Artificial Intelligence in Energy Market to Register a CAGR Growth of 22.49% from 2019 to 2024

FREMONT, Calif. - March 2, 2020 - PRLog -- The artificial intelligence in energy market is projected to grow from $2,824.8 million in 2019 to $7,788.2 million by 2024, at a CAGR 22.49% from 2019 to 2024. High growth in the market is expected to be driven by the growing market penetration of decentralized power generation, increasing concern for energy efficiency, and growing demand for battery storage systems in the energy industry.

The oil & gas industry includes three major sectors, i.e. upstream, midstream, and downstream. Each sector focuses on key aspects of the oil & gas industry, right from exploration and production, drilling, transportation, and sales. Increasing usage of AI solutions in the oil & gas industry can help the companies in analyzing the historical and equipment specifications data, taking more accurate decisions for crude oil exploration areas, and reducing the production cost. The oil & gas industry is gradually adopting new forms of technologies in its expedition to be more efficient and profitable with low margins. As a result, IoT, AI, and edge computing offer the most ideal solutions to the same. The AI in the oil & gas market is expected to hold 55.77% market share in the global AI in energy market in 2019, owing to the increase in the deployment of AI solutions in the drilling and exploration areas.

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The power industry includes three major sectors i.e. generation, transmission, and distribution. Each sector focuses on key aspects of the power industry from power generation, transmission through power grid, and supply of electricity to the end users. Increasing usage of AI technology in the power industry is expected to help the companies in analyzing data, taking highly accurate decisions, lowering the transmission and distribution losses, and prevent power outages.

For the companies operating in the AI in energy market have been adopting strategies such as partnerships, collaborations and joint ventures. The AI in energy market comprises four types of players, namely IT solution providers, energy management and automation companies, oil & gas companies, and power utilities. Some of the most prominent IT solution providers in the AI in energy market include Microsoft Corporation, Accenture Plc, IBM Corporation, Huawei Technologies, Intel Corporation. Similarly, some of the prominent energy management and automation companies include General Electric, Rockwell Automation, Stem Inc., and Autogrid Systems Inc. The leading oil & gas companies include Schlumberger Limited, Total S.A., BP plc, and Royal Dutch Shell.