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(Wireless-NewsWire.Com, September 27, 2024 ) According to the latest research by InsightAce Analytic, the Global AI in Energy and Utilities Market is valued at US$ 10.9 Bn in 2023, and it is expected to reach US$ 45.0 Bn by 2031, with a CAGR of 19.8% during the forecast period of 2024-2031.
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The application of AI in energy and utilities involves employing artificial intelligence technology to enhance and optimize various processes within these sectors. The principal factor driving the growth of AI in the energy & utilities sector is the rising demand for improved operational efficiency. Accurate demand forecasting, predictive maintenance, and real-time data analysis are all made possible by integrating AI technologies into energy management systems. In addition to improving operational efficiency, these features help reduce operational expenses, maximize resource usage, and minimize downtime. In addition, AI in energy and utilities has been increasingly adopted in the industrial sector because of the growing emphasis on lowering emissions of greenhouse gases and enhancing energy efficiency.
Furthermore, compliance with ever-increasing carbon emissions and ecological laws is propelling the deployment of AI. AI in energy and utilities improves smart grid development by allowing data analysis and real-time monitoring, which increases grid efficiency and dependability. AI in energy and utilities is able to manage loads and incorporate renewable energy sources into the grid without any problems due to its automated demand response, optimized energy distribution, and outage prediction capabilities, which are expanding the market in the coming years.
List of Major Players in the AI in Energy and Utilities Market:
Siemens AG
General Electric Company
International Business Machines Corporation (IBM)
Schneider Electric SE
ABB Ltd
Microsoft Corporation
Oracle Corporation
Honeywell International Inc.
Cisco Systems, Inc.
SAS Institute Inc.
Intel Corporation
Siemens Energy AG
Enel X S.r.l.
C3.ai, Inc.
Tesla, Inc.
Google LLC (subsidiary of Alphabet Inc.)
Engie SA
Accenture plc
Hitachi, Ltd.
Vestas Wind Systems A/S
Wδrtsilδ Oyj Abp
Ιlectricitι de France (EDF)
Shell plc
Nvidia Corporation
Eaton Corporation plc
Other Market Players
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Market Dynamics:
Drivers-
The growing demand for AI in energy and utilities is fueled by a there is a rising need for artificial intelligence in the energy and utilities sector to boost efficiency, lower operating costs, and increase service reliability. By improving energy distribution and consumption patterns, AI helps the sector transition to renewable energy sources by integrating and managing varied energy systems. Artificial intelligence-enabled predictive maintenance helps find impending equipment breakdowns before they happen, cutting down on maintenance expenses and downtime. Data analytics powered by AI also help with demand forecasting, which in turn helps with distribution and production planning for energy. Additionally, smart grids and other intelligent energy management systems are being actively pursued, which is pushing the adoption of AI in energy and utilities even further. Regulators are increasingly pushing utilities to reduce their carbon footprint and increase sustainability to grow this market growth; they are turning to AI in energy and utilities solutions. Moreover, supportive government policies, along with technological advances that make things more efficient and cost-effective, also help to sustain the growing market demand.
Challenges:
The market for AI in energy and utilities is limited by a number of issues, such as high initial implementation costs and the difficulty of integrating AI with current infrastructure, arise, particularly for smaller organizations that have limited resources. People also lack the necessary abilities to fill open positions in the economy because AI in energy and utility technology is complex and demands specialized training. Additionally, cyberattacks are a real possibility, and the delicate nature of energy data is another challenge. Further impeding AI in energy and utility adoption and the rate at which businesses deploy cutting-edge AI solutions are regulatory obstacles and the necessity to conform to stringent industry standards. Furthermore, uncertainty about regulations and the need to make big investments in infrastructure are also big challenges that make it hard for the market to grow.
Regional Trends:
The North American AI in the energy and utilities market is anticipated to register a major revenue share. It is projected to grow at a high CAGR in the near future owing to well-developed infrastructure for technology, substantial funding for smart grid projects, and robust government backing for green energy programs. Besides, Europe had a notable share of the market due to the region's growing urban population, skyrocketing energy demands, smart grid development supported by government efforts, investments in renewable energy integration, further policies aimed at promoting the usage of renewable energy, and the growth of the industrial sector.
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Recent Developments:
In July 2024, Cisco and Morgan Solar, a Toronto-based firm that focuses on solar energy integration into urban environments, unveiled a pilot project to use solar energy to power collaboration and meeting spaces.
In Feb 2024, Signing a cooperation agreement in 2023, ABB and Microsoft will be extending their long-standing alliance for the advancement of generative artificial intelligence (AI) technologies for industry. This year, they hope to introduce new solutions integrating Microsoft's OpenAI with ABB's Ability Genix's capabilities. Leveraging Microsoft's Azure OpenAI Service, the two are combining generative AI capabilities for a more intuitive user interface with ABB Ability Genix Industrial Analytics and AI Suite and apps. Real-time production information from the new application Genix Copilot will be available to shop floor engineers, functional experts, and industry leaders.
Segmentation of AI in Energy and Utilities Market-
By Type-
Machine Learning
Natural Language Processing
Computer Vision
Predictive Analytics
Deep Learning
Others
By Application-
Energy Management and Optimization
Grid Management
Demand Forecasting
Equipment Maintenance and Monitoring
Smart Metering
Renewable Energy Integration
Customer Service and Engagement
Fraud Detection
Energy Trading and Pricing
Others
By End-User-
Power Generation Companies
Utility Companies
Oil and Gas Companies
Renewable Energy Providers
Energy Service Providers
Government and Regulatory Bodies
Others
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of the Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Insight Ace Analytics
Diana Dsouza
+917972967118
diana.dsouza@insightaceanalytics.com
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