Overview and Scope
Artificial intelligence (AI) in energy and power refers to the use of AI technologies to optimize energy systems, reduce costs, and improve efficiency in the energy and power markets. It has been used to improve predictions of supply and demand, optimize renewable energy systems, such as wind and solar power, and optimize energy production, such as oil and gas exploration and production.
Sizing and Forecast
The artificial intelligence (AI) in energy and power market size has grown exponentially in recent years. It will grow from $4.03 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to data availability and quality, regulatory support, cost reduction, increased connectivity, demand for renewable energy.
The artificial intelligence (AI) in energy and power market size is expected to see exponential growth in the next few years. It will grow to $13.62 billion in 2028 at a compound annual growth rate (CAGR) of 27.0%. The growth in the forecast period can be attributed to advanced analytics and predictive modeling, smart grid optimization, decentralized energy system, resilience planning, global energy transition. Major trends in the forecast period include technological advancements, collaboration and standards, global embrace of ai technologies, cybersecurity enhancement, predictive maintenance.
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Segmentation & Regional Insights
The artificial intelligence (ai) in energy and power market covered in this report is segmented –
1) By Technology: Machine Learning, Natural Language Processing, Computer Vision
2) By Application: Demand Forecasting, Energy Production and Distribution Optimization, Energy Management, Smart Grids, Smart Meter, Other Applications
3) By End-User: Commercial And Industrial, Residential
North America was the largest region in the artificial intelligence (AI) in energy and power market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in energy and power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing investments in energy sectors are expected to propel the growth of artificial intelligence (AI) in energy and power market going forward. Investments refer to the allocation of resources, typically money, with the expectation of generating a return or profit over time. The energy and power sectors have been using investments to leverage artificial intelligence (AI) in various ways to improve decision-making, optimize operations, improve energy management, and enhance the dependability and quality of services in the industry. For instance, in 2023, according to reports published by the International Energy Agency., a France-based intergovernmental organization, around USD 2.8 trillion is expected to be invested in energy in 2023 and more than USD 1.7 trillion is going into clean energy from 2022. Further, comparing forecasts for 2023 with statistics for 2021, yearly renewable energy investment has increased substantially by 24%. Therefore, the growing investments in energy sectors are driving the growth of artificial intelligence (AI) in energy and power market.
Key Industry Players
Major companies operating in the artificial intelligence (AI) in energy and power market report are Google LLC, Microsoft Corporation, Mitsubishi Electric Corporation, Bosch.IO , Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Group, NVIDIA Corporation, Toshiba Corporation, Emerson Electric Co, Rockwell Automation Inc., SAS Institute Inc, DNV GL, Sierra Wireless Inc., C3.ai Inc., Vayyar Imaging Ltd., Uptake Technologies Inc., Verdigris Technologies Inc., ClearPath Robotics, Aurora Solar Technologies, SenseHawk
The artificial intelligence (ai) in energy and power market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
………
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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