The growth of global AI in the energy market is expected to be driven by the demand for improved operating efficiency, rising energy efficiency issues. Decentralized power producers are increasingly concerned about rising energy demand in the power distribution supply chain.
AI in the energy market uses slacks of data and advance algorithm from the source and provide the machine the ability to calculate, think and react to the provided information just like a human brain. By applying Artificial intelligence in the energy market it 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.
Major Highlights of AI in energy Market
The growth of global AI in the energy market is expected to be driven by the demand for improved operating efficiency, 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.
Recent Highlights in the AI in the energy market
1) In November 2019, Baker Hughes, C3.ai, and Microsoft announced their partnership to allow customers to implement Microsoft Azure-based, scalable AI solutions.
2) 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.
3) In January 2019, a cloud-based AI platform with real-time analytics for oil & gas industrial applications was launched by Kellton Tech Solutions Ltd.
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AI in the energy market: Key Segments
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.
The global AI in the energy market has been segmented on the basis of industry stream, product offering, and application. It has been further segmented on the basis of region into North America, Europe, Asia-Pacific, Mid East, and Africa.
Global AI in energy market: Drivers and Restraints
Collaborative Policies adopted by many companies
The competitive landscape in the energy market for AI shows a tendency towards 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 are able to develop reliable, functional AI applications.
AI in the energy market: Key Players
1) IBM Corporation
2) SAP SE
3) Microsoft Corporation
4) Huawei Technologies
5) HCL Technologies
6) Accenture Plc
7) Schneider Electric
8) Honeywell International
9) Rockwell Automation
10) Schlumberger Limited