The Artificial Intelligence (AI) in Energy And Power 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 Artificial Intelligence (AI) in Energy And Power Global Market Report 2024, The artificial intelligence (AI) in energy and power market size has grown exponentially in recent years. It will grow from $4.03 billion in 2023 to $5.24 billion in 2024 at a compound annual growth rate (CAGR) of 30.1%. The growth in the historic period can be attributed to data availability and quality, regulatory support, cost reduction, increased connectivity, demand for renewable energy.
The artificial intelligence (AI) in energy and power market size is expected to see exponential growth in the next few years. It will grow to $13.62 billion in 2028 at a compound annual growth rate (CAGR) of 27.0%. The growth in the forecast period can be attributed to advanced analytics and predictive modeling, smart grid optimization, decentralized energy system, resilience planning, global energy transition. Major trends in the forecast period include technological advancements, collaboration and standards, global embrace of ai technologies, cybersecurity enhancement, predictive maintenance.
The growing investments in energy sectors are expected to propel the growth of artificial intelligence (AI) in energy and power market going forward. Investments refer to the allocation of resources, typically money, with the expectation of generating a return or profit over time. The energy and power sectors have been using investments to leverage artificial intelligence (AI) in various ways to improve decision-making, optimize operations, improve energy management, and enhance the dependability and quality of services in the industry. For instance, in 2023, according to reports published by the International Energy Agency., a France-based intergovernmental organization, around USD 2.8 trillion is expected to be invested in energy in 2023 and more than USD 1.7 trillion is going into clean energy from 2022. Further, comparing forecasts for 2023 with statistics for 2021, yearly renewable energy investment has increased substantially by 24%. Therefore, the growing investments in energy sectors are driving the growth of artificial intelligence (AI) in energy and power market.
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The artificial intelligence (ai) in energy and power market covered in this report is segmented –
1) By Technology: Machine Learning, Natural Language Processing, Computer Vision
2) By Application: Demand Forecasting, Energy Production and Distribution Optimization, Energy Management, Smart Grids, Smart Meter, Other Applications
3) By End-User: Commercial And Industrial, Residential
Major companies operating in artificial intelligence (AI) in the energy and power markets are developing innovative AI advancements, such as gridmatic retail, to meet the advanced energy needs of commercial customers. An AI-enabled power marketer to optimize clean energy purchasing and provide predictability and automation for commercial and industrial customers with advanced energy needs. For instance, in January 2023, Gridmatic, an AI-enabled power marketer, recently unveiled Gridmatic Retail to streamline the purchase of renewable energy while offering predictability and automation to business and industrial clients. It offers next-generation retail energy products, including time-matched renewables, 24/7 carbon-free energy, and load variability contracts. Additionally, it accelerates the transition to net zero and balances the renewable-powered grid by using its industry- AI to offer the most advanced, time-matched renewable contracts and custom products for customers with variable and complex energy needs.
The artificial intelligence (ai) in energy and power market report table of contents includes:
1. Executive Summary
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