Summary
The global Artificial Intelligence In Energy Market is expected to witness a CAGR of xx% over the forecast period 2020-2026 and is expected to reach US$ xx million in 2026, from US$ xx million in 2019.
Overview
Artificial intelligence in utilities and energy has thus far gained wide real-world application to remedy the deficiencies of both the old and the modern models. Notably, many existing problems in the electricity market, such as soaring fuel costs, underutilization, and excessive costs are being addressed by technological breakthroughs. As a result, there have been many practical applications that illustrate the convergence of both fields. The most well-known artificial intelligence applications in the field of energy are the Weather Forecasting Model, the grid-networks, and the autonomous control of vehicles. The global artificial intelligence in energy market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global artificial intelligence in energy market is expected to witness significant growth during the forecast period, owing to technological advancements in the energy and utility sector.
Market Drivers
Increasing demand for energy is expected to drive growth of the global artificial intelligence in energy market during the forecast period. According to the International Energy Agency (IEA), nuclear energy as a supply source was pegged at 687,481 ktoe in 2017, increasing from 709,211 ktoe in 2007. AI can reduce power system emissions and increase its resilience and reliability. Besides, AI can automate decisions by providing robust analytics. Hence, these factors are expected to drive growth of the global artificial intelligence in energy market during the forecast period. Furthermore, technological advancements in the energy and utility sector are expected to boost the global artificial intelligence in energy market growth in the near future.
Market Restraint
Concerns regarding data privacy are expected to hamper the global artificial intelligence in energy market during the forecast period.
Regional Insights
Among regions, North America is expected to hold a dominant position in the global artificial intelligence in energy market during the forecast period. This is owing to increasing adoption of technological advancements in the region. Furthermore, Asia Pacific is expected to register a robust growth rate over the forecast period, owing to increasing demand for energy in the region.
Competitive Landscape
Key companies involved in the global artificial intelligence in energy market are ABB Ltd., General Electric, Grid4C, IBM Corporation, and Siemens.
For instance, in July 2020, Trilliant Networks, a provider of smart grid solutions, partnered with Grid4C to deploy AI-enabled solutions to Trilliant’s smart metering platform.
The Artificial Intelligence In Energy Market report highlights product development and growth strategies such as merger and acquisition adopted by market players along with SWOT Analysis, PEST and Porter’s Five Forces analyses of the Artificial Intelligence In Energy Market, which highlight the strengths, weaknesses, opportunities, and commination of key companies. Moreover, the report offers two distinct market forecasts, one from the perspective of the producer and another from that of the consumer.
The various contributors involved in the value chain of the product include manufacturers, suppliers, distributors, intermediaries, and customers.
The Key Manufacturers covered in this Report:-
- ABB
- General Electric
- IBM
- Siemens
- Grid4C
- ...
By the Product Type, the market is primarily segmented into:
- Machine Learning
- Natural Language Processing
- Others
By Applications, the market is segmented into:
- split into
- Load Research & Forecasting
- Transmission & Distribution
The Report covers the following Regions:
- North America
- United States
- Canada
- Mexico
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Indonesia
- Thailand
- Malaysia
- Philippines
- Vietnam
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Central & South America
- Middle East & Africa
- Turkey
- GCC Countries
- Egypt
- South Africa
Objective of the Artificial Intelligence In Energy Market Report:
- To assess the size of the market by value and volume
- Analyze the Artificial Intelligence In Energy Market in terms of regions and major countries
- Highlight recent developments and trends in the market
- Offer perceptive data regarding major market players in terms of key developments, strategies, and product portfolio
- Determine share of the Artificial Intelligence In Energy Market in terms of various segments such as by product type, application, and end-user
- Offer accurate projection of the market for the forecast period using state-of –the-art tools and the current primary and secondary research approaches
- Discuss major factors that impact growth of the Artificial Intelligence In Energy Market
The Artificial Intelligence In Energy Market engages the readers with all pivotal approaches to understand their position in the industry based on revenue or sales growth. The report efficiently evaluates the Artificial Intelligence In Energy Market from various dimensions to deliver an end-product that is informative, elaborate, and accurate and includes detailed market segmentation, regional analysis, and competition in the market. The information in the report is backed by annual company reports, financial reports, press releases, regulatory databases, government documents, and statistical databases.
For the data information by region, company, type and application, 2019 is considered as the base year. Whenever data information was unavailable for the base year, the prior year has been considered.
Key Stakeholders:
- Material suppliers/wholesalers
- Market Distributors/traders
- Regulatory bodies
- Research organizations, and consulting firms
- Commercial research & developments (R&D)
- Trade associations and industry bodies
- Importers and exporters
- End-use industries
Available Customizations:
Custom research is one of the most crucial components of the business strategy that helps an organization gain insight into specific business sector, aligned with its specific area of interest. Thus, SMI offers more accurate, pragmatic, and actionable information specifically tailored to suit your business needs.
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