The AI In Energy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s AI In Energy Global Market Report 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..
The increasing use of microgrids is expected to propel the growth of AI in the energy market going forward. A microgrid is a localized energy system operating independently or in conjunction with the primary power grid. Microgrids play a significant role in integrating and optimizing AI technology within the energy sector, enabling intelligent energy management, grid optimization, and the integration of renewable energy sources. These help in AI energy applications like demand response, load balancing, and the integration of renewable energy. AI in the energy market is seeing significant growth as there is an increase in the use of microgrids. For instance, according to a November 2021, according to the Guidehouse, a US-based consulting firm, in the US around 979 megawatt of renewable microgird capacity was installated in 2021 and it is expected to reach 32,470 MW by 2030. Therefore, the increasing use of microgrids is expected to drive the growth of AI in the energy market going forward.
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The ai in energy market covered in this report is segmented –
1) By Offering: Support Services, Hardware, AI-As-A-Service, Software
2) By Deployment: On-Premise, Cloud
3) By Application: Demand Response Management, Fleet And Asset Management, Renewable Energy Management, Precision Drilling, Demand forecasting, Infrastructure Management, Other Applications
4) By End User: Energy Transmission, Energy Generation, Energy Distribution, Utilities, Other End Users
Technological advancements are a key trend gaining popularity in AI in the energy market. Major companies operating in AI in the energy market are adopting new technologies to sustain their position in the market. For instance, in February 2022, Telefonaktiebolaget LM Ericsson, a Sweden-based IT services and IT consulting company, launched an AI-powered Energy Infrastructure Operations, which is an energy management system that helps communications service providers reduce their energy use across their network infrastructure by utilizing artificial intelligence and cutting-edge data analytics. Using AI power, energy infrastructure operations can decrease energy related OPEX by 15%, site visits related to passive infrastructure by 15%, and 30% of outages due to energy. Reducing OPEX and CO2 emissions for communications service providers by utilizing AI and data analytics to maximize energy efficiency and site availability.
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