DUBLIN, May 29, 2023 (GLOBE NEWSWIRE) — The “Artificial Intelligence (AI) in Power and Energy Market – Forecasts from 2023 to 2028” report has been added. ResearchAndMarkets.com’s Providing.
The energy and power market is projected to grow at a CAGR of 24.68% from a market value of US$3.103 billion in 2021 to reach US$14.527 billion by 2028.
In recent years, energy and power markets have increasingly relied on artificial intelligence (AI) as a tool. It has the ability to automate and optimize many energy-related processes, resulting in more efficient and cost-effective operations, better energy management and less negative environmental impacts.
Demand forecasting is one of the most important areas where AI is used in the energy sector. AI systems can accurately estimate energy consumption by analyzing data on user behavior, weather conditions and other variables, allowing utility companies to better plan and allocate resources.
Energy production and distribution can be made more efficient by AI. For example, machine learning algorithms can analyze data from solar or wind power systems to identify trends and predict how much energy will be produced. Operators may be able to better control the production of renewable energy sources, which can be highly unpredictable.
Building energy management is a significant area where AI is being used in the energy sector. AI-powered systems can monitor and evaluate how much energy is used in buildings, find efficiencies and suggest solutions to save energy. This can reduce greenhouse gas emissions and provide significant cost savings for building owners and tenants.
AI in the energy and power market is primarily driven by growing energy needs worldwide.
Artificial intelligence (AI) tools such as machine learning, natural language processing, and computer vision tools can help in a variety of ways to predict demand, improve energy production and distribution, and quickly identify and fix problems with equipment. Facilities can increase the reliability and quality of their services and reduce their efficiency and costs.
The AI market in the energy and power industry has benefited from the growing demand for energy as utilities are under pressure to improve energy production and distribution to meet growing demand while ensuring their systems remain reliable and cost-effective. The US Energy Information Administration (EIA) Between 2018 and 2050, global energy consumption is projected to rise by nearly 50%.
AI can help solve many of the issues associated with renewable energy use by predicting renewable energy output, increasing the grid’s ability to integrate renewable energy, and managing energy storage and distribution. This will reduce costs and increase the durability of the power plant, as well as increase the reliability and stability of the power system.
As a result, this market has benefited from the growing demand and acceptance of renewable energy. The International Energy Agency estimates that renewable energy sources will account for 90% of the world’s increase in energy capacity in the five-year period from 2021 to 2025, with solar power alone accounting for 60% of this. Development.
Market developments:
In the year In January 2023, Gridmatic, a market-leading AI-enabled energy marketer, recently introduced Gridmatic, a predictive and automated solution for commercial and industrial customers to streamline retail renewable energy procurement. Gridmatic helps retail companies reach their carbon reduction goals through sustainable energy contracts that reduce costs, provide predictability and stability, and are powered by market-proven AI.
The business offers customers customized products to meet their unique and complex needs, as well as next-generation retail energy products such as Time-Matched Renewables that match consumer usage of clean energy every hour. In conjunction with the launch, Gridmatic announced a customer partnership with EdgeConneX, an industry leader in global hyperlocal to hyperscale data center solutions.
Based on the application, the AI in power and energy market is expected to witness positive growth through smart grid.
Smart grids are a key application of AI in the power and energy market. Smart grids include advanced sensors, communication technologies and automation systems to facilitate efficient and reliable electricity distribution. Artificial intelligence (AI) can be used to optimize the performance of smart grids by evaluating large amounts of data in real time and providing insights that help utilities make better decisions.
Asia Pacific and North America account for the largest share of the AI in power and energy market.
Based on geography, the AI in power and energy market has been segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The development of renewable energy sources and smart grid technologies, especially in countries such as the United States, is expected to make North America one of the fastest growing regions in the power and energy market with AI.
The United States government has been increasing the use of renewable energy sources, which has encouraged the expansion of AI in the energy and power industry of the region. According to the US Energy Information Administration, renewable energy sources will account for 12 percent of the nation’s total electricity by 2020.
Europe is a major region in the AI energy and power market. The region is home to several top utilities and AI technology providers, with a strong focus on adopting smart grid and green energy technologies. In an effort to combat climate change, the European Union has set a target of 32 percent of its energy consumption coming from renewable sources by 2030.
Market segmentation:
In technology
- Machine learning
- Natural language processing
- Computer vision
- Others
by application
- Demand forecasting
- Facilitating energy production and distribution
- Energy management
- Smart grids
- Smart meter
- Others
by the end user
- Commercial and industrial
- Residence
in geography
- North America
- America
- Canada
- Mexico
- south america
- Brazil
- Argentina
- Others
- Europe
- united kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- United Arab Emirates
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Vietnam
- Indonesia
- Others
Key Features:
Report behavior | Details |
Number of pages | 152 |
Forecast time | 2021 – 2028 |
Estimated market value in 2021 (USD) | 3.1 billion dollars |
Projected Market Value in 2028 (USD) | 14.53 billion dollars |
Compound annual growth rate | 24.6% |
Covered regions | International |
Key topics covered:
1 Introduction
2. Research method
3. Executive summary
4. Market dynamics
5. AI technology in energy and energy market
6. AI in the application of energy and power market
7. AI in energy and power market end user
8. AI in energy and power market by geography
9. Competitive environment and analysis
10. Company profiles
Companies are mentioned
- General Electric
- Siemens Energy
- Schneider Electric
- ABB Limited
- Honeywell International Inc.
- C3.ai Inc.
- Eaton Corporation Pvt
- IBM Corporation
For more information about this report, visit https://www.researchandmarkets.com/r/6y9gnd
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Artificial Intelligence (AI) in Power and Energy Markets
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