Portland, OR, Nov. 14, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global AI in energy market generated $4.0 billion in 2021, and is estimated to reach $19.8 billion by 2031, witnessing a CAGR of 17.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $4.0 Billion |
| Market Size in 2031 | $19.8 Billion |
| CAGR | 17.4% |
| No. of Pages in Report | 291 |
| Segments Covered | Component Type, Application, End User, Deployment Type, and Region |
| Drivers | Rise in cloud-based solutions. |
| Increase in applications of robotics in recurring and risky tasks. | |
| Rapid modernization of energy in developing nations. | |
| Opportunities | Artificial intelligence is proving to be essential for use in the energy sector as it provides households with new information services regarding control over energy infrastructure, optimizing generation, reducing consumption, or fighting climate change, and more. |
| Restraints | High cost associated with the deployment of AI solutions in the energy sector. |
Covid-19 Scenario:
- The novel coronavirus pandemic spread to over 180 countries and caused huge losses to lives and the economy around the globe. The installation of solar panels for electricity generation, which was strongly dependent on China and India, as well as the world economy, suffered from the health crisis brought on by the spread of the COVID-19.
- Due to supply chain interruption and a lack of raw materials, manufacturing units were forced to shut down during the lockdown, impacting the solar panel, wind turbines and batteries market statistics. Moreover, a labor shortage caused supply chain issues in the United States, which was a dominating country.
- Further, ban on transport and logistics and lockdown led to a significant pause in delivering the products, rising shipment costs and price of fuel, taxes, workforce, and disruptions to shipping facilities.
The report offers a detailed segmentation of the global AI in energy market based on component type, application, end user, deployment type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on component type, the solutions segment held the largest share in 2021, accounting for nearly two-thirds of the global AI in energy market share, and would rule the roost through 2031. However, the services segment is estimated to witness the fastest CAGR of 17.7% during the forecast period.
In terms of application, the safety and security segment captured the largest market share of more than one-third of the global AI in energy market in 2021 and is expected to lead the trail during the forecast period. The same segment is likely to achieve the fastest CAGR of 18.0% through 2031. The report includes other segments such as robotics, renewables management, demand forecasting, infrastructure, and others segments.
In terms of deployment type, the cloud segment captured the largest market share of nearly two-thirds of the global AI in energy market in 2021 and is likely to maintain a noteworthy growth during the forecast period. The same segment is likely to achieve the fastest CAGR of 17.6% through 2031. The report also includes on-premise segment.
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Based on region, the market in Asia-Pacific was the largest in 2021, accounting for two-fifths of the global AI in energy market share, and is likely to maintain its leadership status during the forecast period. Moreover, the market in the same region is expected to manifest the highest CAGR of 17.7% from 2022 to 2031. The other regions analyzed in the study include North America, Europe, and LAMEA.
Leading players of the global Artificial Intelligence (AI) in energy market analyzed in the research include ABB ltd., Accenture plc, Amazon Web Services Inc., Autogrid Systems, Inc., C3.ai, Centrica plc, Cisco Systems, Inc., General Electric Company, HCL Technologies, Huawei Technologies Co., Ltd., IBM Corporation, Intel Corporation, Mitsubishi Electric Corporation, Schneider Electric Corporation, and Senseye.
The report analyzes these key players of the global AI in energy market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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