Artificial Intelligence (AI) in Energy and Power Market at a Highest CAGR of 24.6% with Top Players | SmartCloud Inc., General Electric, Siemens AG, Hazama Ando Corporation, ATOS SE, AppOrchid Inc., Zen Robotics Ltd., Origami Energy Ltd. and More

Global Artificial Intelligence (AI) in Energy and Power Market in terms of revenue Expected to surpass USD 115 billion at a CAGR of 24.6% to Forecast 2031, Artificial intelligence (AI) is becoming more essential for companies as they undergo digital transformations with new IT innovations. As the energy sector shifts toward renewable sources, AI plays an increasingly crucial role. However, the scale of this transition is costly, prompting the industry to explore new avenues for innovation to ensure its success in terms of cost, time, and efficacy. Renewable energy production is on the rise, largely fueled by growing investor interest. AI aids in optimizing the economic dispatch based on projected load demands, streamlining the operation of generation facilities, conserving energy and resources, and mitigating risks through shortfall planning.

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Within the global energy sector, the recurring concern of equipment failure presents significant financial risks and potential disasters. AI-driven solutions aid businesses in devising optimal maintenance strategies by analyzing data gathered from sensors monitoring equipment, preemptively detecting issues before they escalate into emergencies. Over time, these technological advancements enable substantial cost savings for businesses while enhancing the efficiency and reliability of energy production and consumption. Companies like ABB utilize AI to scrutinize images and identify flaws such as cracks in machine

Artificial Intelligence (AI) in Energy and Power Market Top Key Players are:

1.Siemens AG
2.Alpiq
3. SmartCloud Inc.
4. ABB
5. General Electric
6.Hazama Ando Corporation
7. ATOS SE
8. AppOrchid Inc.
9.Zen Robotics Ltd.
10. Origami Energy Ltd.
11. Flex Ltd.
12.Others

Artificial Intelligence (AI) in Energy and Power Market Segmentations:

By Type:

Solutions
Services

by Application:

Robotics
Demand Forecasting
Safety & Security & Infrastructure
Renewables Management
Others

by End Users:

Energy Transmission
Energy Distribution
Energy Generation
Utilities
Others

By Region:

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)

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One of the primary drivers behind the expansion of the global market for artificial intelligence (AI) in renewable energy is the increasing demand for electricity across both emerging and established regions. The necessity for more intelligent energy grids is also fueling the growth and advancement of AI in the renewable energy sector worldwide. Additionally, the digitalization of the energy industry is contributing to the rising demand for AI in this sector.

AI has proven instrumental in identifying the bottlenecks within the energy sector, thereby creating new opportunities for the expansion of the global AI market in renewable energy. By leveraging vast amounts of data and information, AI facilitates the analysis and optimization of processes within the renewable energy domain. These factors collectively drive the growth of the global AI market in renewable energy during the projected period.

Furthermore, the expansion of the global AI market in renewable energy is propelled by the increasing demand for renewable energy sources. The growing adoption of AI-based smart home solutions is anticipated to further stimulate the adoption of AI within the renewable energy sector throughout the forecast period. Moreover, the desire to reduce electricity costs and minimize energy wastage is also fueling the adoption of AI solutions within the renewable energy industry.

Key Developments:

The competitive landscape of the global artificial intelligence (AI) in renewable energy market is characterized by moderate competition, with a majority of sales being attributed to numerous small and medium-sized enterprises. These companies possess advanced production facilities and actively participate in diverse research and development endeavors aimed at innovating and enhancing technologies within the renewable energy sector.

Table of Contents

EXECUTIVE SUMMARY
MARKET INTRODUCTION
RESEARCH METHODOLOGY
MARKET DYNAMICS
ARTIFICIAL INTELLIGENCE (AI) IN ENERGY AND POWER MARKET ANALYSIS BY SEGMENT (COUNTRY LEVEL ANALYSIS)
NORTH AMERICA ARTIFICIAL INTELLIGENCE (AI) IN ENERGY AND POWER MARKET ANALYSIS
EUROPE ARTIFICIAL INTELLIGENCE (AI) IN ENERGY AND POWER MARKET ANALYSIS
ASIA PACIFIC ARTIFICIAL INTELLIGENCE (AI) IN ENERGY AND POWER MARKET ANALYSIS
REST OF THE WORLD ARTIFICIAL INTELLIGENCE (AI) IN ENERGY AND POWER MARKET ANALYSIS
COMPANY PROFILES

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This release was published on openPR.