The Artificial Intelligence in energy market is expected to reach USD 8.91 billion by 2024 from USD 58.66 billion in 2030, at a Compound Annual Growth Rate (CAGR) of 36.9 % from 2024–2030.
AI can help decarbonize and reduce the energy demands of the construction of buildings themselves. Cement, as the primary building material used today, represents 7-8% of global carbon emissions, according to a report published by the United States Department of Energy. AI can be used to design and optimize low-carbon cement designs, enabling accelerated materials formulation and innovation. AI can also be used to identify efficiencies in building construction. The planning and sequencing steps for building construction is a manual process and can be optimized with AI to unlock process efficiency and reduce waste at construction sites.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=231720509
Emerging Trends in the AI in Energy Market:
Predictive Maintenance for Energy Infrastructure: AI algorithms are being used to predict equipment failures in energy plants, reducing downtime and maintenance costs while improving overall operational efficiency.
Smart Grid Optimization: AI is enabling smarter grid management by analyzing real-time data to balance supply and demand, detect faults, and integrate renewable energy sources seamlessly.
Renewable Energy Forecasting: Advanced AI models are improving the accuracy of wind, solar, and other renewable energy production forecasts, helping utilities better plan and optimize energy distribution.
Energy Storage Management: AI solutions are optimizing energy storage systems by predicting usage patterns, enhancing battery life, and ensuring reliable energy supply during peak demand.
Energy Consumption Optimization: AI-powered tools are helping businesses and consumers monitor and optimize their energy usage, reducing costs and promoting sustainable practices.
AI for Carbon Footprint Reduction: AI is being employed to track and reduce carbon emissions, aiding energy companies in meeting regulatory requirements and sustainability goals.
Integration of AI in Renewable Energy Trading: AI is streamlining renewable energy trading by analyzing market trends, automating transactions, and improving pricing models.
Based on application, the grid optimization & management segment to hold the largest market size during the forecast period.
This AI in grid optimization and management enhances the strength, robustness, and efficiency of energy systems in distribution. It scans very large amounts of real-time data to detect inefficiencies, predict demand patterns, and engage in load balancing for the prevention of overload and possibilities of overloads and short-circuit outages. It adjusts grids dynamically, introduces renewable sources of energy in a very efficient manner, and minimizes energy losses in the transmission process. Moreover, AI-based automation enables faster responses to disruptions to ensure energy supply and efficiently maintain grid infrastructure. It is one of the applications that are paving the way toward modernization of the energy network and a move toward smart grids.
The distribution segment to have the highest growth during the forecast period.
AI in energy distribution improves efficiency and reliability in power delivery by optimizing grid management and reducing losses. Realtime monitoring and predictive analytics help AI detect faults, anticipate equipment failure, and smooth out the flow of electricity across the grid. It can allow utilities to balance supply and demand better, ensuring steady power delivery, even during peak usage periods. AI algorithms may also optimize voltage regulation so that power is delivered efficiently and within safe limits. Also, AI facilitates the integration of renewable energy sources into the distribution network; it balances intermittent generation sources such as solar and wind with grid needs. With improved forecasting and dynamic control from AI, waste energy is minimized, operations respond better, and it is possible to automate some features of grid maintenance, thus bringing downtime and the cost of operations down. In general, AI is revolutionizing an energy distribution system to be much smarter and more dynamic.
Asia Pacific is expected to hold the highest market growth rate during the forecast period.
State Power Rixin Technolog in collaboration with Huawei and China Huadian Corporation, launched a new energy meteorological power prediction solution in October 2024 in China that enhanced the prediction accuracy performance at a reduced operating cost for power plants. AI is also utilized to generate new energy efficiently and predict extreme weather impacts on renewable sources. Suola wind farm in Hebei province uses AI for intelligent control and management of wind and solar stations to become more efficient with low-cost manpower, thus achieving efficiency in service operations. In September 2024, KIER finalized its research on Urban Electrification with AI. This decreases the use of fossil fuel through integrated renewable energy in the source of energy from the city, for example, building-integrated solar technology. AI Energy Management Algorithms-in Model weather and human behavior optimize energy sharing and stabilize power grids during Low-Probability High-Impact Events. In June 2024, CSIRO collaborated with CoreLogic in launching RapidRate, the rate of AI-enabled estimation of the energy efficiency of existing homes. The CSIRO RapidRate AI tool assesses the energy efficiency of dwellings with minimal input. Utilizing a set of key factors based on floor area, orientation, and building materials, RapidRate applies the power of machine learning techniques to determine an indicative star rating consistent with the Nationwide House Energy Rating Scheme (NatHERS).
Top Key Companies in AI in Energy Market:
The major vendors covered in the AI in energy market are Schneider Electric SE (France), GE Vernova (US), ABB Ltd (Switzerland), Honeywell International (US), Siemens AG (Germany), AWS (US), IBM (US), Microsoft (US), Oracle (US), Vestas Wind Systems A/S (Denmark), Atos zData (US), C3.ai (US), Tesla (US), Alpiq (Switzerland), Enel group (Italy), Origami Energy (UK), Innowatts (US), Irasus technologies (India), Grid4C (US), Uplight (US), GridBeyond (Ireland), eSmart Systems (Norway), Ndustrial (US), Datategy (France), Omdena (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the AI in energy market.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
