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A recent report published by Infinium Global Research on Artificial Intelligence (AI) in energy and power market provides in-depth analysis of segments and sub-segments in the global as well as regional Artificial Intelligence (AI) in energy and power market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional Artificial Intelligence (AI) in energy and power market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global Artificial Intelligence (AI) in energy and power market.
Artificial Intelligence (AI) in the energy and power market refers to the application of AI technologies and techniques to the energy and power sector to improve efficiency, reduce costs, enhance sustainability, and optimize operations. AI is being increasingly utilized in this industry to address various challenges and opportunities. AI can be used to optimize the generation, distribution, and consumption of energy. Machine learning algorithms can analyze historical data and real-time information to make predictions and recommendations for efficient energy use. Moreover, AI enables predictive maintenance of power generation and distribution infrastructure, such as turbines, transformers, and grid components. By analyzing sensor data, AI can predict equipment failures before they occur, reducing downtime and maintenance costs. In addition, smart grids are equipped with AI-driven systems to balance supply and demand, manage renewable energy sources, and respond to grid disturbances. AI helps in grid stability, load forecasting, and integration of renewable energy sources like solar and wind. AI technologies commonly used in the energy and power sector include machine learning, neural networks, predictive analytics, and natural language processing. These technologies help improve decision-making, reduce operational costs, enhance reliability, and promote sustainability in the energy industry. The adoption of AI in this sector continues to grow as it offers significant potential for efficiency and innovation.
The utilization of Artificial Intelligence (AI) in the energy and power industry is primarily motivated by the surging global energy demand. The increasing worldwide need for energy places significant pressure on the energy and power sector to discover efficient, dependable, and sustainable solutions. AI technologies play a pivotal role in addressing these challenges by enhancing energy generation, distribution, and consumption. They contribute to the energy sector's capacity to meet the growing energy demands while championing sustainability and environmental responsibility. Furthermore, the rising adoption of AI in the energy and power sector is driven by the expanding use of microgrids. AI technologies boost the performance, reliability, and sustainability of microgrid systems, rendering them more attractive and feasible for diverse applications, including remote communities, industrial complexes, and critical infrastructure. Nevertheless, there exists a shortage of skilled AI and data science professionals with expertise in the energy industry. This scarcity has the potential to impede the effective implementation of AI solutions in the sector. Despite this, ongoing advancements in AI technologies like deep learning and natural language processing present opportunities for even more sophisticated applications in the energy and power sector.
In the forthcoming forecast period, North America is anticipated to dominate the market, holding the largest share. This dominance is attributed to North America's robust and well-established energy infrastructure, featuring a blend of traditional and renewable energy sources. This provides a solid foundation for the seamless integration of AI technologies, aimed at optimizing energy production, distribution, and consumption. Additionally, North America has been a pioneer in embracing AI technologies within the energy and power sector, which has given it a competitive advantage in leveraging AI for various applications. Moreover, North America is home to key technology hubs, notably Silicon Valley in California and the Boston-Cambridge area, which host a thriving ecosystem of AI startups and tech firms at the forefront of innovating AI applications in the energy sector. Conversely, Europe is emerging as the fastest-growing region in the upcoming forecast period. Europe has made significant commitments to renewable energy sources like wind, solar, and hydropower. The integration of renewables into the energy grid necessitates advanced AI solutions to effectively manage intermittency, predict energy generation, and optimize grid operations. Furthermore, European nations have enacted stringent environmental regulations and ambitious sustainability objectives, incentivizing the adoption of AI technologies to enhance energy efficiency, reduce carbon emissions, and elevate the overall sustainability of the energy sector.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 4.80 Billion |
| Market Size by 2030 | USD 33.24 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 23.90% |
| Largest Market | North America |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Technology, and By Application |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global artificial intelligence (AI) in energy and power market covers segments such as technology, and application. On the basis of technology, the sub-markets include machine learning, natural language processing (NLP), and computer vision. On the basis of application, the sub-markets include demand forecasting, energy production and distribution optimization, energy management, smart grids, and smart meter.
The report provides profiles of the companies in the market such as C3.ai, Inc., Schneider Electric, IBM Corporation, General Electric, Atos SE, Alpiq, App Orchid Inc., Siemens, ABB Ltd., and Honeywell International Inc..
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the Artificial Intelligence (AI) in energy and power market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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