The global energy industry has witnessed a massive transformation over the past five years, owing to the rapidly rising demand for energy conservation and energy security. Players across the energy supply chain are actively working toward the development of sustainable distribution systems. Moreover, the increasing concern of cybertheft and asset downtime has further driven the adoption of intelligent technologies across the energy supply chain. Hence, technologies such as AI are implemented to mitigate such concern and ensure continuous energy supply. The AI technology using hardware and software helps in accumulating the complete value chain within a single operating platform, addressing specific client-centric challenges, along with an improvement in the overall performance of the system. Furthermore, the cost-effectiveness feature of AI, in the long run, is gradually driving the degree of acceptance amongst the energy companies.
Access to real-time information across remote locations is a major demand across the energy domain, which is now being achieved with the help of IoT enabled sensor data, which brings extraordinary insight into the process performance. AI utilizes advanced algorithms and stacks of data accumulated from the source to provide systems and machines with the ability to perceive, think, calculate, and analyze information like a human brain. The technology is enabling decentralized communication and co-ordination, by building the infrastructure to allow peers to safely, cheaply, and quickly connect with machines embedded with algorithms to act efficiently without invention.
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The three main advantages that the deployment of AI is expected to bring to the industry are improved reliability, enhanced operations, and added value in the business. To address the escalating demand for energy conservation and energy security, established information technology solution providers are developing intelligent platforms and solutions. These solutions are focused on helping the companies across the energy value chain to mitigate the supply-demand gap by ensuring high yields, profitability, and protection of the environment. Some of the leading companies working actively in this market are IBM Corporation, Microsoft Corporation, Accenture Plc, and Huawei Technologies.
The oil & gas industry includes three major sectors, i.e., upstream, midstream, and downstream. Each sector focuses on key aspects of the oil & gas industry, right from exploration and production, drilling, transportation, and sales. Increasing usage of AI solutions in the oil & gas industry can help the companies in analyzing the historical and equipment specifications data, taking more accurate decisions for crude oil exploration areas, and reducing the production cost. The oil & gas industry is gradually adopting new forms of technologies in its expedition to be more efficient and profitable with low margins. As a result, IoT, AI, and edge computing offer ideal solutions to the same. The AI in the oil & gas market is expected to hold a 55.77% market share in the global AI in energy market in 2019, owing to the increase in the deployment of AI solutions in the drilling and exploration areas.
The rising demand for increased operational efficiency to meet the energy requirement across the globe has propelled the need for increasing usage of AI. Moreover, there is an essential concern for decentralized power generators in the electricity distribution supply chain to reduce electricity demand. In regions such as North America and Europe, there is a huge availability of renewable energy. As a result, the AI market currently exhibits a stable growth. However, the AI in energy market in the Asia-Pacific is anticipated to display huge growth prospects supported by innovative technological advancements in the energy sector. The AI in energy market is expected to progress at a healthy rate in the future, supported by the gradually growing affinity for consistent energy supply and increasing initiatives for the automation of oil fields.
The companies operating in the AI in energy market have been adopting strategies such as partnerships, collaborations, and joint ventures, and product launches and developments. The AI in energy market comprises four types of players, namely IT solution providers, energy management and automation companies, oil & gas companies, and power utilities. Some of the most prominent IT solution providers in the AI in energy market include Microsoft Corporation, Accenture Plc, IBM Corporation, Huawei Technologies, Intel Corporation. Similarly, some of the prominent energy management and automation companies include General Electric, Rockwell Automation, Stem Inc., and Autogrid Systems Inc. The leading oil & gas companies include Schlumberger Limited, Total S.A., BP plc, and Royal Dutch Shell. Some of the leading power utilities are Autogrid Systems, Actility S.A., Tokyo Electric Power Company, and EnelX.
The competitive landscape for the AI in energy market demonstrates an inclination toward companies adopting strategies such as partnerships, collaborations, and joint ventures as well as product launches and developments. With the increasing growth in the global market, companies operating in this industry are compelled to come up with collaborative strategies in order to sustain in the intensely competitive market. For instance, in August 2019, AutoGrid Systems Inc. entered into a collaboration with Amazon Web Services for the digitalization of the power grid using AutoGrid Flex AI platform to meet the electricity demand. In June 2019, Baker HugesGE entered into a partnership with C3.ai to develop an AI software suite for its oil & gas applications.
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The rapid market penetration of the AI technology has led to the enhancement of the operational productivity by minimizing manual labor and providing an efficient platform for proper data management of production inputs with specific focus on energy industry applications such as renewable energy forecast, demand response, infrastructure management, seismic imaging, and preventive maintenance. The widespread implementation of cloud-based software systems has fueled the market growth by reducing security risks and increasing overall production capacities by the identification of underground oil & gas resources.
Companies such as Validere Technologies, Ambyint Inc., Salesforce Inc., and Sigfox Technology are increasing their investments in artificial intelligence-powered technologies, to improve operations and reduce downtime. For instance, in October 2019, March Capital Partners invested $100 million in SparkCognition Inc. for the development of artificial intelligence software for energy applications. These technologies are supported by product offerings comprising machine-to-machine (M2M) communication devices, wireless sensors, AI analytics software, and AI platform, among others.
AI utilizes advanced algorithms and stacks of data accumulated from the source to provide systems and machines with the ability to perceive, think, calculate, and analyze information similar to a human brain.
The technology is enabling decentralized communication and co-ordination, by building the infrastructure to allow peers to safely, cheaply, and quickly connect with machines embedded with algorithms to act efficiently without invention.Read Report Overview: https://bisresearch.com/industry-report/artificial-intelligence-energy-market.htmlThe oil & gas industry operates in a volatile environment.
With the stabilizing prices since 2016, the oil & gas industry has moved toward increasing investments in emerging digital technologies such as AI.
Similarly, the adoption of AI technology in the power industry has risen in the past three to four years, resulting in a consequent increase in productivity and sustainability.
The shift toward the use of AI in the power industry has been widely encouraged due to the increasing demand for energy conservation by remote monitoring and increasing the energy efficiency of the overall operating system.Precision drilling is one of the prominent applications of artificial intelligence in the oil & gas industry for the identification of accurate drilling spots.
With the advent of AI technology for guiding the drill on the ocean floor, the risks associated with drilling activities are reduced.
