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Artificial Intelligence (AI) in Energy And Power Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Artificial Intelligence (AI) in Energy And Power Market
According to The Business Research Company's, The artificial intelligence (AI) in energy and power market size has grown exponentially in recent years. It will grow from $4.03 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to data availability and quality, regulatory support, cost reduction, increased connectivity, demand for renewable energy.
The artificial intelligence (AI) in energy and power market size is expected to see exponential growth in the next few years. It will grow to $13.62 billion in 2028 at a compound annual growth rate (CAGR) of 27.0%. The growth in the forecast period can be attributed to advanced analytics and predictive modeling, smart grid optimization, decentralized energy system, resilience planning, global energy transition. Major trends in the forecast period include technological advancements, collaboration and standards, global embrace of ai technologies, cybersecurity enhancement, predictive maintenance.
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Market Drivers and Trends:
The growing investments in energy sectors are expected to propel the growth of artificial intelligence (AI) in energy and power market going forward. Investments refer to the allocation of resources, typically money, with the expectation of generating a return or profit over time. The energy and power sectors have been using investments to leverage artificial intelligence (AI) in various ways to improve decision-making, optimize operations, improve energy management, and enhance the dependability and quality of services in the industry. For instance, in 2023, according to reports published by the International Energy Agency., a France-based intergovernmental organization, around USD 2.8 trillion is expected to be invested in energy in 2023 and more than USD 1.7 trillion is going into clean energy from 2022. Further, comparing forecasts for 2023 with statistics for 2021, yearly renewable energy investment has increased substantially by 24%. Therefore, the growing investments in energy sectors are driving the growth of artificial intelligence (AI) in energy and power market.
Major companies operating in artificial intelligence (AI) in the energy and power markets are developing innovative AI advancements, such as gridmatic retail, to meet the advanced energy needs of commercial customers. An AI-enabled power marketer to optimize clean energy purchasing and provide predictability and automation for commercial and industrial customers with advanced energy needs. For instance, in January 2023, Gridmatic, an AI-enabled power marketer, recently unveiled Gridmatic Retail to streamline the purchase of renewable energy while offering predictability and automation to business and industrial clients. It offers next-generation retail energy products, including time-matched renewables, 24/7 carbon-free energy, and load variability contracts. Additionally, it accelerates the transition to net zero and balances the renewable-powered grid by using its industry- AI to offer the most advanced, time-matched renewable contracts and custom products for customers with variable and complex energy needs.
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Major Key Players of the Market:
Major companies operating in the artificial intelligence (AI) in energy and power market report are Google LLC, Microsoft Corporation, Mitsubishi Electric Corporation, Bosch.IO, Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Group, NVIDIA Corporation, Toshiba Corporation, Emerson Electric Co, Rockwell Automation Inc., SAS Institute Inc, DNV GL, Sierra Wireless Inc., C3.ai Inc., Vayyar Imaging Ltd., Uptake Technologies Inc., Verdigris Technologies Inc., ClearPath Robotics, Aurora Solar Technologies, SenseHawk
Artificial Intelligence (AI) in Energy And Power Market 2024 Key Insights:
• The artificial intelligence (ai) in energy and power market is expected to grow to $13.62 billion in 2028 at a compound annual growth rate (CAGR) of 27.0%.
• Surging Investments In Energy Sector Fueling The Growth Of Artificial Intelligence (AI) In Energy And Power Market
• Revolutionizing Renewable Energy Purchases With AI-Driven Gridmatic Retail
• North America was the largest region in the artificial intelligence (AI) in energy and power market in 2023
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