AI in Energy Growing Rapidly With Huge Application Scope By 2031
Artificial intelligence gives a machine the capability to learn and make choices in order to solve issues or improve outcomes in order to achieve a goal. In the energy business, there are several decisions that must be made quickly and with a large amount of data. Artificial intelligence industry is capable of carrying out these crucial judgments in the most effective way possible, which calls for the immediate collection and analysis of these massive volumes of data.
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In addition, electric vehicles are the way of the future, but they also come with new difficulties. AI is now being installed in the electric vehicle sector within cars themselves in order to manage it and transmit information that contributes to solving these challenges, but also outside the car to facilitate the effective management of reports, intelligent mobility solutions, etc. Artificial intelligence is attempting to be used in the energy sector and is already proving essential by providing the market and households with new information services in the control over energy infrastructure, optimizing generation, reducing consumption, or fighting climate change, which are only some of the promises it holds in the coming years. This factor is predicted to create AI in energy market opportunities for expansion of the market in the future.
Furthermore, energy companies are integrating data with AI-powered video analytics systems to explore and analyze various types of data, such as sales data, for informed decision-making. For the dynamic depiction of data, firms are incorporating business analytics software into their operations. As a result, the need for AI in energy sector is anticipated to grow considerably throughout the projection period.
The AI in energy market forecast is segmented based on component type, deployment type, application, end-user, and region.
Based on component type, the solutions segment held the largest share in 2021, accounting for nearly two-thirds of the global AI in energy market share, and would rule the roost through 2031. However, the services segment is estimated to witness the fastest CAGR of 17.7% during the forecast period.
In terms of application, the safety and security segment captured the largest market share of more than one-third of the global AI in energy market in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 18.0% through 2031. The report includes other segments such as robotics, renewables management, demand forecasting, infrastructure, and others segments.
In terms of deployment type, the cloud segment captured the largest market share of nearly two-thirds of the global AI in energy market in 2021 and is likely to maintain a noteworthy growth during the forecast period. The same segment is likely to achieve the fastest CAGR of 17.6% through 2031. The report also includes on-premise segment.
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Based on region, the market in Asia-Pacific was the largest in 2021, accounting for two-fifths of the global AI in energy market share, and is likely to maintain its leadership status during the forecast period. Moreover, the market in the same region is expected to manifest the highest CAGR of 17.7% from 2022 to 2031. The other regions analyzed in the study include North America, Europe, and LAMEA.
Key players operating in the global AI in energy market analysis include ABB ltd., Amazon Web Services Inc., Autogrid Systems, Inc., C3.ai, Centrica plc, Cisco Systems Inc., General Electric, HCL Technologies, Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Mitsubishi Electric, and Schneider Electric and Senseye.
Key findings of the study
• By component type, the solutions segment is estimated to display the highest growth rate in revenue, registering a CAGR of 17.2% from 2022 to 2031.
• By deployment type, the cloud segment is estimated to display the highest growth rate in revenue, registering a CAGR of 17.6% from 2022 to 2031.
• By applications, the safety and security segment is anticipated to register the highest CAGR of 18.0% during the forecast period.
• By end user, the utility segment is anticipated to register the highest CAGR of 17.9% during the forecast period.
• Asia-Pacific garnered the highest AI in energy market share of 40% in 2021, in terms of revenue, growing at a CAGR of 17.7%.
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