Artificial intelligence (AI) is an umbrella term for various software-based systems that use data inputs to make decisions on their own. There are strong use cases of AI in the energy sector.
Many activities, from asset optimisation to customer segmentation, can be enhanced by AI. The past ten years have seen an explosion in the amount of data generated by power companies, mostly due to the rise of the Internet of Things (IoT). AI provides an opportunity to significantly increase performance through the use of data collected from IoT devices, and power companies that are not making use of AI will fall behind those that do.
The past ten years have seen an explosion in the amount of data generated by power companies, mostly due to the rise of the IoT. AI provides an opportunity to significantly increase performance through the use of data collected from IoT devices, and power companies that are not making use of AI will fall behind those that do.
Leading power companies in artificial intelligence
While the power industry has been one of the slower adopters of AI, companies from across the value chain have, in recent years, scrambled to ensure that AI is part of their everyday activities. Generators are using AI-based solutions to predict maintenance operations, distribution companies are using machine learning-driven trading platforms to optimise pricing, and suppliers are promoting context-aware computing systems to lower prices and ensure grid resilience.
Leading adopters of artificial intelligence in the power sector include Duke Energy, E.ON, Enel, Électricité de France (EDF), Iberdrola, Exelon, Schneider Electric, Dubai Energy & Water Authority (DEWA), National Grid, and Southern Company.
Discover the leading artificial intelligence companies in power
Using its experience in the sector, Energy Monitor has listed some of the leading companies providing products and services related to artificial intelligence.
The information provided in the download document is drafted for power executives and technology leaders involved in power artificial intelligence solutions.
The download contains detailed information on suppliers and their product offerings, alongside contact details to aid purchase or hiring decisions.
Amongst the leading suppliers of AI in the energy sector are ABB, AutoGrid, Bidgely, C3.ai, Drift Marketplace, Fluence, mPrest, SparkCognition, Stem, and Uplight.
Future of artificial intelligence in the power sector
GlobalData anticipates that the global market for AI platforms in the power industry will reach an estimated $5.3bn in 2024, having grown at a compound annual growth rate (CAGR) of 24% from 2019. Large utilities will continue to develop their in-house capabilities, hiring machine learning and data science specialists, and more AI-specific start-ups will persist in growing the list of AI-focused partnerships in the power sector.
Electricity trading, smart grids, and asset management represent primary growth areas for AI in the energy sector. Machine learning, a key element of the AI value chain, will drive most of this growth.