AI in Energy Market Size Projected to hit $19.8 billion by 2031 | Grow at a CAGR of 17.4%

WILMINGTON, DELAWARE, UNITED STATES, September 22, 2023/EINPresswire.com/ --

Allied Market Research published a report on the AI in Energy Market By Component type (Solutions, Services), By Application (Robotics, Renewables Management, Demand Forecasting, Safety and Security, Infrastructure, Others), By End user (Energy Transmission, Energy Generation, Energy Distribution, Utilities), By Deployment Type (On-premise, Cloud): Global Opportunity Analysis and Industry Forecast, 2021-2031

The AI in energy market size was valued at $4 billion in 2021, and is estimated to reach $19.8 billion by 2031, growing at a CAGR of 17.4% from 2022 to 2031.

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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%.

Electric vehicles are the way of the future, but they also come with new difficulties. AI is now being installed in the electric vehicle sector within cars themselves in order to manage it and transmit information that contributes to solving these challenges, but also outside the car to facilitate the effective management of reports, intelligent mobility solutions, etc.

Artificial intelligence is attempting to be used in the energy sector and is already proving essential by providing the market and households with new information services in the control over energy infrastructure, optimizing generation, reducing consumption, or fighting climate change, which are only some of the promises it holds in the coming years.

By applications, the safety and security segment is anticipated to register the highest CAGR of 18.0% during the forecast period.

By end user, the utility segment is anticipated to register the highest CAGR of 17.9% during the forecast period.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

ABB ltd.

Accenture plc

Amazon Web Services Inc.

Autogrid Systems, Inc.

C3.ai

Centrica plc

Cisco Systems Inc.

General Electric

HCL Technologies

Huawei Technologies Co., Ltd.

IBM Corporation

Intel Corporation

Mitsubishi Electric

Schneider Electric

Senseye

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By component type, the solutions segment is estimated to display the highest growth rate in revenue, registering a CAGR of 17.2% from 2022 to 2031.

By deployment type, the cloud segment is estimated to display the highest growth rate in revenue, registering a CAGR of 17.6% from 2022 to 2031.

Energy companies are integrating data with AI-powered video analytics systems to explore and analyze various types of data, such as sales data, for informed decision-making. For the dynamic depiction of data, firms are incorporating business analytics software into their operations. As a result, the need for AI in energy sector is anticipated to grow considerably throughout the projection period.

Artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, and speech recognition and machine vision.

Artificial intelligence gives a machine the capability to learn and make choices in order to solve issues or improve outcomes in order to achieve a goal. In the energy business, there are several decisions that must be made quickly and with a large amount of data.

Artificial intelligence industry is capable of carrying out these crucial judgments in the most effective way possible, which calls for the immediate collection and analysis of these massive volumes of data.

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Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the AI in energy market analysis from 2021 to 2031 to identify the prevailing ai in energy market opportunities.

The market research is offered along with information related to key drivers, restraints, and opportunities.

Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.

In-depth analysis of the AI in energy market segmentation assists to determine the prevailing market opportunities.

Major countries in each region are mapped according to their revenue contribution to the global market.

Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.

The report includes the analysis of the regional as well as global AI in energy market trends, key players, market segments, application areas, and market growth strategies.

Related Research Reports:-

Smart Energy Market by Product (Smart grid, Digital Oilfield, Smart Solar, and Home energy management system), End-User Industry (Residential, Industrial, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020-2027

Energy as a Service Market by Type (Energy Supply Services, Maintenance & Operation, Energy Efficiency & Optimization and Others), End User (Industrial and Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2030

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