Global Ai In Energy Market Analysis 2024, Forecast To 2033
8 Mar, 2024
The ai in energy market size has grown exponentially in recent years. It will grow from $5.23 billion in 2023 to $6.39 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. The growth in the historic period can be attributed to data analytics for efficiency, demand response management, predictive maintenance, grid optimization, renewable energy integration. The ai in energy market size is expected to see exponential growth in the next few years. It will grow to $13.36 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The growth in the forecast period can be attributed to decentralized energy systems, energy storage management, smart cities and infrastructure, electrification of transportation, integration of edge computing. Major trends in the forecast period include energy efficiency analytics, autonomous energy infrastructure, cybersecurity solutions, virtual power plants, edge ai for energy management.
Global AI In Energy Market Key Driver
The increasing use of microgrids, with an expected installation of 979 megawatts of renewable microgrid capacity in the US in 2021 and a projected increase to 32,470 megawatts by 2030 according to Guidehouse, is expected to drive the growth of AI in the energy market. Microgrids integrate AI technology for intelligent energy management, grid optimization, and renewable energy integration, enhancing energy efficiency and sustainability.
Get A Free Sample Of The Global AI In Energy Market ReportGlobal AI In Energy Market Segments
The ai in energy market covered in this report is segmented –
1) Offering:Support Services, Hardware, AI-As-A-Service, Software
2) Deployment:On-Premise, Cloud
3) Application:Demand Response Management, Fleet And Asset Management, Renewable Energy Management, Precision Drilling, Demand forecasting, Infrastructure Management, Other Applications
4) End User:Energy Transmission, Energy Generation, Energy Distribution, Utilities, Other End Users
By Geography: The countries covered in the ai in energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in AI in the energy market in 2023. Asia-pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ai in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major AI In Energy Industry Players
Google; Microsoft Corporation; Engie SA; Huawei Technologies Co Ltd.; Siemens AG; General Electric Company; Intel Corporation; International Business Machines Corporation; Iberdrola; Cisco Systems Inc.; Schneider Electric SE; Honeywell International Inc.; Flex Ltd.; ABB Ltd; Duke Energy Corporation; Nvidia Corporation; Alpiq Holding AG; ATOS SE; Enel Green Power S.p.A.; Databricks Inc.; C3 AI; Uptake Technologies; Sentient Energy Inc.; AutoGrid Systems Inc.; Arundo Analytics Inc.; Bidgely Inc.; Verdigris Technologies; Greenbird Integration Technology AS; AppOrchid Inc.; Ecube Labs Co. Ltd
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AI In Energy Market Overview
AI in energy refers to the application of artificial intelligence (AI) technologies and techniques in the energy sector to improve efficiency, optimize operations, and enhance decision-making. AI in energy includes data analysis, grid management and security, and demand response. AI in energy is used to maximize the recycling of materials used in renewable energy systems, such as solar panels, wind turbines, and hydroelectric dams.