The different applications of AI in energy management are energy output forecasting, energy generation, energy distribution, and energy transmission. The largest demand for AI in the past was created for energy output forecasting applications, including live metering, load forecasting, predictive maintenance, and yield optimization. This is owing to the fact that AI solutions aid utilities in providing effective power management services to consumers, by utilizing machine learning techniques, data, and statistical algorithms.
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The demand for AI for energy generation is also expected to increase significantly in the coming years, because of the rising need for managing the output of the power generated from different sources, to match the temporal and spatial variations in real time. These systems provide real-time power consumption information, so that the users get to know about the impact of their actions.
Geographically, North America has emerged as the largest AI in energy management market, primarily due to the fact that a number of top AI solution providers are present in the region. As per a report by P&S Intelligence, in 2018, the global AI in energy management market reached a value of $4,439.1 million, and it is expected to attain revenue of $12,200.9 million by 2024, progressing at a 19.8% CAGR during the forecast period (2019–2024).
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In addition to this, the U.S. is actively deploying AI in the energy sector to integrate the electricity generated from non-renewable and renewable sources into the total power supply. Apart from this, the Asia-Pacific region is also projected to make considerable use of AI solutions in the energy management sector in the coming years, owing to the strong initiatives that are being taken by the governments of emerging economies.
Hence, the need for energy efficiency and technological advancements are driving the demand for AI in energy management.
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