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Evolving Market Trends In The Artificial Intelligence (AI) in Energy And Power Industry: Revolutionizing Renewable Energy Purchases With AI-Driven Gridmatic Retail
Artificial Intelligence (AI) in Energy And Power
What Is the Expected Artificial Intelligence (AI) in Energy And Power Market Size During the Forecast Period?
In recent years, the market size for artificial intelligence (AI) in the energy and power sector has seen a dramatic expansion. Predictions estimate that the market will surge from a worth of $5.24 billion in 2024 to $6.79 billion in 2025, marking a compound annual growth rate (CAGR) of 29.7%. The historic period's growth is credited to factors such as the availability and quality of data, regulatory backing, cost cutbacks, enhanced connectivity, and an increased demand for renewable energy sources.
The market size of artificial intelligence (AI) in the energy and power sector is anticipated to witness remarkable growth in the coming years. It is projected to soar up to $17.03 billion in 2029, with a compound annual growth rate (CAGR) of 25.8%. This anticipated growth during the forecast period can be ascribed to factors such as advanced analytics and predictive modeling, optimization of smart grids, decentralized energy systems, resilience planning, and global energy transition. The significant trends during the forecast period include technological advancements, collaboration and standards, worldwide adoption of AI technologies, enhancement of cybersecurity and predictive maintenance.
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What Are the High-Growth Segments in the Artificial Intelligence (AI) in Energy And Power Market?
The artificial intelligence (AI) in energy and power market covered in this report is segmented -
1) By Technology: Machine Learning, Natural Language Processing, Computer Vision
2) By Application: Demand Forecasting, Energy Production And Distribution Optimization, Energy Management, Smart Grids, Smart Meter, Other Applications
3) By End-User: Commercial And Industrial, Residential
Subsegments:
1) By Machine Learning: Predictive Maintenance, Demand Forecasting, Energy Management Systems
2) By Natural Language Processing (NLP): Chatbots For Customer Service, Voice Assistants For Energy Management, Document Analysis And Reporting
3) By Computer Vision: Asset Monitoring And Inspection, Safety And Surveillance Systems, Fault Detection In Equipment
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What Key Drivers Are Expected to Influence Future Artificial Intelligence (AI) in Energy And Power Market Growth?
The anticipated surge in the artificial intelligence (AI) in energy and power market is propelled by escalating investments in the energy sector. These investments, which are the allocation of resources, commonly money, with a view of generating returns over time, are being utilized by the energy and power sectors to harness AI in a variety of applications. These include improving decision-making processes, streamlining operations, advancing energy management, and boosting both the reliability and quality of industry services. According to the International Energy Agency, a France-based intergovernmental organization, it is projected that approximately USD 2.8 trillion will be invested in the energy sector in 2023, with over USD 1.7 trillion dedicated to clean energy from 2022. Additionally, a comparison of 2023 forecasts with 2021 statistics reveals a notable 24% yearly increase in renewable energy investment. Consequently, this boost in sector investments fuels the escalation of AI in the energy and power market.
Which Companies Hold the Largest Share Across Different Artificial Intelligence (AI) in Energy And Power Market Segments?
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
What Trends Are Driving Growth in The Artificial Intelligence (AI) in Energy And Power Market?
Leading firms active in the artificial intelligence (AI) sector related to energy and power markets are innovating in AI technologies, such as Gridmatic retail, to cater to the sophisticated energy requirements of business consumers. An AI-integrated power marketer aimed at enhancing clean energy purchase optimization offers predictability and automation for industrial and commercial consumers who have complex energy needs. For example, Gridmatic, an AI-integrated power marketer, launched Gridmatic Retail in January 2023 to simplify the purchase of renewable energy while providing automation and predictability to industrial and business consumers. This offering includes next-gen retail energy products, like time-matched renewables, continuous carbon-free energy, and load variability contracts. Moreover, their industry-specific AI expedites the shift towards net zero and balances the renewable energy grid by providing the most advanced, time-matched renewable contracts and bespoke products for consumers with fluctuating and complicated energy demands.
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What Are the Emerging Geographies for The Artificial Intelligence (AI) in Energy And Power Market Growth?
North America was the largest region in the artificial intelligence (AI) in energy and power market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in energy and power 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 Artificial Intelligence (AI) in Energy And Power Market?
2. What is the CAGR expected in the Artificial Intelligence (AI) in Energy And Power Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence (AI) in Energy And Power Industry?
4. Which Region Is Leading the Artificial Intelligence (AI) in Energy And Power Market?
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