Artificial Intelligence in Energy Market Size, Share, Industry Analysis, Opportunities

Market Overview
Artificial Intelligence in Energy Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Artificial Intelligence is being used in the energy sector for stabilizing power grids by creating an autonomous grid that is programmed with past fluctuations and weak points on the grid. Such an autonomous grid would be able to respond to power fluctuations on its own seamlessly.

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Market Dynamics
The Global Artificial Intelligence in Energy Market is predominantly driven by the increasing demand of data integration and visual analytics by energy companies for getting relevant and useful business insights from their huge repository of data. Another factor driving the growth of AI in the energy sector is the growing need to decrease uncertainty mainly in the renewable energy sector, which is touted to be the future of energy supply management.

Industries have resorted to automation of repetitive and risky tasks to cut costs and decrease human errors in the production process. However, this has led end-users to search for solutions to address the limitations of industrial automation and robotics technologies. These limitations arise due to factors such as cost, computational capacity, storage, size, power supply, motion mode, and working environment. Therefore, the need to enhance existing systems using AI has also resulted in an increase in the demand for cloud-based Artificial Intelligence solutions.

Energy companies require Artificial Intelligence platforms to link multiple enterprise systems with the internet and other cloud-based applications to facilitate real-time information exchange, given that globalization has led to customers, suppliers, and companies being scattered across the world. There has been an increased demand for bringing in AI in the energy sector primarily as it needs low and substantial seed investment and a low level of risk of failure.

Artificial Intelligence allows real-time synthesizing of data to facilitate stat analysis which leads to an efficient decision-making system. The increased levels of complexity have also made deployment of the data processing interface difficult, leading to an increase in demand for data integration solutions. The exponential rate of increase in the volume of data that needs to be processed played a major role in increasing the demand for Artificial Intelligence in data processing as meaningful insights are the need for energy companies.

Lack of availability of skilled staff ready to cope with the change in software/hardware services is hindering the penetrability of AI in the energy sector until the clients have employees who can deal with the disruption in the status quo caused due to incorporating AI.

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Market Segmentation:
By Solution
• Software Solutions
• Hardware solutions
• Services
By Application
• Load Research & Forecasting
• Optimization
• Transmission & Distribution

Market Players:
Artificial Intelligence in Energy Market players are ABB, Alphabet, General Electric, IBM, Siemens, Schneider Electric, BuildingIQ, Enlighted, Grid4C, Watty.

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