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Artificial Intelligence In Energy Market

Artificial Intelligence In Energy Market Size, Share & Trends Analysis Report

Artificial Intelligence In Energy Market Size, Share Outlook Growth By Top Company, Development, Application, Segmentation, Trends And Forecast 2020-2025

Published
Report ID : BMRC 674
Number of pages : 300
Published Date : Nov 2022
Category : Technology And Media
Delivery Timeline : 48 hrs
Single User : $3250

Corporate User : $7999

Artificial Intelligence in Energy market is valued at USD 2.30 Billion in 2018and expected to reach USD 9.47 Billion by 2025 with the CAGR of 22.45 %over the forecast period.

Increasing demand for energy efficiency across the globe has propelled the growth of artificial intelligence in energy market

Artificial Intelligence In Energy Manufacturer

Artificial Intelligence In Energy Market to key players are,

  • Microsoft Corporation
  • BM Corporation
  • Amazon Web Services, Inc
  • Accenture Plc
  • Oracle Corporation
  • Intel Corporation
  • Huawei Technology
  • SAP SE,
  • General Electric Company
  • Cisco Systems
  • C3.ai
  • Rockwell Automation
  • HCL Technologies
  • Auto Grid Systems,
  • Wipro Limite

Scope of The Artificial Intelligence In Energy Market Report:

Artificial Intelligence is becoming more important in the energy industry and is having great potential for the future design of the energy system. Typical areas of application are electricity trading, smart grids, or the sector coupling of electricity, heat and transport. Basics for an increased use of AI in the energy system are the digitalization of the energy sector and a correspondingly large set of data that is evaluable.

In addition to this, the cost efficiency stimulated by AI in processes is gradually powering the level of approval of AI among energy firms. Access to real-time data along with predictive analytics has attained requirement, particularly to stop equipment failure, all over the supply chain. The tech is allowing coordination and decentralized communication via a linked infrastructure, which lets peers to cheaply, safely, and rapidly link with devices fitted with cognitive algorithms to act professionally without human interference.

AI helps make the energy industry more efficient and secure by analyzing and evaluating the data volumes. A particular focus of AI in the energy industry is on the integration of electro mobility. An increase in e-cars offers opportunities and many challenges. The charging of electric cars must be coordinated, but at the same time, they offer the possibility of storing electricity and stabilizing the grid, for example by adjusting the charging demand to price signals and availability. AI can help with all this by monitoring and coordinating.

The global artificial intelligence in energy market comprises power and oil & gas sectors. The oil & gas sector has been further divided into midstream, upstream, and downstream. Likewise, for power sector, transmission, generation, and distribution are the 3 sectors all over the supply chain.  Upstream section in the oil & gas sector and distribution section in the power sector added up for the biggest share in the market due to the rising requirement for well-organized oil & gas exploration and increasing need for incessant electricity supply. On the other hand, during the coming period, the generation section in the power sector is predicted to show the highest development, due to the rising aim toward decentralized generation of power.

Global artificial intelligence in energy market report is segmented on the basis of industry stream, product offering, application and regional& country level. Based upon industry stream artificial intelligence in energy market is classified into oil & gas industry and power industry. Based upon product offering artificial intelligence in energy market is classified into software, hardware and AI-as-a-service. Based upon application artificial intelligence in energy market is classified into fleet and asset management, precision drilling, renewable energy management, infrastructure management and demand response management.

The regions covered in this Global Artificial Intelligence in Energy market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of Artificial Intelligence in Energy is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Increasing demand for energy efficiency across the globe has propelled the growth of artificial intelligence in energy market

The increasing demand for energy efficiency across the globe has propelled the need for artificial intelligence in energy. The adoption of advanced technological solutions such as additive manufacturing and Industrial Internet of Things (IIoT) for more energy and operational efficiency will ensure long-term growth. According to safeatlast.co, 26.66 billion IoT devices were active in 2019. It is expected that there will be 75 billion IoT devices in the world by 2025. There are huge opportunities for efficiency improvements in every sector of the economy, whether it is buildings, transportation, industry, or energy generationAdditionally, the (Organization for Economic Co-operation and Development) OECD Green Growth Studies stated that global demand for energy is rapidly increasing, due to population and economic growth, especially in large emerging countries, which will account for 90% of energy demand growth to 2035. At the same time, nearly 20% of the global population lack access to electricity. A major transformation is required in the way to produce, deliver and consume energy. A large-scale transformation of the global energy sector is possible, though it will require significant investment. Global emissions could be halved by 2050, using existing and emerging technologies at an additional cumulative investment of USD 46 trillion. Resources at lower cost and climatically change may hamper the growth of Artificial Intelligence in Energy Market. Moreover innovations in the renewable energy sector and adoption of advanced technological solutions are the factors which can provide the growth opportunity for Artificial Intelligence in Energy Market

Firms Accepting Tactics Such as Collaborations, Partnerships and Joint Ventures To Power The Growth Of Artificial Intelligence In Energy Market

The competitive landscape for the artificial intelligence in energy market shows a fondness toward firms accepting tactics such as collaborations, partnerships, and joint ventures along with product developments and launches. With the rising development in the global market, firms active in this market are compelled to emerge up with collaborative tactics so as to sustain in the intensely bloodthirsty market. For example, AutoGrid Systems Inc. made a collaboration with Amazon Web Services in August 2019 for the power grid digitalization employing AutoGrid Flex AI platform to meet the electricity requirement.

The major established companies in the market are also aiming on product developments and launches to introduce new techs or designing further on the current product portfolio. Major players active in this market have increased up their product launch efforts over the late years, so as to create public awareness about their new and current technologies and products and vie against the product portfolio of the competitors. For example, Kellton Tech Solutions Ltd. rolled out a cloud-supported AI platform in January 2019 with real-time analytics for applications in oil & gas industry.

Key Players in the Artificial Intelligence In Energy Market Report

Global Artificial Intelligence In Energy market Report covers prominent players are like Microsoft Corporation, BM Corporation, Amazon Web Services, Inc., Accenture Plc, Oracle Corporation, Intel Corporation, Huawei Technology, SAP SE, General Electric Company, Cisco Systems, C3.ai, Rockwell Automation, HCL Technologies, Auto Grid Systems, and Wipro Limited and others.

North America is dominating the Artificial Intelligence in Energy Market

Area wise, North America is predicted to stay the leading area in artificial intelligence in energy market during the coming period, with the US being an innovation center for AI techs. On the other hand, Asia Pacific is predicted to see a solid development in the coming years, due to the rising reliance on decentralized power creation to meet the electricity requirement in the area.

North America is expected to remain the dominant market for artificial intelligence in energy during the forecast period, due to increasing battery storage system. The U.S. energy storage market interconnected a total of 760.3 MWh last year, an increase of 44.9% over 2017, according to the Smart Electric Power Alliance (SEPA). The U.S. being an innovation hub for artificial intelligence technologies such as artificial intelligence, machine learning, user experience, emerging digital technologies, cloud, and big data. Europe is second largest region for the growth of this market. In Europe, Government policies are instrumental in improving energy efficiency in the end-use sectors of buildings, industry and transport. For example, policies supporting energy efficiency in the European Union (EU) have been credited with advancing the share of renewable heat in buildings to 22% in 2017, as the demand for heat in the region stabilized and dipped slightly between 2012 and 2017 (-0.3%), making the EU the only region in the world where heat demand is declining. However, Asia-Pacific is expected to witness a robust growth in the next five years, owing to the increasing dependence on decentralized power generation to meet the electricity demand in the region.

Artificial Intelligence In Energy Market Key Market Segments:

by Industry Stream-

  • Oil & Gas Industry
  • Power Industry

by Product Offering-

  • Software
  • Hardware
  • AI-as-a-Service

by Application- Fleet and Asset Management, Precision Drilling, Renewable Energy Management, Infrastructure Management, Demand Response Management

Market by Regional Analysis

North America (USA, Canada, Mexico), Europe (UK, France, Germany, Russia, Rest of Europe), Asia-Pacific (China, South Korea, India, Japan, Rest of Asia-Pacific), LAMEA, Latin America, Middle East, Africa

SUMMARY
VishalSawant
Vishal Sawant
Busines Development
vishal@brandessenceresearch.com
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