Market Size – USD 3.82 Billion in 2020, Market Growth – at a CAGR of 23.6%, Market Trends – Increasing adoption of Artificial Intelligence in oil & gas industries
The global Artificial Intelligence in energy market is expected to reach a market size of USD 20.83 Billion at a steady CAGR of 23.6% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing need to obtain operational efficiency to meet energy requirements. Digitalization of the energy sector is contributing to increasing demand for Artificial Intelligence in energy systems.
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Key Highlights of Report
- In July 2020, Petro.ai, which is an expert in machine learning and Artificial Intelligence for geotechnical data science and providers of the industry-leading integrated analytics platform, announced the launch of a new offering enabling modern analytics from legacy data lakes using integrated data ingestion pipelines on Amazon Web Services (AWS). Petro.ai on AWS leverages the scalability and flexibility of AWS infrastructure to accelerate discovery of oil and gas insights through the fusion of subsurface and operational data.
- The software segment accounted for largest revenue share of 2020. Artificial Intelligence-driven software is expected to improve customer savings by controlling energy costs without interrupting operations, which is expected to drive revenue growth of the software segment.
- North America accounted for largest revenue share contribution to the global Artificial Intelligence in energy market in 2020. Increasing adoption of Artificial Intelligence-based smart meters and smart home solutions is contributing to growing demand for AI in the energy sector in countries in the region.
- Key players in the market include Accenture PLC, Amazon Web Services, Inc., AutoGrid Systems, Inc, Cisco Systems Inc., C3 IoT, Inc., General Electric, HCL Technologies Ltd., Huawei Technologies Co., Ltd., IBM Corporation, and Intel Corporation.
Emergen Research has segmented the global Artificial Intelligence in energy market on the basis of product offering, industry stream, application, and region:
- Product offering Outlook (Revenue, USD Billion; 2021–2028)
- Support Services
- Industry stream Outlook (Revenue, USD Billion; 2021–2028)
- Power Industry (Generation, Transmission, Distribution)
- Oil & Gas Industry (Upstream, Midstream, Downstream)
- Application Outlook (Revenue, USD Billion; 2021–2028)
- Demand Response Management
- Fleet & asset Management
- Renewable Energy Management
- Precision Drilling
- Demand forecasting
- Infrastructure Management
The Global Artificial Intelligence in Energy Market can be geographically bifurcated on the basis of regional demand, output, and estimated revenue share. The most prominent regions dictating the global market include:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Germany, France, Italy)
- Asia Pacific (China, Japan, India, Korea)
- Latin America (Brazil, Argentina, Ecuador, Chile)
- Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran)
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The following are the main reasons to buy the Global Artificial Intelligence in Energy Market report:
- The latest report closely evaluates the overall market size and infers on various aspects, such as the current business trends, market share, product offerings, and product share.
- It offers a detailed account of the end-use applications of the products & services offered by this industry.
- It offers an insightful analysis of the various regional segments of the market that are projected to witness enormous growth over the forecast period.
- Furthermore, the report covers the latest developments taking place in the market and effective business strategies implemented by the leading market rivals.
The report considers the following market growth estimation timeline:
- Historical Years: 2018-2019
- Base Year: 2020
- Estimated Year: 2028
- Forecast Years: 2021-2028
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2020-2028
Chapter 3. Key Insights
Chapter 4. Artificial Intelligence in Energy Market Segmentation & Impact Analysis
4.1. Artificial Intelligence in Energy Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
18.104.22.168. Demand for increased operational efficiency
22.214.171.124. Rising concern for energy efficiency
126.96.36.199. Rising concerns for battery storage systems
188.8.131.52. Increase in demand for decentralized power generation
4.2.3. Market restraints analysis
184.108.40.206. High cost of deployment
220.127.116.11. Security and privacy risk
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Artificial Intelligence in Energy Market By Product offering Insights & Trends, Revenue (USD Billion)
5.1. Product offering Dynamics & Market Share, 2020 & 2028
5.1.1. Support Services
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