The global Artificial Intelligence in energy market is expected to reach a valuation of USD 20.83 Billion in 2028, and register a revenue CAGR of 23.6% over the forecast period. The market revenue growth is attributed to growing need for obtaining operational efficiency to meet energy requirements. Digitalization in the sector of energy is contributing to high demand for Artificial Intelligence in energy systems, thus, supporting the steady revenue growth of the global market.
Artificial intelligence utilizes advanced algorithms, along with stacks of data accumulated from the source to provide machines and systems with the ability to think, perceive, calculate, and analyze complex information like a human brain. Additionally, the implementation of application-specific AI platforms provides real-time insights of various industrial applications, thus, increasing the system’s efficiency to meet the energy demand.
Furthermore, the cost efficiency induced by Artificial Intelligence in operations is driving the adoption rate of AI amongst various energy companies. Access to crucial information, along with predictive analytics has gained demand for AI in the energy sector for preventing equipment failure, across the supply chain.
Adoption of AI-based solutions among oilfield services operators and providers has been increasing and is fueling deployment of AI solutions in the industries like oil & gas. Increasing need for detecting improper threading in pipelines or defects in several error-prone mechanisms is driving the utilization of AI-powered defect detection solutions, especially in oil & gas industries. Moreover, the growing demand for reducing production as well as maintenance costs in oil & gas industries is leading to increasing utilization of AI-based solutions, thereby contributing to the revenue growth of the market.
Key Highlights of Report:
- The software segment accounted for highest revenue share in the year 2020. AI-driven software is predicted to improve customer savings by controlling the costs of energy without interrupting operations, which is expected to continue to support the revenue growth of the software segment.
- In terms of revenue share, the power industry segment is expected to grow at a significant CAGR of 23.8% throughout the forecast period. Growing demand to make the power industry more efficient and secure by analyzing as well as evaluating data volumes is a primary factor augmenting demand for AI solutions in the power industry.
- The renewable energy management segment registered significantly high revenue share in the market in 2020. Increasing demand for low carbon emissions worldwide is predicted to drive rising utilization of Artificial Intelligence for renewable energy management going ahead.
- North American market accounted for the contribution of largest revenue share to the global market in 2020. High adoption of AI-based smart meters and smart home solutions is contributing to increasing demand for Artificial Intelligence in the energy sector in various countries in North America.
- Major players operating in the market are Amazon Web Services, Inc., Accenture PLC, AutoGrid Systems, Inc, C3 IoT, Inc., Cisco Systems Inc., General Electric, Huawei Technologies Co., Ltd., HCL Technologies Ltd., Intel Corporation, and IBM Corporation.
For the purpose of this report, Emergen Research has segmented the global artificial intelligence in energy market on the basis of product offering, industry stream, application, and region:
Product offering Outlook (Revenue, USD Billion; 2021–2028)
- Support Services
Industry stream Outlook (Revenue, USD Billion; 2021–2028)
- Power Industry (Generation, Transmission, Distribution)
- Oil & Gas Industry (Upstream, Midstream, Downstream)
Application Outlook (Revenue, USD Billion; 2021–2028)
- Demand Response Management
- Fleet & asset Management
- Renewable Energy Management
- Precision Drilling
- Demand forecasting
- Infrastructure Management
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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