Market Insights
The AI in energy management market was valued at US$ 5.10 Bn in 2018 and expected to grow at a CAGR of 21.2% during the forecast period from 2019 to 2027.
“Growing adoption of artificial intelligence (AI) worldwide will drive the demand for AI in Energy Management Market”
The increase in the adoption of artificial intelligence (AI) for low-carbon electricity generation, coupled with the need to forecast global energy use, is expected to drive AI in the energy management market throughout the forecast period from 2019 to 2027. The rapid technological shift in the energy sector and the increase in demand for renewable energy sources are some of the other factors expected to strengthen the global market in the coming years. In 2018, North America dominated the global market, backed by Europe and Asia Pacific.
The rising focus on clean energy along with a surge in the deployment of artificial intelligence (AI) are also anticipated to drive the global market over the forecast period. According to a recent report, the global investments for clean energy reach around US$ 333.5 Bn in 2017. Incorporation of IoT (internet of things) in the energy management systems is expected to further drive the market growth throughout the forecast period. The rise in investments coupled with the launch of new & innovative solutions are anticipated to drive the market in years to come. For instance, in November 2019, Baker Hughes, C3.ai and Microsoft Corporation announced a strategic alliance to bring artificial intelligence (AI) solutions for energy management on cloud computing platform Microsoft Azure. The strategic alliance is presumed to helpful for the consumer is to simplify the adoption of AI solutions in the energy sector, which will help to promote reliability, safety, and sustainability.
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Regional Analysis
“The rise in the integration of AI in the energy industry to enhance North America growth”
In 2018, North America was dominant in the global AI in energy management market. The region accounted for around 33% of the world market share in the same year. North America was dominant in 2018 due to an increase in the integration of artificial intelligence in the energy sector along with early technological adoption and the presence of major market players in the region, such as IBM Corporation, Honeywell International, Inc., General Electric Company and others. The U.S. had the highest share in the North America AI in energy management market in 2018, contributed to more than 82% market share in the same year. The U.S. had a major share due to a surge in government investment coupled with the growing demand for energy. According to a report, the U.S. consumption is expanding at its fastest rate for the last 30 years.
In the global AI in energy management market, market players are focusing on strategies such as strategic alliance, collaboration, partnership, new technology launch, and acquisition & merger to increase their market presence and market share.
Industrial Developments
- In February 2020, Honeywell International Inc. launched Honeywell Forge Energy Optimization solution. The aforementioned solution is a cloud-based, machine learning solution that studies building’s energy consumption patterns and adjusts to optimum energy-saving settings.
- In February 2019, IBM Corporation and Smart Energy Water signed a multi-year agreement to leverage IBM Cloud for the SEW platform. Smart Energy Water will access the scalability and flexibility of the IBM Cloud to provide a common global infrastructure for numerous works such as energy efficiency, online bill processing, demand response applications, and others.
Key Market Movements:
- Globally, the AI in energy management market is growing at a CAGR of 21.2% in terms of revenue for the anticipated period from 2019 to 2027
- North America dominated the global market in 2018 and expected to remain dominant over the forecast period. The region is dominated by a surge in the deployment of artificial intelligence (AI) in the energy sector and a growing demand for renewable energy in the region.
- On the contrary, Asia Pacific is expected to grow with the fastest CAGR during the forecast period due to the growing energy industry in the region coupled with growing government initiatives for the deployment of artificial intelligence (AI) in the region.
- Based on technology, the machine-learning segment had the highest share in the global market in 2018. The machine-learning segment was dominant in 2018 due to their algorithms and statistical models that provide systems the capability to perform the assigned task with more accuracy.
- Innovative product launch along with strategic collaborations are anticipated to be the major strategies followed by key players.
List of Companies Covered:
- IBM Corporation
- Eaton Corporation PLC
- General Electric Company
- ABB Ltd.
- Siemens AG
- Honeywell International Inc.
- Schneider Electric SE
- Xcel Energy Inc.
- Rockwell Automation
- Wipro Limited
- Microsoft Corporation
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DoC: https://issuu.com/robsonspot/docs/ai_in_energy_management_market.docx
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