics, robotic process automation, image, and video analysis, deep learning, and speech recognition are all factors contributing to the growth of this market in the energy industry for the Solutions segment. AI in Energy MarketBy Application, the AI in Energy Market is segmented into Robotics, Renewables Management, Demand Forecasting, Safety & Security & Infrastructure, and Others. The Demand Forecasting segment held the largest market share accounting in 2021. Compared to other technologies, artificial intelligence is particularly efficient in its origin. This is the reason artificial intelligence is being used to better this industry. Big data and artificial intelligence both aid in managing and estimating the demand for renewable energy. Thus, over the forecast period, this segment is expected to have a direct impact on the development of artificial intelligence (AI). During the forecast period, the infrastructure segment is expected to grow at the fastest rate. The industry for renewable energy is seeing a rise in artificial intelligence (AI) because of rising government financing for infrastructure projects. The government is also making ongoing efforts to develop the infrastructure. This factor is accelerating the segment's growth.

AI in Energy Market Regional Insights:

North America held the largest market share of global AI in Energy Market in 2021. The region’s growth is attributed to the increased acceptance of technological advancement in the region. The transformation or digitalization of the energy sector is promoting the growth of artificial intelligence (AI) in the renewable energy market in the region. Artificial intelligence is also being used to build smart home solutions. This factor is supporting the growth of artificial intelligence (AI) in the North American renewable energy market. Asia Pacific is expected to grow at a significant growth rate through the forecast period. India and other nations in the Asia-Pacific region lack adequate electricity. The Asia-Pacific region's growing market for renewable energy is being fueled by the soaring need for power. In addition, the presence of significant market participants in this industry is driving the AI in Energy Market growth in the Asia-Pacific region.

AI in Energy Market Scope: Inquiry Before Buying

AI in Energy Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 5.27 Bn.
Forecast Period 2022 to 2029 CAGR: 29.88% Market Size in 2029: US $ 42.67 Bn.
Segments Covered: by Type • Solutions • Services
by Application • Robotics • Renewables Management • Demand Forecasting • Safety & Security & Infrastructure • Others
by End Use • Energy Generation • Energy Transmission • Energy Distribution • Utilities • Others

AI in Energy Market Key Players are:

Siemens AG • Alpiq • SmartCloud Inc. • ABB • General Electric • Hazama Ando Corporation • ATOS SE • AppOrchid Inc. • Zen Robotics Ltd. • Origami Energy Ltd. • Flex Ltd. • Others FAQs: 1. What was the global market size of the AI in Energy Market in 2021? Ans. The Global AI in Energy Market size was valued at USD 5.27 Billion. 2. What is the study period for the AI in Energy Market? Ans. 2017-2029 is the study period for the AI in Energy Market. 3. What is the growth rate of the AI in Energy Market? Ans. The AI in Energy Market is growing at a CAGR of 29.88% over forecast the period. 4. What are the major key players in the Global AI in Energy Market? Ans. The major key players in the Global AI in Energy Market are Siemens AG, Alpiq, SmartCloud Inc., ABB, General Electric, Hazama Ando Corporation, ATOS SE, AppOrchid Inc., Zen Robotics Ltd., Origami Energy Ltd., and Flex Ltd. 5. What is the forecast period for the AI in Energy Market? Ans. The forecast period for the AI in Energy Market is 2022-2029.
1. Global AI in Energy Market Size: Research Methodology 2. Global AI in Energy Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global AI in Energy Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global AI in Energy Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12. COVID-19 Impact 4. Global AI in Energy Market Size Segmentation 4.1. Global AI in Energy Market Size, by Type (2021-2029) • Solutions • Services 4.2. Global AI in Energy Market Size, by Application (2021-2029) • Robotics • Renewables Management • Demand Forecasting • Safety & Security & Infrastructure • Others 4.3. Global AI in Energy Market Size, by End Use (2021-2029) • Energy Generation • Energy Transmission • Energy Distribution • Utilities • Others 5. North America AI in Energy Market (2021-2029) 5.1. North America AI in Energy Market Size, by Type (2021-2029) • Solutions • Services 5.2. North America AI in Energy Market Size, by Application (2021-2029) • Robotics • Renewables Management • Demand Forecasting • Safety & Security & Infrastructure • Others 5.3. North America AI in Energy Market Size, by End Use (2021-2029) • Energy Generation • Energy Transmission • Energy Distribution • Utilities • Others 5.4. North America AI in Energy Market, by Country (2021-2029) • United States • Canada • Mexico 6. Europe AI in Energy Market (2021-2029) 6.1. Europe AI in Energy Market, by Type (2021-2029) 6.2. Europe AI in Energy Market, by Application (2021-2029) 6.3. Europe AI in Energy Market, by End Use (2021-2029) 6.4. Europe AI in Energy Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest of Europe 7. Asia Pacific AI in Energy Market (2021-2029) 7.1. Asia Pacific AI in Energy Market, by Type (2021-2029) 7.2. Asia Pacific AI in Energy Market, by Application (2021-2029) 7.3. Asia Pacific AI in Energy Market, by End Use (2021-2029) 7.4. Asia Pacific AI in Energy Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest of APAC 8. Middle East and Africa AI in Energy Market (2021-2029) 8.1. Middle East and Africa AI in Energy Market, by Type (2021-2029) 8.2. Middle East and Africa AI in Energy Market, by Application (2021-2029) 8.3. Middle East and Africa AI in Energy Market, by End Use (2021-2029) 8.4. Middle East and Africa AI in Energy Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest of ME&A 9. South America AI in Energy Market (2021-2029) 9.1. South America AI in Energy Market, by Type (2021-2029) 9.2. South America AI in Energy Market, by Application (2021-2029) 9.3. South America AI in Energy Market, by End Use (2021-2029) 9.4. South America AI in Energy Market, by Country (2021-2029) • Brazil • Argentina • Rest of South America 10. Company Profile: Key players 10.1. Siemens AG 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Business Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Alpiq 10.3. SmartCloud Inc. 10.4. ABB 10.5. General Electric 10.6. Hazama Ando Corporation 10.7. ATOS SE 10.8. AppOrchid Inc. 10.9. Zen Robotics Ltd. 10.10. Origami Energy Ltd. 10.11. Flex Ltd.

About This Report

Report ID 166396
Category Energy & Power
Published Date Dec 2022
Updated Date
Contact Us