Dublin, May 29, 2023 (GLOBE NEWSWIRE) -- The "Artificial Intelligence (AI) in Energy and Power Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
AI in energy and power market is projected to grow at a CAGR of 24.68% from a market valuation of US$3.103 billion in 2021 to reach US$14.527 billion in 2028.
In recent years, the energy and power markets have increasingly been relying on artificial intelligence (AI) as a tool. It has the ability to automate and optimize a number of energy-related processes, resulting in more effective and cost-effective operations, better energy management, and fewer negative environmental effects.
Demand forecasting is one of the most important areas where AI is being used in the energy sector. AI systems can more accurately estimate energy consumption by examining data on consumer behavior, weather patterns, and other variables, which enables utility companies to better plan and distribute resources.
Energy production and distribution may be made more efficient with AI. For instance, machine learning algorithms can examine data from solar or wind power systems to spot trends and forecast how much energy will be produced. Operators may be better able to control the production of renewable energy sources, which can be very unpredictable.
Building energy management is a significant area in which AI is being used in the energy sector. AI-powered systems can track and evaluate how much energy is used in buildings, finding inefficiencies and suggesting solutions to save energy. This can cut greenhouse gas emissions and result in significant cost savings for building owners and tenants.
The AI in energy and power market is primarily driven by the growing energy needs across the globe.
Artificial intelligence (AI) tools like machine learning, natural language processing, and computer vision can assist utilities in a number of ways, including helping to estimate demand, improve energy production and distribution, and quickly identify and fix problems with equipment. Facilities can increase the dependability and quality of their services while also enhancing their efficiency and cutting expenses.
The market for AI in the energy and power industry has benefited from the rising energy demand as a result of utilities being under pressure to optimize energy production and distribution to satisfy growing demand while also ensuring that their systems remain dependable and cost-effective. The U.S. Energy Information Administration (EIA) projects that between 2018 and 2050, the world's energy consumption would rise by almost 50%.
AI can assist in addressing a number of issues associated with the use of renewable energy by anticipating the output of renewable energy, enhancing the grid's ability to integrate renewable energy, and regulating energy storage and distribution. This can lower costs and increase the sustainability of energy generation, as well as increase the reliability and stability of the power system.
As a result, this market has benefited from the growing demand for and acceptance of renewable energy. The International Energy Agency (IEA) projects that over a five-year period, from 2021 to 2025, renewable energy sources will be responsible for about 90% of the increase in the world's power capacity, with solar energy alone accounting for 60% of this development.
Market Developments:
In January 2023, Gridmatic, a market-leading 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. Gridmatic Retail helps companies reach carbon reduction goals with sustainable energy contracts that lower costs, offer predictability and stability, and are supported by market-proven AI.
The business provides customers with customized products to meet their unique and complex needs, as well as next-generation retail energy products like Time-Matched Renewables, which match clean energy to consumer usage on an hourly basis around the clock. In conjunction with the introduction, Gridmatic unveiled a customer partnership with EdgeConneX, the industry leader in global Hyperlocal to Hyperscale Data Center Solutions.
Based on application, the AI in energy and power market is expected to witness positive growth through smart grids.
Smart grids are a key application of AI in the energy and power market. Smart grids incorporate advanced sensors, communication technologies, and automation systems to facilitate the efficient and dependable distribution of electricity. Artificial intelligence (AI) can be used to optimize the performance of smart grids by evaluating massive amounts of data in real time and delivering insights that can assist utilities in making better decisions.
Asia Pacific and North America account for the majority shares of the AI in energy and power market.
Based on geography, the AI in energy and power market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Increasing adoption of renewable energy sources and smart grid technologies, particularly in nations like the United States, is anticipated to make North America one of the regions with the fastest growth rates in the AI in the energy and power market.
The United States government has seen an increase in the use of renewable energy sources, which has fuelled the expansion of AI in the region's energy and power industry. Renewable energy sources made up roughly 12% of the nation's total electricity generation in 2020, according to the U.S. Energy Information Administration.
Europe is also a major region in the AI energy and power market. The area is home to a number of top utilities and providers of AI technology, and there is a strong emphasis on the adoption of smart grid and green energy technologies. As part of its efforts to combat climate change, the European Union has set a goal of having 32% of its energy consumption come from renewable sources by 2030.
Market Segmentation:
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Others
By Application
- Demand Forecasting
- Energy Production and Distribution Optimization
- Energy Management
- Smart Grids
- Smart Meter
- Others
By End-User
- Commercial and Industrial
- Residential
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Indonesia
- Others
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 152 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $3.1 billion |
| Forecasted Market Value (USD) by 2028 | $14.53 billion |
| Compound Annual Growth Rate | 24.6% |
| Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. AI IN ENERGY AND POWER MARKET BY TECHNOLOGY
6. AI IN ENERGY AND POWER MARKET BY APPLICATION
7. AI IN ENERGY AND POWER MARKET BY END-USER
8. AI IN ENERGY AND POWER MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- General Electric
- Siemens Energy
- Schneider Electric
- ABB Ltd.
- Honeywell International Inc.
- C3.ai Inc.
- Eaton Corporation Plc
- IBM Corporation
For more information about this report visit https://www.researchandmarkets.com/r/6y9gnd
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