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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
[ 170 + Pages Research Report ] AI in the energy market to reach USD 44.1 billion by 2030 from USD 2.56 billion in 2020 at a CAGR of 33% in the coming years, i.e., 2021-30.
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.
AI in the energy market to surpass USD 44.1 Billion by 2030, this is valued at 2.56 billion in 2019 at a compound annual growth rate of 33%. 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
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.
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.
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.
Source: Fatpos Global
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.
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.
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.
IBM Corporation
Company Overview
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
Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium,
Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia,
Turkey and the Rest of Europe
CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New
Zealand, Australia, and the Rest of APAC
CAGR – North Africa, Israel, GCC, South Africa
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.
AI in energy market Segments:
By industry stream:
Oil and gas
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