Artificial Intelligence in Energy Market by Solution and Geography - Forecast and Analysis 2021-2025

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR45192
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The artificial intelligence in energy market size has the potential to grow by USD 6.79 billion during 2021-2025, and the market’s growth momentum will decelerate at a CAGR of 34.19%. 

This report provides a detailed analysis of the market by solution (software, hardware, and services) and geography (North America, Europe, APAC, MEA, and South America). 

Artificial Intelligence in Energy Market Share

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • ABB Ltd.
  • Alphabet Inc.
  • Flex Ltd.
  • General Electric Co.
  • Intel Corp.
  • International Business Machines Corp.
  • Microsoft Corp.
  • Origami Energy Ltd.
  • Siemens AG
  • Verdigris Technologies Inc.

 

The AI in energy market is fragmented and the vendors are deploying growth strategies such as expanding their businesses and geographic presence to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as the growing demand for data integration and visual analytics to achieve growth opportunities. However, factors such as existing issues of AI will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the artificial intelligence in energy market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This artificial intelligence in energy market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Artificial Intelligence in Energy Market: Key Drivers and Trends

  • The growing demand for data integration and visual analytics is one of the key factors contributing to the growth of artificial intelligence in the energy market.
  • AI allows real-time synthesizing of data to facilitate real-time analysis for effective decision-making, thus enabling enterprises to monitor, transform, and deliver data; understand business processes, and bridge the gap between businesses and IT.
  • AI helps energy companies integrate technical and business process data from different sources and convert it into meaningful business insights.
  • The increasing adoption of cloud-based solutions is one of the major trends in artificial intelligence in energy market.
  • The adoption of cloud-based Al solutions is increasing in the energy sector to enhance the capabilities of existing systems.
  • The emergence of AI-as-a-service (AIaaS) is trending as it allows individuals and companies to access AI for various applications without large initial investment and with a lower risk of failure.
  • AIaaS can allow energy companies to experiment on samples of multiple public cloud platforms to test various machine learning algorithms.

 

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Artificial Intelligence in Energy Market: Segmentation by Geography

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40% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for artificial intelligence in the energy industry in North America. Market growth in this region will be faster than the growth of the market in South America.

The increased propensity of manufacturers in other markets to establish smart factories will facilitate artificial intelligence in energy market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Artificial Intelligence in Energy Market: Segmentation by Solution

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The artificial intelligence in energy market share growth by the software segment will be significant during the forecast period. This can be attributed primarily to the increasing globalization and growth of IT in the energy sector for decision management, adoption of the machine learning platform, text analytics, robotic process automation, image and video analysis, deep learning, and speech recognition. 

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial intelligence in energy market size.

 

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Key Highlights of the Artificial Intelligence in Energy Market Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive artificial intelligence in energy market growth during the next five years
  • Precise estimation of the AI in energy market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the artificial intelligence market in the energy industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of artificial intelligence in energy market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The artificial intelligence in energy market growth will increase by $8065.74 million during 2019-2024.
The artificial intelligence in energy market is expected to grow at a CAGR of 47.71% during 2019-2024.
Technavio has segmented the artificial intelligence in energy market by solution (Software, Hardware, and Services) and geographic (North America, Europe, APAC, MEA, and South America).
ABB Ltd., Alphabet Inc., Flex Ltd., General Electric Co., Intel Corp., International Business Machines Corp., Microsoft Corp., Origami Energy Ltd., Siemens AG, Verdigris Technologies Inc. are a few of the key vendors in the artificial intelligence in energy market.
North America will register the highest growth rate of 37.42% among the other regions. Therefore, the artificial intelligence in energy market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • Germany
  • UK
  • South Korea (Republic of Korea)
  • Canada
The key factors driving the artificial intelligence in energy market growth are:
  • Growing demand for data integration and visual analytics
The artificial intelligence in energy market vendors should focus on grabbing business opportunities from the software segment as it accounted for the largest market share in the base year.
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