Artificial Intelligence in Energy Market Size,Share,Growth,Competition,Trends,Growth Opportunities and Forecast (2024-2031)
Artificial Intelligence is being used in the energy sector for stabilizing power grids by creating an ‘autonomous grid’ that is programmed with past fluctuations and weak points on the grid. Such an autonomous grid would be able to respond to power fluctuations on its own seamlessly.
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Market Dynamics
The Global Artificial Intelligence in Energy Market is predominantly driven by the increasing demand of data integration and visual analytics by energy companies for getting relevant and useful business insights from their huge repository of data. Another factor driving the growth of AI in the energy sector is the growing need to decrease uncertainty mainly in the renewable energy sector, which is touted to be the future of energy supply management.Industries have resorted to automation of repetitive and risky tasks to cut costs and decrease human errors in the production process. However, this has led end-users to search for solutions to address the limitations of industrial automation and robotics technologies. These limitations arise due to factors such as cost, computational capacity, storage, size, power supply, motion mode, and working environment. Therefore, the need to enhance existing systems using AI has also resulted in an increase in the demand for cloud-based Artificial.
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Segment Analysis
By solution, the Global Artificial Intelligence in Energy Market solution is segmented into software, hardware, and services. Services sector is further sub-segmented to support & maintenance, and consulting services. Software solutions for artificial intelligence processing interfaces are the leading sector in the Energy AI market and are mainly used by power companies to predict and manage fluctuations based on past data. Demand is expected to surge in this segment as there is a substantial need from power supply companies to predict fluctuations such as surges and dips in power requirements of consumers so as to give them a viable estimate to producers beforehand.
Competitive Landscape
Key players in the industry are focusing on security issues that arise in AI. For instance, IBM has dedicated resources to develop a secure, autonomous grid to defend it from malicious cyber-attacks, a problem with serious consequences in today’s world. Major players are ABB, Alphabet, General Electric, IBM, Siemens, Schneider Electric, BuildingIQ, Enlighted, Grid4C, Watty, and among others.
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