Press release
AI In Energy Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
AI In Energy Market
How Large Will the AI In Energy Market Size By 2025?
The market size of artificial intelligence (AI) in the energy sector has seen a swift increase in recent times. The market value is projected to surge from $19.03 billion in 2024 to $22.82 billion in 2025, with a compound annual growth rate (CAGR) of 19.9%. Factors like data analytics for efficiency, demand response management, predictive maintenance, grid optimization, and renewable energy integration have contributed to this growth during the historic period.
How Big Is the AI In Energy Market Size Expected to Grow by 2029?
The market size of artificial intelligence in energy is predicted to experience a surge in the coming years, escalating to $50.25 billion by 2029 with a compound annual growth rate (CAGR) of 21.8%. The projected increase during this period is largely due to factors like decentralized energy systems, management of energy storage, intelligent infrastructure and cities, transportation electrification, and the incorporation of edge computing. Key trends during this forecast period are expected to include analytics for energy efficiency, autonomous energy infrastructure, cybersecurity solutions, virtual power plants, and Edge AI for energy management.
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Which Key Market Drivers Powering AI In Energy Market Expansion and Growth?
The growth of AI in energy is expected to be driven by the growing application of microgrids. A microgrid is an energy system operating independently or as a supplement to the main power grid and aids in integrating and optimizing AI technology within the energy sector. It enables smart energy management, grid optimization, and the introduction of renewable energy sources. These elements are crucial for AI-related applications in the energy sector such as load balancing, demand response, and the integration of renewable power. An increase in the usage of microgrids has led to noticeable growth in the AI in energy sector. For example, the Energy Trends report by the UK's Department for Energy Security and Net Zero stated that in September 2024, the installed capacity had increased by 3.9 percent (2.1 GW) in comparison to the same period in 2023, accumulating a total of 57.5 GW. Consequently, the heightened usage of microgrids is expected to catalyze the expansion of AI in the energy market.
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Which Fast-Growing Trends Are Poised to Disrupt the AI In Energy Market?
The integration of emerging technologies is a crucial trend flourishing in the AI in the energy sector. Top-tier corporations in this market are embracing advanced software to uphold their market dominance. For example, in February 2022, Telefonaktiebolaget LM Ericsson, a pioneer IT service and consultancy firm originating from Sweden, introduced an AI-enabled Energy Infrastructure Operations. This is an advanced energy management system that assists communication service providers to minimize their energy consumption across their network platforms by employing AI and sophisticated data analytics. By leveraging AI, energy infrastructure operations can cut down energy-related operational expenses by 15%, site observation related to passive infrastructures by 15%, and energy-related outages by 30%. This leads to a substantial reduction of OPEX and CO2 emissions for service providers, as AI and data analytics are deployed to optimize energy efficiency and site availability.
What Are the Emerging Segments in the AI In Energy Market?
The ai in energymarket 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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Who Are the Global Leaders in the AI In Energy Market?
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
Which are the Top Profitable Regional Markets for the AI In Energy Industry?
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.
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