Artificial Intelligence in Energy Market Expansion
The Artificial Intelligence (AI) in Energy Market is projected to expand remarkably, surging from USD 8.91 billion in 2024 to an impressive USD 58.66 billion by 2030, as reported by MarketsandMarkets™. This growth is driven by a robust Compound Annual Growth Rate (CAGR) of 36.9%.
AI’s Role in Decarbonization
In the global pursuit of decarbonization, AI emerges as a key enabler. It offers innovative solutions to reduce carbon footprints in building construction. With cement contributing 7-8% of global carbon emissions, according to the United States Department of Energy, AI’s application in designing low-carbon cement formulations stands out. Moreover, AI optimizes construction processes by streamlining planning and sequencing, reducing waste, and enhancing efficiency.
Market Overview
The report provides an extensive analysis of the Artificial Intelligence in Energy Market segmented by offering, energy type, application, and end-use. Among these, grid optimization and management is expected to dominate the market during the forecast period. AI enhances grid efficiency by analyzing vast datasets to detect inefficiencies, predict demand, and balance loads, thereby minimizing energy losses and ensuring a resilient energy supply.
Application and Growth Segments
AI applications in energy distribution are experiencing significant growth. By improving grid management’s efficiency and reliability, AI uses real-time monitoring and predictive analytics to detect faults and anticipate failures. This technology helps balance supply-demand dynamics, optimize voltage regulation, and facilitate the seamless integration of renewable energy sources like wind and solar.
Regional Insights
The Asia Pacific region is poised for the highest growth rate in the AI in Energy Market. Technological advancements in countries like China and Australia highlight this trend. Companies such as State Power Rixin Technology and Huawei have developed innovative solutions enhancing prediction accuracy for power plants. In addition, AI tools like CSIRO’s RapidRate are revolutionizing energy efficiency assessments in Australia.
Leading Companies in the Market
Prominent companies shaping the AI in Energy Market include Schneider Electric SE, GE Vernova, ABB Ltd, Honeywell International, Siemens AG, AWS, IBM, Microsoft, and Oracle. These players are pivotal in propelling AI advancements in the energy sector.
Future Prospects
The report accentuates the transformative potential of AI in driving smart, dynamic energy systems. By reducing carbon emissions, enhancing grid resilience, and integrating renewables, AI is setting the stage for a sustainable energy future.
For more insights and updates on the AI in Energy Market, follow aitechtrend.com. Note: This article is inspired by content from prnewswire.com and has been rephrased for originality. Images are credited to the original source.