AI in Energy Management Market Research Report: By Type, Solution, Application, Technology, End User – Industry Opportunity Analysis and Growth Forecast to 2024
According to the market research report published by P&S Intelligence, the global AI in energy management market share was valued at $4,439.1 million in 2018, which is projected to reach $12,200.9 million by 2024, growing at a CAGR of 19.8% during the forecast period (2019–2024). On the basis of end user, the utility category held the largest market share in 2018. This is attributed to the fact that companies, such as Duke Energy Corporation and Dominion Energy Inc., have been actively deploying AI solutions for managing supply–demand balance and optimizing business infrastructure.
The integration of IoT in EMSs is observed as a major trend in the market. In EMS, IoT plays a vital role in delivering software automation, remote controls, proactive monitoring, and data insight services. It helps to display the energy consumption value with the help of smart meters and sensors at the machine and production line levels. IoT provides an integrated suite of software & services that helps in reducing the energy costs.
AI-enabled robots have the potential to revolutionize the cost structure and operations of energy companies, along with the reduction in risks and health improvement of the energy personnel. AI-enabled robots are capable of inspecting, certifying, maintaining, and repairing energy installation units. Further, the robots can be used in cleaning up and decommissioning of nuclear waste.
Globally, North America and Europe collectively accounted for more than 50% of the market share in the AI in energy management market in 2018. The regions are home to some of the top AI solution providers and the governments of top markets such as U.S. and U.K. among these regions, have been actively investing toward the deployment of AI solutions. For instance, in February 2019, the U.S. government launched the American AI Initiative program, wherein an amount close to $1 billion for AI research across all agencies is to be invested as reported by the U.S. Office of Science and Technology Policy.
The U.S. held the largest market share in the AI in energy management market. The U.S. is the present leader in AI technology, the U.S. pays a strong emphasis on the energy generated through renewable sources which is 18.2% of the total energy produced, hence the U.S. is deploying AI solutions in the energy sector to integrate renewables into the power grid. Further, China is projected to be the fastest growing market across the forecast period. This can be attributed to the large amount of energy consumption in China which stood close to 1500 GW in 2018. With such a heavy consumption China is heavily investing in AI solutions for integrating and supporting the management of energy produced from different sources, such as wind, thermal, hydro, and solar, into the power grid.
The AI in energy management market has a fragmented structure, with the presence of a large number of market players. Some top players in the market are General Electric Company, Schneider Electric SE, IBM Corporation, ABB Ltd., Eaton Corporation plc., and Mitsubishi Electric Corporation.
In recent years, the major players in the AI in energy management market have taken several strategic measures, such as mergers & acquisitions, product launches, and geographical expansions, to gain a competitive edge in the industry. For instance, in March 2019, Smart Energy Water (SEW), a cloud platform provider for data on energy and water, entered into an agreement with IBM Corporation to leverage the IBM cloud for global deployment of SEW platform over a period of next five years. Under the agreement, SEW will access the scalability and flexibility of IBM cloud. Further, in June 2019, Schneider Electric, a global player in energy management and automation, acquired the majority stake in AutoGrid Systems Inc., a provider of management software for the energy industry. Schneider Electric will leverage AutoGrid’s flex and energy internet platforms to provide AI-driven solutions used in the energy sector.
Other key players in the market include Siemens AG, Alphabet Inc., Honeywell International Inc, Johnson Controls International plc and Xcel Energy Inc.
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