Artificial Intelligence in Energy Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031
Artificial Intelligence in Energy Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031
Blog Article
Global artificial intelligence in energy market is anticipated to grow at a CAGR of 14.5% during the forecast period. Smart consumption tools powered by AI have changed how consumers use and save energy. With the formation of decentralized power grids, it’s possible to balance the energy inputs and outputs using the previously collected data. Deep learning AI algorithms have a larger predictive capacity than all industry specialists combined. Forecasting, in this sense, can take various forms, ranging from predicting demand and price trends to identifying potential growth areas. AI can facilitate the integration of renewable energy into power systems to create hybrid, low-carbon energy systems. Thus, the shift to renewables can occur at a much faster rate with the use of AI. According to the International Energy Agency (IEA), in July 2023, the share of final energy consumption is projected to rise from 20.0% to over 50.0% by 2050 in the net zero emissions by 2050. Scenario as electricity demand increases rapidly to decarbonize end-use sectors.
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To improve the intelligence level of the mining industry by expanding the depth and breadth of AI applications in different scenarios and continually using AI to deliver more automation and achieve greater efficiency. For instance, in July 2023, Shandong Energy Group Co. Ltd., Huawei Technologies Co., Ltd., and Yunding Technology launched the Pangu Mine Model, the first commercial large AI model for the energy sector. The aim of the model is to enhance the application of AI in the mining industry and transform workshop-scale AI model development into factory-scale development.
Various new solutions enable service providers to reduce OPEX and CO2 emissions from their networks while maximizing site availability. For instance, in February 2020, Ericsson launched AI-powered Energy Infrastructure Operations, a new energy management solution that leverages artificial intelligence and advanced data analytics to optimize energy consumption across network infrastructure for communications service providers.
AI-powered smart home systems can adapt to individual habits, such as adjusting lighting and temperature, optimizing energy usage, and anticipating the occupants' needs. For instance, in May 2023, Powerverse launched an AI-powered platform for homeowners. Adopting new low-carbon technologies such as EV chargers, solar panels, heat pumps, and smart appliances is “time-intensive, confusing, and highly inconvenient, hampering the consumer-driven shift to a low-carbon, low-cost energy future.
Global Artificial Intelligence in Energy Market Report Segment
By Component Type
- Solutions
- Services
By Deployment Type
- On-premise
- Cloud
By Application
- Energy Transmission
- Energy Generation
- Energy Distribution
- Others (Utilities)
By End-Users
- Robotics
- Renewables Management
- Demand Forecasting
- Safety and Security
- Others (Infrastructure)
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Company Profiles
- AES Corp.
- Alpiq Holding AG
- AppOrchid Inc.
- ATOS SE
- Baker Hughes Company
- ai, Inc.
- Duke Energy Corp.
- Électricité de France S.A.
- General Electric
- Iberdrola SA
- NextEra Energy, Inc
- Nvidia Corp.
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