The market for [FURL=https://www.industryarc.com/Report/17916/artificial-intelligence-market-in-energy-utilities.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]AI in Energy and Utilities[/FURL] is forecast to reach $4.5 billion by 2026, growing at a CAGR of 32.75% from 2021 to 2026. The market is driven by the rapid demand for power and dearth of information grid in power generation. Artificial intelligence (AI) is an extent of computer technology that highlights the formation of intelligent machines that work and react like humans. The energy and utility sector involves in production and distribution of energy constitutes of oil and gas, power generation and others. As technologies are getting advanced, the energy and utility sector is experiencing a rapid change in price collision and energy storing technologies. Artificial intelligence creates drastic changes in the energy and utility sectors. The effects of AI technology can be seen in their applications such as smart autonomous grid, energy distribution system and so on. Heavy investment is one of the biggest challenge hindering the growth of this technology in energy and utilities sector. Key Takeaways
Deployment of AI into energy sector resulted in drastic changes in the transmogrification of energy in energy sources distribution. AI has brought advancement in the devices for auto detection and other energy infrastructure.
Both Energy & Utility sectors have proven to be the most innovative in the application of Artificial Intelligence.
Energy production has been influenced by Artificial Intelligence in more ways than one. For example it helped in optimizing drilling by identifying the right spots of energy resources for drilling.
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AI in Energy and Utilities Market Segment Analysis - By Geography
North America dominates the AI in Energy and Utilities Market at a share of 42% due to the increasing adoption of technological advancements in the region. However, APAC witnesses highest growth during the forecast period.
AI in Energy and Utilities Market Drivers
Technological Advancement driving new applications
Energy and utilities sectors are innovating their products with the help of AI technology. NextEra Energy invested in machine learning based wind projects in U.S. The project is initiated to avoid any power fluctuations in nearby areas.
Rise of Microgrid Adoption
The rise of Microgrid adoption, especially due to implementation of smart cities will drive the market. The microgrid market is evolving and growing rapidly. Many governmental organizations are investigating the viability of microgrids to enable continuation of service during an emergency or power outage.
Energy and Utilities Market top 10 companies are Alpiq (Switzerland), SmartCloud Inc. (U.S.), General Electric (U.S.), Siemens AG (Germany), Hazama Ando Corporation (Japan), ATOS SE (France), AppOrchid Inc. (U.S), Zen Robotics Ltd. (Finland)
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