Published: October 2020
Growing awareness of the impending energy crisis and the need to reduce carbon emissions, have led to the development of AI-based technologies to facilitate optimal power consumption and adoption of energy efficient infrastructure
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Market for AI based software solutions for the energy sector is likely to grow at an estimated CAGR of 30.0%, during 2020-2030
The growth within the software segment can be attributed to the ability of such solutions to analyze huge amounts of data in real time, for monitoring, consolidation and visualization purposes, and shorter response times. By 2030, the software segment is estimated to capture more than 58% of the overall market share.
Revenues generated from AI based solutions intended for infrastructure management in the energy sector are expected to grow at a relatively faster pace (32.0%)
Presently, AI is being used for the management of grid infrastructure and grid assets. In addition, the technology is employed for digital asset management and equipment O&M. It is worth highlighting that such solutions are anticipated to witness significant growth in their adoption in the Asia Pacific region.
North America is anticipated to capture the largest market share over the period 2020-2030
This is attributed to the fact that most of the early adopters of AI are in this region. In contrast, the market for AI based solutions, intended for the energy-related applications, in Asia Pacific is likely to grow at a relatively faster pace; China, India and Japan are expected to be the major contributors in the latter region.
Partnerships have emerged as the key business strategy of players engaged in this domain
Examples of recent partnership agreements include (in reverse chronological order) those signed between ExxonMobil and Princeton University (July 2020; for development of solutions that can help meet the dual challenge of growing energy demand while also reducing emissions), and Xcel Energy and eSmart and EDM (January 2020; for the development of AI solutions intended for transmission grid inspection).
Substantial capital investments have been made into emerging players in in this domain, over the past few years
It is worth mentioning that the seed funding in this domain witnessed an increase of 21% in 2018, as compared to the amount raised in the previous year. Specifically, the highest amount of funds (GBP 5.5 million) were raised by Upside Energy in January 2018.
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The USD 30.8 billion (by 2030) financial opportunity within the global AI in energy market has been analyzed across the following segments:
The research covers detailed profiles of key players (listed below) engaged in this domain; each profile features a company overview, financial information (if available), details related to its product / services portfolio, and recent developments and strategic initiatives undertaken by the firm.
In addition, the report features key AI specific initiatives undertaken by some of the leading players in the energy market:
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