Dublin, Dec. 16, 2024 (GLOBE NEWSWIRE) — The “Artificial Intelligence in Energy Market by Application (Energy Demand Forecasting, Grid Optimization & Management, Energy Storage Optimization), End Use (Generation, Transmission, Distribution, Consumption) – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The AI in energy market is estimated at USD 8.91 billion in 2024 to USD 58.66 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 36.9%.
Market Dynamics
- Drivers
- Energy Market Volatility and Risk Management
- Rising Consumer Demand for Smart Energy Solutions
- AI-Powered Robots Increasing Energy Sector Worker Safety
- Restraints
- Data Privacy and Security
- High Implementation Costs
- Opportunities
- Increasing Shift Toward Carbon Emission Reduction and Sustainability
- Renewable Energy Integration
- Challenges
- Insufficient Real-Time Energy Data Limiting Training and Deployment of AI Models
- Lack of Skilled Professionals in AI and Energy Analytics
By energy type, conventional energy segment to hold the largest market size during the forecast period
Artificial intelligence is increasingly being integrated into the more traditional energy sectors such as coal, oil, natural gas, and nuclear energy to make it much more efficient, safe, and sustainable. In fossil fuel-based energy generation, AI optimizes resource extraction, improves plant performance, and enables predictive maintenance that reduces downtime and operational costs. Using coal, oil, and natural gas, AI systems can forecast demand fluctuations, adjust supply levels, and monitor emissions, helping operators comply with environmental regulations.
With nuclear energy, AI ensures safety by monitoring reactor conditions and predicting anomalies while automating response mechanisms, hence increasing the overall plant reliability. In addition, AI use supports the development of better extracting processes and fewer operational risks in other conventional energy sources, such as peat, oil shale, and tar sands, toward sustainability in energy production. In doing so, AI is redefining the conventional energy landscape, ensuring it is more efficient, safe, and environmentally friendly.
The services segment to register the fastest growth rate during the forecast period
In the AI-driven energy sector, services such as training, consulting, deploying, integrating systems, supporting, and maintenance are critical for operation optimization in generation, distribution, and consumption across an entire power system. Professional services aid energy companies in identifying specific needs using AI solutions, with potential expertise in grid optimization, energy forecasting, and smart grid management.
Deployment and integration services guarantee the smooth integration of AI systems with existing energy infrastructures. Support and maintenance ensure that the AI-powered solutions stay up and running with swift troubleshooting and updates, ensuring maximum uptime. Managed services allow energy companies to step back from AI solutions, as external providers handle them to improve efficiency and minimize operational costs. Together, these services empower energy organizations to use AI technologies holistically to drive operational excellence and innovation across the value chain.
Asia Pacific to hold the highest market growth rate during the forecast period
In October 2023, BluWave-ai expanded its business in the Japanese market using AI-driven energy optimization technology. BluWave-ai introduced its technology from global AI deployments to enable the energy transition in Japan by optimizing energy at industrial grid-attached plants with solar generation and battery storage. It partnered with Japanese engineering companies and completed a project at an industrial R&D center. The work included optimization of rooftop solar, battery storage, and biomass generation systems.
The Smart Grid Optimizer did some incredible feats such as 20% peak demand reduction, 100% utilization of renewable energy without reverse power flow and significant savings in energy costs. By November 2024, ZTE Corporation and China Mobile developed an AI-driven Green Telco Cloud that dynamically adjusts computing resources using load-based network adjustments toward making energy use in telecommunications networks optimal. In China in November 2024, ZTE Corporation and China Mobile developed an AI-driven Green Telco Cloud that makes energy use in telecommunications networks optimal with load-based network adjustments dynamically adjusting computing resources.
Research Coverage
The market study covers the AI in energy market size across different segments. It aims at estimating the market size and the growth potential across various segments, including by offering (solutions and services (professional services, managed services) by energy type (conventional energy (fossil fuels, nuclear energy, other conventional energy types) renewable energy (solar, wind, hydropower, biomass, other renewable energy types) by type (Generative AI, other AI), by application (energy demand forecasting, grid optimization & management, energy storage optimization, renewables integration, energy trading & market forecasting, energy sustainability management, disaster resilience and recovery, other applications (energy theft detection and customer management)) by end use (generation, transmission, distribution, consumption (commercial, industrial)) and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
The major players in the AI in energy market include Schneider Electric SE (France), GE Vernova (US), ABB Ltd (Switzerland), Honeywell International (US), Siemens AG (Germany), AWS (US), IBM (US), Microsoft (US), Oracle (US), Vestas Wind Systems A/S (Denmark), Atos zData (US), C3.ai (US), Tesla (US), Alpiq (Switzerland), Enel group (Italy), Origami Energy (UK), Innowatts (US), Irasus technologies (India), Grid4C (US), Uplight (US), GridBeyond (Ireland), eSmart Systems (Norway), Ndustrial (US), Datategy (France), and Omdena (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their AI in energy market footprint.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 320 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $8.91 Billion |
| Forecasted Market Value (USD) by 2030 | $58.66 Billion |
| Compound Annual Growth Rate | 36.9% |
| Regions Covered | Global |
Case Study Analysis
- Optimizing Energy Efficiency Across Portfolios: Blackstone’s Strategic Partnership with Schneider Electric
- C3 AI Energy Management Platform Helped Leading Petrochemical Company Boost Energy Efficiency and Environmental Performance
- Enverus Instant Analyst Enabled Energy Companies Improve Decision-Making and Operational Efficiency
- AI-Powered Microgrids Facilitated Energy Resilience and Equity in Regional Communities
- C3 AI Energy Management Platform Helped Leading Steel Manufacturer Gain Substantial Cost Savings and Operational Improvements
Technology Analysis
- Key Technologies
- Conversational AI
- Energy Modeling and Simulation Tools
- AutoML
- MLOps
- Complementary Technologies
- Blockchain
- Edge Computing
- Sensors and Robotics
- Cybersecurity
- Big Data
- IoT
- Adjacent Technologies
- Smart Grids
- Robotics
- Geospatial Technologies
Best Practices in AI in Energy Market
- Ensure Data Quality and Integration
- Adopt AI-Powered Predictive Maintenance
- Foster Collaboration Among Stakeholders
- Prioritize Scalability and Flexibility
- Focus on Ethical AI Implementation
- Invest in AI-Driven Energy Trading Platforms
- Implement AI for Energy Forecasting and Load Management
- Enhance Customer Engagement with AI Solutions
Current and Emerging Business Models
- Energy-as-a-Service (EaaS)
- Predictive Maintenance Contracts
- AI-Driven Trading Platforms
- Grid Flexibility Solutions
- Sustainability-as-a-Service
- Remote Energy Monitoring and Management
- Green Finance and AI-Powered Credit Scoring
- AI-based Energy Efficiency Audits and Retrofitting Services
Companies Profiled in this AI in Energy Market Report
- Schneider Electric SE
- GE Vernova
- ABB Ltd.
- Honeywell International, Inc.
- Siemens AG
- Oracle Corporation
- Vestas Wind Systems A/S
- IBM Corporation
- Microsoft Corporation, Inc.
- Amazon Web Services, Inc.
- Atos SE
- Tesla, Inc.
- C3.AI, Inc.
- Alpiq
- Enel S.p.A.
- Origami Energy
- Innowats
- Irasus Technologies
- Grid4C
- Uplight
- Gridbeyond
- eSmart Systems
- Ndustrial
- Datategy
- Omdena
For more information about this report visit https://www.researchandmarkets.com/r/lar48d
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
- Artificial Intelligence in Energy Market
