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AI in Energy Market Size Forecasted To Achieve $50.91 Billion By 2029 With Steady Growth
AI in Energy
What Is the AI in Energy Market Size and Projected Growth Rate?
The AI in Energy Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
What Is the AI in Energy Market Size and Projected Growth Rate?
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What Are the Major Segments in the AI in Energy Market?
The AI in energy market covered in this report is segmented -
1) By Offering: Support Services, Hardware, AI-As-A-Service, Software
2) By Deployment: On-Premise, Cloud
3) By Application: Demand Response Management, Fleet And Asset Management, Renewable Energy Management, Precision Drilling, Demand Forecasting, Infrastructure Management, Other Applications
4) By End User: Energy Transmission, Energy Generation, Energy Distribution, Utilities, Other End Users
Subsegments:
1) By Support Services: Consulting Services, Implementation Services, Maintenance And Support Services
2) By Hardware: AI-Powered Sensors, Smart Meters, Edge Computing Devices
3) By AI-As-A-Service: Machine Learning Platforms, Data Analytics Services, Model Training And Development Services
4) By Software: Energy Management Software, Predictive Maintenance Software, Demand Response Software, Grid Management Software
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What Are The Driving AI in Energy Market Evolution?
The growth of the AI in the energy market is anticipated to be propelled by the rising usage of microgrids. These are local energy systems that operate either autonomously or in tandem with the main power grid. Microgrids are key to the successful integration and optimization of AI within the energy industry, facilitating intelligent energy management, grid refinement, and harnessing renewable energy sources. They contribute to AI energy functionality such as demand response, load distribution, and renewable energy integration. The continually increasing implementation of microgrids is causing substantial growth in the AI energy market. For instance, the Department for Energy Security and Net Zero, an UK-based ministerial department, reported in their Energy Trends in September 2024 that the installed capacity saw a 3.9 percent (2.1 GW) rise in the second quarter of 2024, compared to the same period in 2023, making a total of 57.5 GW. Thus, the rising use of microgrids is predicted to fuel the expansion of AI in the energy market.
Which Firms Dominate The AI in Energy Market Segments?
Major companies operating in the AI in energy market include Google, Microsoft Corporation, Engie SA, Huawei Technologies Co Ltd., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Iberdrola, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., Flex Ltd., ABB Ltd, Duke Energy Corporation, Nvidia Corporation, Alpiq Holding AG, ATOS SE, Enel Green Power S.p.A., Databricks Inc., C3 AI, Uptake Technologies, Sentient Energy Inc., AutoGrid Systems Inc., Arundo Analytics Inc., Bidgely Inc., Verdigris Technologies, Greenbird Integration Technology AS, AppOrchid Inc., Ecube Labs Co. Ltd
What Trends Are Expected to Dominate the AI in Energy Market in the Next 5 Years?
The adoption of modern technology is an emerging trend that is gaining traction in the AI energy sector. Major players in this industry are leveraging innovative technologies to maintain their market dominance. For example, Telefonaktiebolaget LM Ericsson, an IT services and consultation company based in Sweden, in February 2022, unveiled an AI-driven Energy Infrastructure Operations system. This energy management system helps service providers in the communications sector minimize their energy consumption within their network infrastructure by harnessing AI and advanced data analytics. With the use of AI, there is potential to reduce energy related OPEX by 15%, site visits owing to passive infrastructure by 15%, and a decrease of 30% in outages triggered by energy challenges. Consequently, using AI and data analysis tools, service providers in the communications field can lower OPEX and CO2 emissions while optimizing energy efficiency and site availability.
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Which Is The Largest Region In The AI in Energy Market?
North America was the largest region in AI in the energy market in 2024. Asia-pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the AI in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI in Energy Market?
2. What is the CAGR expected in the AI in Energy Market?
3. What Are the Key Innovations Transforming the AI in Energy Industry?
4. Which Region Is Leading the AI in Energy Market?
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