AI in Energy Management Market Report 2022: Rising Energy Production and Consumption Worldwide Boosts Growth

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Feb 24, 2023, 14:00 ET

DUBLIN, Feb. 24, 2023 /PRNewswire/ -- The "AI in Energy Management Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

Key Market Insights

Rising energy production and consumption worldwide will boost market growth;

The global AI in energy management market is growing tremendously, projected to expand at a CAGR of 21.2% throughout the projected period from 2022 to 2030, starting from US$ 24.4 Bn in 2021.

The global AI in energy management market is majorly driven by the growing energy production & consumption worldwide along with leveraging artificial intelligence (AI) to improve grid stability and the growing need for smart energy management solutions. In 2018, the global primary energy consumption was 1, 57,063.77 TWh raised 2.4% from 1, 53,347.15 TWh in 2017.

Moreover, India, China, and the U.S. together accounted for over 2/3rd of the worldwide increase in energy demand. The surge in the use of renewable energy sources is another factor driving the growth of the market. The introduction of cloud-based software to improve service operations, to deliver real-time insights and easy product development are some other major factors expected to enhance the market demand over the forecast period.

The integration of IoT (internet of things) to monitor utility & energy data in the energy management systems is another major factor expected to drive the market growth over the forecast period. The global energy management systems market was valued at around US$ 39.0 Bn in 2018 and anticipated to expand with a CAGR of nearly 19% over the forecast period. Market players are focusing on strategic collaborations for launching advanced AI-based energy management systems.

For instance, in November 2019, ABB Ltd. partners with Verdigris Technologies for revolutionizing energy management through artificial intelligence (AI) solutions. They launched two AI-powered applications in the ABB Ability EDCS (Electrical Distribution Control System), Energy Forecasting, and Intelligent Alerts. Intelligent Alerts app will help consumers to identify underlying issues, better manage their assets and Energy Forecasting app will help in reducing electricity bills through tumbling peak demand charges.

Application Analysis
Growing need for effective energy management services to spur the segment growth;

The energy output forecasting segment dominated the global market in 2021. The segment had the highest share due to a surge in the need for effective energy management services coupled with growing energy consumption worldwide. Artificial intelligence (AI) solutions help in utilizing data through machine learning techniques and statistical algorithms which help in providing better services to consumers.

Surge in demand to manage energy output globally to spur the segment growth;

The energy generation segment is anticipated to expand with the highest CAGR over the forecast period owing to the growing demand to manage the total energy output from different sources such as wind power stations, solar power plants, thermal plants, and others. The need to match temporal and spatial variations in real-time is another factor for segment growth.

Regional Analysis
The rise in the integration of AI in the energy industry to enhance North America growth;

In 2021, North America was dominant in the global AI in the energy management market. The region accounted for around 33% of the world market share in the same year. North America was dominant in 2018 due to the rise in the integration of artificial intelligence in the energy industry along with early technological adoption and presence of major market players in the region such as IBM Corporation, Honeywell International, Inc., General Electric Company, and others. The U.S. had the highest share in the North America AI in energy management market in 2018, contributed to more than 82% market share in the same year. The U.S. had a major share due to a surge in government investment coupled with the growing demand for energy. According to a report, the U.S. consumption is expanding at its fastest rate for the last 30 years.

Key Industry Developments:

In July 2019, Microsoft Corporation and Schneider Electric SE collaborated to launch an accelerator program, artificial intelligence (AI) for green energy in the Microsoft Corporation AI factory in Europe. The program will help start-ups to transform the energy sector in the region by increasing energy efficiency and decreasing consumption.
In May 2019, Schneider Electric SE acquired a stake in AutoGrid. With the stake acquisition in AutoGrid, Schneider Electric SE establishes a co-innovation partnership. The co-innovation partnership will focus on driving machine learning and artificial intelligence (AI) solutions for the energy industry.
In February 2020, Eaton Corporation PLC acquired Power Distribution, Inc. With the acquisition of Power Distribution, Inc., Eaton Corporation PLC is anticipated to expand its data center power monitoring and distribution solutions.
In October 2019, Siemens AG announced the separation of its energy business in a new company called Siemens Energy. Siemens Energy is expected to become a separate entity from April 2020. The new company will work on the reduction of CO2 emissions and will introduce new trends in the energy industry with the help of artificial intelligence (AI).

List of Companies Covered:

IBM Corporation
Eaton Corporation PLC
General Electric Company
ABB Ltd.
Siemens AG
Honeywell International Inc.
Schneider Electric SE
Xcel Energy Inc.
Rockwell Automation
Wipro Limited
Microsoft Corporation

Market Segmentation
Deployment Type

Cloud
On-premise

Solution

Renewable Management
Demand Management
Infrastructure Management

Technology

Machine Learning
Natural Language Processing
Computer Vision

Application

Energy Generation
Energy Transmission
Energy Distribution
Energy Output Forecasting

End-user

Manufacturing
Utility
Residential
Government
Retail
Healthcare
Education

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of AI in Energy Management market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2030.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the AI in Energy Management market?
Which is the largest regional market for AI in Energy Management market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving AI in Energy Management market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the AI in Energy Management market worldwide?

Companies Mentioned

IBM Corporation
Eaton Corporation PLC
General Electric Company
ABB Ltd.
Siemens AG
Honeywell International Inc.
Schneider Electric SE
Xcel Energy Inc.
Rockwell Automation
Wipro Limited
Microsoft Corporation

For more information about this report visit https://www.researchandmarkets.com/r/8zq0nn-in-energy?w=5

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