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Artificial Intelligence In Smart Grid Trends, Share, Forecast, Overview and Analysis by 2028

September 6, 2021

The global artificial intelligence in smart grid 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. The report provides detailed insights into artificial intelligence in smart grid trends, industry trends, consumer trends, market size, market share, market revenue growth, and forecast, along with ranging impact of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in artificial intelligence in smart grid size over the forecast period, 2020–2028. The Artificial Intelligence in Energy report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials.

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Varying market trends can be attributed to inclining revenue growth of the global artificial intelligence in smart grid going ahead. artificial intelligence in smart grid trends include rising focus by major players on product/service expansion into new and untapped domestic markets and rising competition. Other positive artificial intelligence in smart grid trends include rising demand and deployment in respective sectors/industries in major and developing countries. In addition, implementation of favorable government policies, advancements in technology, and steady economic growth across various regions and countries are factors expected to continue to result in further artificial intelligence in smart grid trend evolution and changes going ahead.Adoption of Artificial Intelligence solutions among oilfield services providers and operators has been increasing and is driving deployment of Artificial Intelligence solutions in oil & gas industries. Rising need to identify improper threading in pipelines or defects in error-prone mechanisms is driving utilization of Artificial Intelligence-powered defect detection solutions in oil & gas industries.

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In terms of artificial intelligence in smart grid share and revenue contribution to the global artificial intelligence in smart grid, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in artificial intelligence in smart grid share.

The market intelligence report on the Artificial Intelligence in Energy Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.

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.
Power industry segment revenue is expected to expand at a rapid CAGR of 23.8% during the forecast period. Rising need to make the power industry more secure and efficient by analyzing and evaluating data volumes is a key factor driving demand for Artificial Intelligence solutions in the power industry.
The renewable energy management segment accounted for a significantly high revenue share in the artificial intelligence in smart grid in 2020. Increasing need for low carbon emissions is expected to drive rising utilization of AI for renewable energy management during the forecast period.
North America accounted for largest revenue share contribution to the global artificial intelligence in smart grid 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.

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Region wise performance of the Artificial Intelligence in Energy industry

North America artificial intelligence in smart grid trend scenario has significant impact on other regional market trends. North America artificial intelligence in smart grid accounted for largest revenue share in 2020 and is expected to continue to maintain its dominance over other regional markets over the forecast period. Presence of major players in countries in the region is a key factor driving steady change in overall artificial intelligence in smart grid trends.

Asia Pacific artificial intelligence in smart grid is expected to register comparatively faster revenue growth than other regional markets over the forecast period. This can be attributed to varying artificial intelligence in smart grid trend scenarios in countries such as China, India, South Korea, and others. These scenarios with regard to domestic market trends and international market trends and varying impacts play a major role in growth of the Asia Pacific market.

Asia Pacific market share contribution to the global artificial intelligence in smart grid is expected to continue to register comparatively faster growth rate than other regional markets between 2020 and 2028. Increasing population, favorable government policies and initiatives, rising disposable income among consumers in countries in the region, influence of artificial intelligence in smart grid trends in other countries and regions, and steady economic growth are some key factors driving market revenue growth of the Asia Pacific artificial intelligence in smart grid.

Europe artificial intelligence in smart grid size and revenue growth is primarily supported by artificial intelligence in smart grid trends such as continuous developments in major countries in the region, robust focus on research and development initiatives by major firms, and changing market trends in countries in other major regions.

Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:

United States
Europe
China
Japan
Southeast Asia
India

We can also provide the customized separate regional or country-level reports, for the following regions:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa

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The research provides answers to the following key questions:

What will be the growth rate and the market size of the Artificial Intelligence in Energy industry for the forecast period 2020-2027?
What are the major driving forces expected to impact the development of the artificial intelligence in smart grid across different regions?
Who are the major driving forces expected to decide the fate of the Artificial Intelligence in Energy industry worldwide?
Who are the prominent market players making a mark in the artificial intelligence in smart grid with their winning strategies?
Which Artificial Intelligence in Energy industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
What are the key barriers and threats believed to hinder the development of the industry?
What are the future opportunities in the artificial intelligence in smart grid?

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