; AI in energy Market Size, Industry Share, Forecast, 2029

AI in energy market

Global AI in energy Market Segmentation: By industry (oil and gas{upstream,mid-stream and downstream} & power industry {generation, transmission and distribution}); By solution type (software, hardware and AI-as-a-solution); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2029

Published on: Feb-2021
Report Code: FG EP 00441
No. of Pages: 170-350
Report Format: PDF

[ 170 + Pages Research Report ] AI in the energy market to reach USD XXX billion by 2030 from USD XXX billion in 2020 at a CAGR of XX% in the coming years, i.e., 2021-30.

Product overview

AI in the energy market uses slacks of data and advanced algorithm from the source and provide the machine the ability to calculate, think and react to the provided information just like a human brain. Applying Artificial intelligence in the energy market provides real-time insights into the industrial application, thereby meeting the demand for the energy market by increasing the efficiency of the system.

Electricity trade, smart grids, or the electricity, heat, and transport sector connection are typical application areas. Analyzing and assessing data volumes, AI helps the energy industry to be more efficient and secure.

Market Highlights

AI in the energy market to surpass USD XX Billion by 2030, this is valued at XX billion in 2019 at a compound annual growth rate of XX%. The growth of global AI in the energy market is expected to be driven by the demand for improved operating efficiency, and rising energy efficiency issues. Decentralized power producers are increasingly concerned about rising energy demand in the power distribution supply chain. An increase in the problem for the battery storage systems, leading to congestion and difficulty within the grid, may likely encourage the market’s growth. The digitalization of the energy market and a correspondingly wide variety of data that can be analyzed are the conditions for the expanded use of AI in the energy system.

Source: Fatpos Global

Recent Highlights in the AI in the energy market
  • In November 2019, Baker Hughes, C3.ai, and Microsoft announced their partnership to allow customers to implement Microsoft Azure-based, scalable AI solutions.

  • GE Power is working on incorporating AI to enhance its energy supply chain, which generates 30 percent of the world’s electricity. Through the aid of AI and machine learning (ML), GE aims to boost its business operations.

  • In January 2019, a cloud-based AI platform with real-time analytics for oil & gas industrial applications was launched by Kellton Tech Solutions Ltd.                                                                                   

AI in the energy market: Segments

The global AI in the energy market has been segmented based on industry stream, product offering, and application. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.

Based on industry (in %), global AI in the energy market,2019

In 2019, the oil and gas industry dominated the market and accounted for XX% of the global market

The global AI in the energy market is segmented by solution type: Software, hardware, and AI- as-a-service.

Due to technological advances in the provision of customized application-specific cloud platforms and enhanced operating systems, the AI segment is expected to show its highest growth, which is expected to further contribute to strengthening end-user data storage architecture.

By industry (in %), global AI in the energy market, 2019

Source: Fatpos Global

By solution type (in %), global AI in the energy market, 2019

In 2019 the software, solution accounted for more than 60% of the total artificial intelligence in the energy market

The global AI in the energy market is segmented by solution type: Software, hardware, and AI- as-a-service.

Due to technological advances in the provision of customized application-specific cloud platforms and enhanced operating systems, the AI segment is expected to show its highest growth, which is expected to further contribute to strengthening end-user data storage architecture.

Global AI in the energy market: Drivers and Restraints

Drivers

Collaborative Policies adopted by many companies

The competitive landscape in the energy market for AI shows a tendency toward companies that adopt strategies such as partnerships, cooperation, and joint ventures as well as launching and developing their products. With the growing global market growth, companies in this sector are being forced to develop collaborative policies to sustain themselves in the highly competitive market.

Efficient energy storage

AI in the industrial sector can prove to be beneficial to optimize energy storage efficiency. The production of energy is frequent and sometimes chaotic, and the storage of renewable energy is quite problematic. The combination of renewable energy with AI storage can make energy storage management much simpler, enhance business value and reduce the loss of electricity.

Restraints

Lack of Knowledge

One reason for the slow adoption of AI in the energy sector is a lack of necessary knowledge about AI technology among decision-makers. Many companies simply don’t have sufficient technical background to understand how their business can benefit from AI adoption. Conservative stakeholders prefer to stick with time-proven methods and tools rather than risk trying something new.

Fewer number trained professionals

AI is still a new technology, and skilled professionals are few. There are many experts with a thorough theoretical insight into the topic. Yet it is incredibly difficult to find professionals who can develop reliable, functional AI applications.

AI in the energy market: Key Players
  • IBM Corporation

    • Company Overview

    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • SAP SE
  • Microsoft Corporation
  • Huawei Technologies
  • HCL Technologies
  • Accenture Plc
  • Schneider Electric
  • Honeywell International
  • Rockwell Automation
  • Schlumberger Limited
  • Other Prominent Players

Global AI in Energy Market: Regions

The largest share of the market in 2019 was held by America which accounted for over 49% share in the world

 Asia Pacific region despite having the lowest market share is anticipated to grow at the highest CAGR during the forecast period.

Source: Fatpos Global

The global AI in the energy market is further segmented by region into:

  • North America Market Size, Share, Trends, Opportunities, Y-o-Y

            Growth, CAGR – the United States and Canada

  • Latin America Market Size, Share, Trends, Opportunities, Y-o-Y

            Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America

  • Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth,

            CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium,

 Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia,

            Turkey and the Rest of Europe

  • APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth,

            CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New

            Zealand, Australia, and the Rest of APAC

  • MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth,

            CAGR – North Africa, Israel, GCC, South Africa

Global Optical Coatings Market: Impact of COVID-19

The global pandemic COVID-19 has become global stress, not just for human lives, but also for industries across different industry verticals. The COVID-19 disease has infected several million people globally, with the United States accounting for the highest share of infected cases. With an increasing number of active cases daily, the duration of the pandemic is still difficult to predict. Yet the adverse effect of COVID-19 can be felt in the Energy market leading to a fluctuation in demand for artificial intelligence in the energy market, the effect on manufacturing organizations due to the implementation of lockdown norms in many nations worldwide, and others. Difficulty in the migration of workers and the constant returns of workers to their homelands are becoming a constant obstacle in the growth path of the industry.

 

The global AI in energy market report also contains an analysis on:

AI in energy market Segments:

  • By industry stream:

    • Oil and gas

      • Upstream
      • Mid-stream
      • Downstream
    • Power industry
      • Transmission
      • Generation
      • distribution
  • By solution type:            
    • Software
    • Hardware
    • AI-as-a-solution
  • AI in energy market Dynamics
  • AI in the energy market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies Involved in the Market
  • Value Chain of the Market
  • Market Drivers and Restraints

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