The AI in energy and power market is expected to grow at a CAGR of 24.68% from US$3.103 billion in 2021 to US$14.527 billion in 2028.

NOIDA, UTTAR PARDESH, INDIA, January 24, 2024 /EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the AI in energy and power market is projected to grow at a CAGR of 24.68% between 2021 and 2028 to reach US$14.527 billion by 2028.

In recent times, the energy and power sectors have increasingly turned to artificial intelligence (AI) as a valuable tool. AI demonstrates the capability to automate and optimize various energy-related processes, leading to more efficient and cost-effective operations, improved energy management, and reduced environmental impact. Among the crucial applications of AI in the energy sector, demand forecasting stands out. AI systems can enhance the accuracy of estimating energy consumption by analyzing data related to consumer behavior, weather conditions, and other variables, enabling utility companies to plan and allocate resources more effectively. Furthermore, AI contributes to the efficiency of energy production and distribution; machine learning algorithms, for example, can analyze data from solar or wind power systems, identify patterns, and forecast energy production levels. This aids operators in better managing the often unpredictable production of renewable energy sources. Another significant area of AI implementation in the energy sector is building energy management. AI-powered systems can monitor and assess energy usage within buildings, identifying inefficiencies and proposing solutions to conserve energy. This not only reduces greenhouse gas emissions but also leads to substantial cost savings for building owners and occupants.

Access sample report or view details: https://www.knowledge-sourcing.com/report/ai-in-energy-and-power-market

Within the AI in the energy and power market, technologies are categorized into machine learning, natural language processing, computer vision, and other innovative solutions. Machine learning plays a pivotal role, enabling systems to learn and adapt from data, enhancing the efficiency of energy-related processes. Natural Language Processing (NLP) facilitates effective communication between humans and machines, contributing to streamlined operations and better management within the energy sector. Computer vision, another critical technology, allows machines to interpret and analyze visual information, aiding in tasks such as monitoring and optimizing energy production processes. Beyond these, various other innovative technologies contribute to the advancement of AI applications in the energy and power domain. This comprehensive technological landscape underscores the diverse and evolving approaches within the AI in energy and power market, driving innovation and efficiency across various aspects of the industry.

The AI in the energy and power market is anticipated to experience favorable growth, particularly in the context of smart grids. Smart grids emerge as a significant application of AI within the energy and power sector, integrating advanced sensors, communication technologies, and automation systems to enhance the efficient and reliable distribution of electricity. Artificial intelligence (AI) plays a crucial role in optimizing the performance of smart grids by analyzing extensive real-time data and providing insights that can empower utilities to make more informed and effective decisions.

In the AI energy and power market, end-users are categorized into commercial and industrial sectors, as well as residential applications. Within the commercial and industrial segment, AI technologies find extensive use in optimizing energy consumption, enhancing operational efficiency, and implementing advanced solutions for power management. Industries benefit from the integration of AI, as it enables data-driven decision-making processes and contributes to the overall sustainability of energy usage. On the residential front, AI is increasingly employed to enhance energy efficiency, automate home systems, and optimize energy consumption patterns. Smart home applications, driven by AI technologies, provide homeowners with the ability to manage and monitor energy usage, leading to cost savings and a more sustainable residential energy footprint. This segmentation reflects the diverse applications of AI in catering to the specific needs and challenges of both commercial and industrial entities, as well as residential consumers in the energy and power sector.

The geographical segmentation of the AI in energy and power market encompasses North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is poised to exhibit accelerated growth in the AI in energy and power market, driven by the widespread adoption of renewable energy sources and smart grid technologies. The United States, in particular, is expected to be a key contributor to this growth, showcasing rapid advancements. The U.S. government’s emphasis on increasing the utilization of renewable energy sources has significantly propelled the expansion of AI applications within the region’s energy and power sector. Notably, renewable energy sources accounted for approximately 12% of the nation’s total electricity generation in 2020, as reported by the U.S. Energy Information Administration. This underscores North America’s position as one of the fastest-growing regions in the AI in energy and power market, fueled by a commitment to sustainable energy solutions.

Major players in artificial intelligence (AI) in energy and power market are Siemens Energy, C3.ai Inc., Schneider Electric, ABB Ltd., Eaton Corporation Plc, IBM Corporation, General Electric, and Honeywell International Inc.

The market analytics report segments the artificial intelligence (AI) in energy and power market using the following criteria:

• By Technology

o Machine Learning

o Natural Language Processing

o Computer Vision

o Others

• By Application

o Demand Forecasting

o Energy Production and Distribution Optimization

o Energy Management

o Smart Grids

o Smart Meter

o Others

• By End-User

o Commercial and Industrial

o Residential

• By Geography

o North America

• USA

• Canada

• Mexico

o South America

• Brazil

• Argentina

• Others

o Europe

• United Kingdom

• Germany

• France

• Spain

• Others

o Middle East and Africa

• Saudi Arabia

• Israel

• UAE

• Others

o Asia Pacific

• China

• Japan

• India

• South Korea

• Australia

• Vietnam

• Indonesia

• Others

Companies Profiled:

• General Electric

• Siemens Energy

• Schneider Electric

• ABB Ltd.

• Honeywell International Inc.

• C3.ai Inc.

• Eaton Corporation Plc

• IBM Corporation

Explore More Reports:

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• Artificial Intelligence (AI) In Defense Market: https://www.knowledge-sourcing.com/report/ai-in-defense-market

• Artificial Intelligence (AI) In Government Market: https://www.knowledge-sourcing.com/report/artificial-intelligence-ai-in-government-market

Ankit Mishra
Knowledge Sourcing Intelligence LLP
+1 850-250-1698
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