Solution Segment is Expected to Dominate the Global AI in Power Market.
According to
TechSci Research report, “Global AI in Power Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”. Global AI in Power is anticipated to project robust growth in the
forecast period with a CAGR of 18.24% through 2029. Large Power firms have
facilities spread out over the globe. Therefore, it's crucial to manage them
all effectively. They can access all their locations' data in one spot thanks
to AI. This enables them to manage and monitor all their plants remotely. Data
records may occasionally be incomplete. Thus, it's crucial to digitize and
evaluate them before using them.
AI improves operations in the upstream, midstream, and downstream
processes. AI promotes high security and safety standards in the Power sector.
Due to their flammability and the release of toxic gases, Power are highly
hazardous. Artificial intelligence systems can track toxicity levels and leaks
and warn users of issues that must be fixed. The fluctuation in temperature is
another threat to safety in the Power sector. As the seasons change throughout
the year, AI can automatically modify cooling and heating systems to keep the
goods safe. Artificial intelligence will also warn the maintenance team when
equipment used to process and transport crude oil needs maintenance.
The offshore Power industries employ AI and data science to simplify
access to the complex data required for Power exploration and production. This
enables businesses to find new exploration opportunities and improve the use of
current infrastructures. For example, according to BP plc, global oil
production amounted to 89.9 million barrels per day in 2021. Production can be
increased by using AI tools.
Browse over xx market data
Figures spread through 188 Pages and an in-depth TOC on " Global AI in Power Market.”
Based on Component, Solution
segment is expected to hold the largest share of AI in Power Market for during
the forecast period, the services segment was the highest artificial
intelligence in energy market share, at a significant CAGR of 17.7% during the
forecast period.AI services also support the integration of AI solutions into
core business functions and processes. For instance, AI for marketing, helping
companies get more out of their marketing spend using data; AI for processing,
helping companies process information or data more efficiently; and AI for
customer engagement, improving customer service for companies with tools such
as AI chatbots.
Based on Region, North
America is expected to dominate the market during the forecast period. Owing to the increasing adoption of AI
technologies across the oilfield operators and service providers and the robust
presence of prominent AI software and system suppliers, especially in the
United States and Canada, the North American segment is anticipated to account
for the largest share of the AI in Power market over the forecast period.
Factors such as the strong
economy, the high adoption rate of AI technologies across the oilfield
operators and service providers, a robust presence of prominent AI software and
system suppliers, and combined investment by government and private
organizations for the development and growth of R&D activities are
projected to drive the demand for AI in the Power sector in the region. ExxonMobil,
one of the leading oil producers in the country, announced its plans to
increase the production activity in the Permian Basin of West Texas by
producing more than 1 million barrels per day (BPD) of oil equivalent by as
early as 2024. This capacity is equivalent to an increase of nearly 80%
compared to the present production capacity.
Key market players in the
Global AI in Power Market are following: -
- Google LLC
- IBM Corporation
- FuGenX Technologies Pvt. Ltd
- C3.AI
- Microsoft Corporation
- Intel Corporation
- Royal Dutch Shell PLC
- PJSC Gazprom Neft
- Huawei Technologies Co. Ltd
- NVIDIA Corp.
Download Sample Report
Customers can also request for 10% free
customization on this report.
“The global power
market is witnessing a transformative impact with the integration of Artificial
Intelligence (AI) technologies. AI is emerging as a key driver, revolutionizing
the power sector by optimizing operations, enhancing efficiency, and
facilitating smarter decision-making. One of the primary drivers is the
increasing demand for energy, coupled with the need for sustainable and
resilient power systems. AI enables predictive analytics, demand forecasting,
and grid management, thereby improving the overall reliability of power supply.
Smart grid technologies, empowered by AI, play a pivotal role in monitoring and
controlling electricity flow, minimizing losses, and enabling dynamic load
balancing. Moreover, AI-driven technologies contribute to the growth of
renewable energy sources by optimizing their integration into the grid. Machine
learning algorithms analyze vast amounts of data, optimizing renewable energy
production and storage, thus fostering a more sustainable energy landscape.
Additionally, AI facilitates predictive maintenance of power infrastructure,
reducing downtime and enhancing asset longevity. The combination of AI and
Internet of Things (IoT) technologies further promotes the development of smart
homes and buildings, promoting energy efficiency at the consumer level. In
essence, the adoption of AI in the power market is pivotal for addressing the
evolving energy landscape, meeting increasing demand, and ensuring a more
resilient and sustainable future.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
AI in Power Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented by End User (Energy
Transmission, Energy Generation, Energy Distribution, Utilities), Service Type (Professional
Services, Managed Services), Component (Solution, Services), By Region, By Competition
2019-2029 has evaluated the future
growth potential of Global AI in Power Market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the Global AI in Power Market.
Contact
TechSci Research
LLC
420 Lexington
Avenue,
Suite 300, New
York,
United States-
10170
M: +13322586602
Email:
[email protected]
Website: https://www.techsciresearch.com