Artificial Intelligence in Energy Market Size, Share and Forecast 2019-2026

SKU: DAG75 | Last Updated On: Sep 05 2019 | No. of Pages: 195 | Available Formats

In 2019, the European Union approved a project that was designed to improve turbine performance by using artificial intelligence, in order to boost the commercialization of tidal power sector.

Artificial Intelligence in Energy Market

The Global Artificial Intelligence in Energy Market was valued at USD XX million in 2018 and expected to grow at a CAGR of XX% to reach a market value of USD XX million by 2026. 

 

Global Artificial Intelligence in Energy Market Overview

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.

Global Artificial Intelligence in Energy Market Dynamics

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.

Industries have resorted to automation of repetitive and risky tasks to cut costs and decrease human errors in the production process. However, this has led end-users to search for solutions to address the limitations of industrial automation and robotics technologies. These limitations arise due to factors such as cost, computational capacity, storage, size, power supply, motion mode, and working environment. Therefore, the need to enhance existing systems using AI has also resulted in the increase in the demand for cloud-based Artificial Intelligence solutions.

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. The exponential rate of increase in the volume of data that needs to be processed played a major role in increasing the demand for Artificial Intelligence in data processing as meaningful insights are the need for energy companies.

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.

 

Global Artificial Intelligence in Energy Market Segmentation Analysis

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. 

Global Artificial Intelligence in Energy Market Geographical Share

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.

 

Global Artificial Intelligence in Energy Market Competitive Trends

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. 

Key players in the industry are focusing on security issues that arise in AI. For instance, IBM, has dedicated resources to develop a secure, autonomous grid to defend it from malicious cyber-attacks, a problem with serious consequences in today’s world. 

Alphabet, has made huge strides in this field, by developing a revolutionary technology which has the ability to predict power supply output 36 hours before the actual generation, ensuring that its clients can give a confident estimate of power supply to consumers. This reduces the inherent uncertainty in the wind power industry.

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.

 

Market Players-

  • ABB
  • Alphabet
  • General Electric
  • IBM
  • Siemens
  • Schneider Electric
  • BuildingIQ
  • Enlighted
  • Grid4C
  • Watty

 

Key Takeaways

  • 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.
  • Over the next several years, AI is expected to boost efficiencies across the renewable energy sector by automating operations in the solar and wind industries.
  • The AI in energy sector is also bound to benefit from the fact that there is a shift of preferences of consumers from machines which decrease production time to machines which learn while doing the same.
  • 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. 

 

Why Purchase the Report?

  • Visualize the composition of the Global Artificial Intelligence in Energy Market across each segment, highlighting the key commercial assets and players.
  • Identify commercial opportunities in Global Artificial Intelligence in Energy Market by analysing trends and co-development deals. 
  • Excel data sheet with thousands of data points of the Global Artificial Intelligence in Energy Market market - level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key products of all major market players.

 

Target Audience:

  • Equipment Suppliers/ Buyers
  • Service Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Research Professionals
  • Emerging Companies
  • Manufacturers

1. Artificial Intelligence in Energy Market – Methodology and Scope

1.1. Research Methodology

1.2. Research Objective and Scope of the Report

2. Artificial Intelligence in Energy Market – Market Definition and Overview

3. Artificial Intelligence in Energy Market – Executive Summary

3.1. Market Snippet by Solution

3.2. Market Snippet by Application

4. Artificial Intelligence in Energy Market – Market Dynamics

4.1. Market Impacting Factors

4.1.1. Drivers

4.1.1.1. Need to decrease uncertainty

4.1.1.2. Address the limitations of automation and robotics

4.1.1.3. Link enterprise system with the web due to globalisation

4.1.2. Restraints

4.1.2.1. Lack of skilled staff 

4.1.3. Impact Analysis

5. Artificial Intelligence in Energy Market – Industry Analysis 

5.1. Porter's Five Forces Analysis

5.2. Supply Chain Analysis 

5.3. Regulatory Analysis

5.4. Technology Advances

5.5. Key Companies to Watch

6. Artificial Intelligence in Energy Market – By Solution

6.1. Introduction

6.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Solution

6.3. Market Attractiveness Index, By Solution

6.3.1. Software Solutions

6.3.1.1. Introduction

6.3.1.2. Market Size Analysis, and Y-o-Y Growth Analysis (%)

6.3.2. Hardware solutions

6.3.3. Services

7. Artificial Intelligence in Energy Market – By Application

7.1. Introduction

7.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), Application

7.3. Market Attractiveness Index, Application

7.3.1. Load Research & Forecasting

7.3.1.1. Introduction

7.3.1.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), 2018-2026

7.3.2. Optimization

7.3.3. Transmission & Distribution

8. Artificial Intelligence in Energy Market – By Region

8.1. Introduction 

8.2. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region

8.3. Market Attractiveness Index, By Region

8.4. North America

8.4.1. Introduction

8.4.2. Key Region-Specific Dynamics

8.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Solution

8.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

8.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

8.4.5.1. U.S.

8.4.5.2. Canada

8.4.5.3. Mexico

8.5. Europe

8.5.1. Introduction

8.5.2. Key Region-Specific Dynamics

8.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Solution

8.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

8.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

8.5.5.1. Germany

8.5.5.2. U.K.

8.5.5.3. France

8.5.5.4. Rest of Europe

8.6. South America

8.6.1. Introduction

8.6.2. Key Region-Specific Dynamics

8.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Solution

8.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

8.6.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

8.6.5.1. Brazil

8.6.5.2. Argentina

8.6.5.3. Rest of South America

8.7. Asia-Pacific

8.7.1. Introduction

8.7.2. Key Region-Specific Dynamics

8.7.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Solution

8.7.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

8.7.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country

8.7.5.1. China

8.7.5.2. India

8.7.5.3. Japan

8.7.5.4. Australia

8.7.5.5. Rest of Asia Pacific

8.8. Middle East and Africa

8.8.1. Introduction

8.8.2. Key Region-Specific Dynamics

8.8.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Solution

8.8.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

9. Artificial Intelligence in Energy Market – Competitive Landscape

9.1. Competitive Scenario

9.2. Competitor Strategy Analysis

9.3. Comparative Product Portfolio Analysis

9.4. Market Positioning/Share Analysis

9.5. Mergers and Acquisitions Analysis

10. Artificial Intelligence in Energy Market – Company Profiles

10.1. ABB*

10.1.1. Company Overview

10.1.2. Product Portfolio and Description

10.1.3. Key Highlights

10.1.4. Financial Overview

10.2. Alphabet

10.3. General Electric

10.4. IBM

10.5. Siemens 

10.6. Schneider Electric

10.7. BuildingIQ

10.8. Enlighted

10.9. Grid4C

10.10. Watty

11. Artificial Intelligence in Energy Market – Premium Insights

12. Artificial Intelligence in Energy Market – DataM

12.1. Appendix

12.2. About Us and Services

12.3. Contact Us

List of Tables

Table 1 Global Artificial Intelligence in Energy Market Value, By Solution, 2018, 2022 & 2026 ($ Million)

Table 2 Global Artificial Intelligence in Energy Market Value, By Application, 2018, 2022 & 2026 ($ Million)

Table 3 Global Artificial Intelligence in Energy Market Value, By Region, 2018, 2022 & 2026 ($ Million)

Table 4 Global Artificial Intelligence in Energy Market Value, By Solution, 2018, 2022 & 2026 ($ Million)

Table 5 Global Artificial Intelligence in Energy Market Value, By Solution, 2017-2026 ($ Million)

Table 6 Global Artificial Intelligence in Energy Market Value, By Application, 2018, 2022 & 2026 ($ Million)

Table 7 Global Artificial Intelligence in Energy Market Value, By Application, 2017-2026 ($ Million)

Table 8 Global Artificial Intelligence in Energy Market Value, By Region, 2018, 2022 & 2026 ($ Million)

Table 9 Global Artificial Intelligence in Energy Market Value, By Region, 2017-2026 ($ Million)

Table 10 North America Artificial Intelligence in Energy Market Value, By Solution, 2017-2026 ($ Million)

Table 11 North America Artificial Intelligence in Energy Market Value, By Application, 2017-2026 ($ Million)

Table 12 North America Artificial Intelligence in Energy Market Value, By Country, 2017-2026 ($ Million)

Table 13 South America Artificial Intelligence in Energy Market Value, By Solution, 2017-2026 ($ Million)

Table 14 South America Artificial Intelligence in Energy Market Value, By Application, 2017-2026 ($ Million)

Table 15 South America Artificial Intelligence in Energy Market Value, By Country, 2017-2026 ($ Million)

Table 16 Europe Artificial Intelligence in Energy Market Value, By Solution, 2017-2026 ($ Million)

Table 17 Europe Artificial Intelligence in Energy Market Value, By Application, 2017-2026 ($ Million)

Table 18 Europe Artificial Intelligence in Energy Market Value, By Country, 2017-2026 ($ Million)

Table 19 Asia-Pacific Artificial Intelligence in Energy Market Value, By Solution, 2017-2026 ($ Million)

Table 20 Asia-Pacific Artificial Intelligence in Energy Market Value, By Application, 2017-2026 ($ Million)

Table 21 Asia-Pacific Artificial Intelligence in Energy Market Value, By Country, 2017-2026 ($ Million)

Table 22 Middle East & Africa Artificial Intelligence in Energy Market Value, By Solution, 2017-2026 ($ Million)

Table 23 Middle East & Africa Artificial Intelligence in Energy Market Value, By Application, 2017-2026 ($ Million)

Table 24 ABB: Overview

Table 25 ABB: Product Portfolio

Table 26 ABB: Key Developments

Table 27 Alphabet: Overview

Table 28 Alphabet: Product Portfolio

Table 29 Alphabet: Key Developments

Table 30 General Electric: Overview

Table 31 General Electric: Product Portfolio

Table 32 General Electric: Key Developments

Table 33 IBM: Overview

Table 34 IBM: Product Portfolio

Table 35 IBM: Key Developments

Table 36 Siemens: Overview

Table 37 Siemens: Product Portfolio

Table 38 Siemens: Key Developments

Table 39 Schneider Electric: Overview

Table 40 Schneider Electric: Product Portfolio

Table 41 Schneider Electric: Key Developments

Table 42 BuildingIQ: Overview

Table 43 BuildingIQ: Product Portfolio

Table 44 BuildingIQ: Key Developments

Table 45 Enlighted: Overview

Table 46 Enlighted: Product Portfolio

Table 47 Enlighted: Key Developments

Table 48 Grid4C: Overview

Table 49 Grid4C: Product Portfolio

Table 50 Grid4C: Key Developments

Table 51 Watty: Overview

Table 52 Watty: Product Portfolio

Table 53 Watty: Key Developments


List of Figures:

Figure 1 Global Artificial Intelligence in Energy Market Share, By Solution, 2018 & 2026 (%)

Figure 2 Global Artificial Intelligence in Energy Market Share, By Application, 2018 & 2026 (%)

Figure 3 Global Artificial Intelligence in Energy Market Share, By Region, 2018 & 2026 (%)

Figure 4 Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 5 Global Artificial Intelligence in Energy Market Y-o-Y Growth, By Solution, 2018-2026 (%)

Figure 6 Software Solutions: Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 7 Hardware solutions: Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 8 Services: Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 9 Global Artificial Intelligence in Energy Market Y-o-Y Growth, By Application, 2018-2026 (%)

Figure 10 Load Research & Forecasting: Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 11 Optimization: Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 12 Transmission & Distribution: Global Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 13 Global Artificial Intelligence in Energy Market Y-o-Y Growth, By Region, 2018-2026 (%)

Figure 14 North America Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 15 North America Artificial Intelligence in Energy Market Share, By Solution, 2018 & 2026 (%)

Figure 16 North America Artificial Intelligence in Energy Market Share, By Application, 2018 & 2026 (%)

Figure 17 North America Artificial Intelligence in Energy Market Share, By Country, 2018 & 2026 (%)

Figure 18 South America Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 19 South America Artificial Intelligence in Energy Market Share, By Solution, 2018 & 2026 (%)

Figure 20 South America Artificial Intelligence in Energy Market Share, By Application, 2018 & 2026 (%)

Figure 21 South America Artificial Intelligence in Energy Market Share, By Country, 2018 & 2026 (%)

Figure 22 Europe Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 23 Europe Artificial Intelligence in Energy Market Share, By Solution, 2018 & 2026 (%)

Figure 24 Europe Artificial Intelligence in Energy Market Share, By Application, 2018 & 2026 (%)

Figure 25 Europe Artificial Intelligence in Energy Market Share, By Country, 2018 & 2026 (%)

Figure 26 Asia-Pacific Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 27 Asia-Pacific Artificial Intelligence in Energy Market Share, By Solution, 2018 & 2026 (%)

Figure 28 Asia-Pacific Artificial Intelligence in Energy Market Share, By Application, 2018 & 2026 (%)

Figure 29 Asia-Pacific Artificial Intelligence in Energy Market Share, By Country, 2018 & 2026 (%)

Figure 30 Middle East & Africa Artificial Intelligence in Energy Market Value, 2017-2026 ($ Million)

Figure 31 Middle East & Africa Artificial Intelligence in Energy Market Share, By Solution, 2018 & 2026 (%)

Figure 32 Middle East & Africa Artificial Intelligence in Energy Market Share, By Application, 2018 & 2026 (%)

Figure 33 ABB: Financials

Figure 34 Alphabet: Financials

Figure 35 General Electric: Financials

Figure 36 IBM: Financials

Figure 37 Siemens: Financials

Figure 38 Schneider Electric: Financials

Figure 39 BuildingIQ: Financials

Figure 40 Enlighted: Financials

Figure 41 Grid4C: Financials

Figure 42 Watty: Financials

Did not find what you were looking for?Every 7 out of 10 customers request tailored reports. Get yours today!
We collate your requirements.
Our global research team is put into action.
We deliver, and make sure your endeavour is a success!

Buy This Report



Get your FREE SAMPLE PROPOSAL with a single click!