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(I-SoftwareNews.Com, September 05, 2019 )
• Artificial Intelligence is being used in the energy sector for stabilizing power grids by creating an ‘autonomous grid’ which is programmed with past fluctuations and weak points on the grid. Such an autonomous grid would be able to respond to power fluctuations on its own seamlessly.
• The Global Artificial Intelligence in Energy Market is predominantly driven by the increasing demand of data integration and visual analytics by energy companies for getting relevant and useful business insights from their huge repository of data. Another factor driving the growth of AI in the energy sector is the growing need to decrease uncertainty mainly in the renewable energy sector, which is touted to be the future of energy supply management.
• Energy companies require Artificial Intelligence platforms to link multiple enterprise systems with the internet and other cloud-based applications to facilitate real-time information exchange, given that globalization has led to customers, suppliers, and companies being scattered across the world. There has been an increased demand for bringing in AI in the energy sector primarily as it need low and substantial seed investment, and the low level of a risk of failure.
• Artificial Intelligence allows real-time synthesizing of data to facilitate stat analysis which leads to an efficient decision-making system. The increased levels of complexity have also made deployment of data processing interface difficult, leading to an increase in demand for data integration solutions. T
• Lack of availability of skilled staff ready to cope with the change in software/hardware services is hindering the penetrability of AI in the energy sector until the clients have employees who can deal with the disruption in the status quo caused due to incorporating AI.
• By solution, the Global Artificial Intelligence in Energy Market solution is segmented into software, hardware, and services. Services sector is further sub-segmented to support & maintenance, and consulting services. Software solutions for artificial intelligence processing interfaces is the leading sector in the Energy AI market and is mainly used by power companies to predict and manage fluctuations based on past data. Demand is expected to surge in this segment as there is a substantial need from power supply companies to predict fluctuations such as surges and dips in power requirements of consumers so as to give them a viable estimate to producers beforehand.
• By application, the Global Artificial Intelligence in Energy Market is segmented into Load Research & Forecasting, Optimization, and Transmission & Distribution. Load research & forecasting sector is anticipated to have strong growth in the coming years, due to increasing need for analysing energy demand and load requirements. Forecasting also refers to clients using AI to predict when their systems might fail, so that they can opt for necessary precautionary measures.
• A major portion of the Global Artificial Intelligence in Energy Market Share is predicted to be concentrated in North America, despite the fact that the Global Artificial Intelligence Market as a whole is forecasted to be centred in the APAC region. One of the major reason is the increased spending by big tech companies on developing Artificial Intelligence for applications in distinct fields.
• For example, Enlighted (a company based in USA), which works in this sector has already received over USD 80 Million in funding from investors.
• The Global Artificial Intelligence in Energy Market is a concentrated market, with the key players holding most of the market share, and the others having a minute market share globally.
• General Electric has started catering to AI market consisting of energy companies that requires market insights to analyse predictive patterns to augment energy savings through Big Data analytics.
• Building IQ on the other hand, is focusing on large building complexes to provide predictive solutions for energy optimization using Artificial Intelligence. It takes into account factors such as thermodynamic information of a building, weather forecast in the region and so on.
• General Electric
• Given that the market as a whole is still in its nascent stages, companies providing AI solutions to clients in the energy industry have a huge opportunity to capitalise on this boom in demand.
• The energy sector as a whole is undergoing a rapid transformation in making each component in the supply chain smart.
• North America has emerged as the leading region with the highest market share. This might be due to the presence of major tech companies, which form the Silicon Valley in the US.
• Companies which invest in AI ventures are bound to witness an upsurge in revenue generated.
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