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WILMINGTON, DELAWARE, UNITED STATES, March 14, 2024 /EINPresswire.com/ --
A report by Allied Market Research on the AI in energy market indicates that the industry was valued at $4.0 billion in 2022 and is expected to garner $19.8 billion with a growing CAGR of 17.4% during the forecast period of 2023 to 2031. Segmentation, regional analysis, and competitive scenario are explained in the report to better understand the market dynamics.
The AI (Artificial Intelligence) in Energy market refers to the application of AI technologies and algorithms in the energy sector to improve efficiency, optimize operations, enable smarter decision-making, and enhance sustainability.
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Market Dynamics:
The report provides a detailed analysis of the factors that influence the market growth. These factors include drivers, restraints, and opportunities for AI in energy market which assist stakeholders to make investment decisions. Artificial intelligence (AI) is gaining traction in the energy sector. This is majorly attributed to digitization of the energy sector and correspondingly massive volume of data that is generated. AI helps process and analyze this data, thus making the energy sector more efficient and secure.
The demand for energy is increasing considerably in tandem with exponentially growing population. This is predominantly fueling the demand for AI-based products in the energy sector. Currently, surge in need for AI for sector coupling of electricity, heat & transport, smart grids, and electricity trading notably contributes toward the market growth. Furthermore, AI is used in energy management systems in residential and commercial sectors, thereby reducing electricity bills. Thus, rise in demand for energy-efficient solutions and the need to reduce global carbon footprint act as the key driving forces of the global AI in energy market.
However, high cost associated with the implementation of AI solutions is one of the key factors restraining the market growth. Furthermore, lack of skilled labor to operate these AI solutions is another factor restraining the market growth.
On the contrary, modernization in developing countries is expected to open new avenues for the expansion of the global market growth in the coming years. In addition, rise in digitalization in the energy sector is anticipated to open new avenues for market growth. Moreover, surge in development of robotics, renewables management, and power sectors have driven the demand for AI in energy market.
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Segmentation:
The AI in energy market is segmented on the basis of component type, deployment type, application, end user, and region. Depending on component type, the market is bifurcated into solutions and services. By deployment type, it is categorized into on-premises and cloud. The major applications covered in the study include infrastructure, renewables management, robotics, safety & security, demand forecasting, and others. According to end user, it is classified into energy transmission, energy generation, energy distribution, and utilities. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Regional Analysis:
The AI in energy market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain, and rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Asia-Pacific is projected to witness considerable growth during the forecast period, owing to a massive market from various industry verticals such as automotive and consumer electronics.
Asia-Pacific garnered the highest AI in energy market share of 40% in 2021, in terms of revenue, growing at a CAGR of 17.7%.
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Competitive Scenario:
The AI in energy market is highly competitive owing to the presence of several key players. Furthermore, the suppliers who have access to technical and financial resources are expected to gain a competitive edge in the market. In addition, the competition in the market is projected to intensify due to increase in technological advancements and rise in product extensions. Moreover, key players in the market have adopted partnerships & collaborations, mergers & acquisitions, and new product launches as their key developmental strategies to garner maximum market share.
Key Players Operating in the AI in Energy Market:
Zen Robotics Ltd.
General Electric.
Siemens AG.
AppOrchid Inc.
SmartCloud Inc.
ABB.
Hazama Ando Corporation
Schneider Electric.
ATOS SE.
Alpiq AG.
The integration of AI in the energy industry has the potential to revolutionize various aspects of the sector, including power generation, transmission and distribution, energy management, and demand forecasting.
AI algorithms can analyze historical energy consumption data, weather patterns, and other relevant factors to forecast energy demand accurately. This enables utilities and grid operators to optimize energy generation, plan for peak demand periods, and implement demand response programs to balance supply and demand effectively.
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AI can facilitate the integration of renewable energy sources into the grid. By analyzing weather data, solar irradiance, wind patterns, and other factors, AI algorithms can optimize the scheduling and dispatch of renewable energy generation. This helps improve grid stability, reduce curtailment of renewable energy, and support the efficient integration of intermittent renewable sources.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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