AI in Energy Management Market
AI in Energy Management Market Size, Share & Trends Analysis Report by Component (Software, and Services), by Deployment (On-Premises, and Cloud-Based), by Solution (Renewable Management, Demand Management, and Infrastructure Management), and by Application (Energy Generation, Energy Transmission, Energy Distribution, and Energy Output Forecasting), Forecast Period (2024-2031)
Artificial intelligence (AI) in energy management market is anticipated to grow at a significant CAGR of 16.3% during the forecast period (2024-2031). AI optimizes the storage and distribution of energy from renewable sources. By considering various factors such as demand, supply, price, and grid conditions, AI algorithms determine the best times to store energy, when to release it, and how much to distribute. According to the International Energy Agency (IEA), in November 2023, AI was an increasingly critical resource. A recent estimate suggests that AI already serves more than 50 different uses in the energy system and that the market for the technology in the sector could be worth up to $13.0 billion.
Market Dynamics
AI-powered Optimization for Renewable Energy Integration
The utilization of modern AI models, assimilation of novel technologies such as blockchain and IoT, enhancement of decentralized energy systems, and augmented global collaboration for inventive resolutions are aiding the global market growth. As renewable energy sources are erratic and intermittent, integrating them into the grid poses special issues. Instances of these include solar and wind power. AI's ability to forecast renewable energy generation based on past data and weather forecasts can be crucial to maximizing this integration. This makes it possible to implement dynamic grid management techniques and energy storage technologies, guaranteeing a more dependable and effective energy mix.
Market Segmentation
- Based on the component, the market is segmented into software and services.
- Based on the deployment, the market is segmented into on-premises and cloud.
- Based on the solution, the market is segmented into renewable management, demand management, and infrastructure management.
- Based on the application, the market is segmented into energy generation, energy transmission, energy distribution, and energy output forecasting.
Software is Projected to Hold the Largest Segment
The software segment is expected to hold the largest share of the market. The high adoption of AI in energy management software for greater energy efficiency, high control of energy consumption, and proper energy demand forecast is a key factor driving the growth of this market segment. AI enables utilities and energy suppliers to streamline processes, cut expenses, and quicken the shift to sustainable energy sources. For instance, in February 2024, Enverus announced it added Instant Analyst technology to its market-leading product portfolio. The Instant Analyst technology helps customers across the energy industry quickly find exactly the energy industry insights and operational efficiencies.
Regional Outlook
Global AI in energy management market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).
Growing Demand for AI in Energy Management in Asia-Pacific
- The regional growth is attributed to pivotal factors such as the increasing improved energy efficiency in data centers’ cooling systems, and the growing adoption of AI in data center operations and management in countries such as Indonesia, Vietnam, Philippines, Cambodia, Singapore, and Malaysia.
- According to the ASEAN Centre for Energy, in April 2024, Data centers are vital for this interconnectivity to exist. The need for data centers in ASEAN markets will continue to grow, with expected revenue at $13.0 billion in 2028 from $9.6 billion in 2023. These data centers have become an integral part of an economy’s infrastructure, used by private and public sectors.
Global AI in Energy Management Market Growth by Region 2024-2031
North America Holds Major Market Share
The market growth is attributed to the active integration of Al to integrate energy produced from both non-renewable and renewable sources into the overall energy supply. The government in the region is investing heavily in the deployment of advanced technology to efficiently manage energy management workflows across an organization. For instance, in April 2024, the US Government announced the allocation of over $30.0 million to capitalize on the tremendous opportunity to transition to a clean energy economy. The Department of the Interior-Bureau of Ocean Energy Management (DOI-BOEM) - InfoSys for renewable energy program $4.4 million. The federal agencies incorporate new technologies into permitting processes, from artificial intelligence and GIS mapping to online applicant portals and innovative data-sharing systems with the management of complex work streams and improve data quality for better coordination, analysis, and decision-making.
Market Players Outlook
*Note: Major Players Sorted in No Particular Order.
The major companies serving the AI in energy management market include Google LLC, IBM Corp., Microsoft Corp., NVIDIA Corp., and Siemens AG among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market.
Recent Development
- In February 2024, Salesforce, Inc. introduced clean energy program management for the energy & utilities cloud. This new solution streamlines the launch, management, and oversight of energy efficiency, conservation, electrification, and EV charging programs to help electric, gas, and water utilities increase customer participation in clean energy programs. It also creates better customer experiences and enhances employee productivity with AI to improve profitability for customers with CRM, AI, and data.
- In February 2023, Tata Power and AutoGrid expanded AI-enabled smart energy management, supporting India’s net zero goals. The new demand response management program aims to engage 55,000 residential consumers and 6,000 large C&I customers to achieve 75 MW of peak capacity reduction, within the first six months, and then continue to scale up to 200 MW by the summer of 2025.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the AI in energy management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Google LLC
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. IBM Corp.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Microsoft Corp.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. NVIDIA Corp.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Siemens AG
3.6.1. Overview
3.6.2. Financial Analysis
3.6.3. SWOT Analysis
3.6.4. Recent Developments
3.7. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI in Energy Management Market by Component
4.1.1. Software
4.1.2. Services
4.2. Global AI in Energy Management Market by Deployment
4.2.1. Cloud
4.2.2. On-premises
4.3. Global AI in Energy Management Market by Solution
4.3.1. Renewable Management
4.3.2. Demand Management
4.3.3. Infrastructure Management
4.4. Global AI in Energy Management Market by Application
4.4.1. Energy Generation
4.4.2. Energy Transmission
4.4.3. Energy Distribution
4.4.4. Energy Output Forecasting
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. AriesPro Corp.
6.2. AutoGrid Systems, Inc.
6.3. Aveva Group Ltd.
6.4. BIDGELY Inc.
6.5. BrainBox AI
6.6. C3.ai Inc.
6.7. Dubai Electricity and Water Authority (DEWA)
6.8. Duke Energy Corp.
6.9. Enel Italia S.p.a.
6.10. Fluence Energy, LLC
6.11. GE Vernova Group
6.12. Iberdrola, S.A.
6.13. Intel Corp.
6.14. mPrest Systems Ltd.
6.15. Omdena Inc.
6.16. Southern Company
6.17. SparkCognition, Inc.
6.18. Stem, Inc.
6.19. Uplight, Inc.
6.20. VROC Australia Pty Ltd.
1. GLOBAL AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
2. GLOBAL AI IN ENERGY MANAGEMENT SOFTWARE MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
3. GLOBAL AI IN ENERGY MANAGEMENT SERVICES MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
4. GLOBAL AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2023-2031 ($ MILLION)
5. GLOBAL ON-PREMISES AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
6. GLOBAL CLOUD-BASED AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
7. GLOBAL AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2023-2031 ($ MILLION)
8. GLOBAL AI IN RENEWABLE ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
9. GLOBAL CLOUD AI IN ENERGY DEMAND MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
10. GLOBAL CLOUD AI IN INFRASTRUCTURE ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
11. GLOBAL AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
12. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY GENERATION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
13. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY TRANSMISSION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
14. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY DISTRIBUTION MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
15. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY OUTPUT FORECASTING MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
16. GLOBAL AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
17. NORTH AMERICAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
18. NORTH AMERICAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
19. NORTH AMERICAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2023-2031 ($ MILLION)
20. NORTH AMERICAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2023-2031 ($ MILLION)
21. NORTH AMERICAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
22. EUROPEAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
23. EUROPEAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
24. EUROPEAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2023-2031 ($ MILLION)
25. EUROPEAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2023-2031 ($ MILLION)
26. EUROPEAN AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
27. ASIA-PACIFIC AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2023-2031 ($ MILLION)
28. ASIA-PACIFIC AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
29. ASIA-PACIFIC AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2023-2031 ($ MILLION)
30. ASIA-PACIFIC AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2023-2031 ($ MILLION)
31. ASIA-PACIFIC AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
32. REST OF THE WORLD AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2023-2031 ($ MILLION)
33. REST OF THE WORLD AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2023-2031 ($ MILLION)
34. REST OF THE WORLD AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT, 2023-2031 ($ MILLION)
35. REST OF THE WORLD AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY SOLUTION, 2023-2031 ($ MILLION)
36. REST OF THE WORLD AI IN ENERGY MANAGEMENT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2023-2031 ($ MILLION)
1. GLOBAL AI IN ENERGY MANAGEMENT MARKET SHARE BY COMPONENT, 2023 VS 2031 (%)
2. GLOBAL AI IN ENERGY MANAGEMENT SOFTWARE MARKET SHARE BY REGION, 2023 VS 2031 (%)
3. GLOBAL AI IN ENERGY MANAGEMENT SERVICES MARKET SHARE BY REGION, 2023 VS 2031 (%)
4. GLOBAL AI IN ENERGY MANAGEMENT MARKET SHARE BY DEPLOYMENT, 2023 VS 2031 (%)
5. GLOBAL ON-PREMISES AI IN ENERGY MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
6. GLOBAL CLOUD-BASED AI IN ENERGY MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
7. GLOBAL AI IN ENERGY MANAGEMENT MARKET SHARE BY SOLUTION, 2023 VS 2031 (%)
8. GLOBAL AI IN RENEWABLE ENERGY MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
9. GLOBAL AI IN ENERGY DEMAND MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
10. GLOBAL AI IN INFRASTRUCTURE ENERGY MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
11. GLOBAL AI IN ENERGY MANAGEMENT MARKET SHARE BY APPLICATION, 2023 VS 2031 (%)
12. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY GENERATION MARKET SHARE BY REGION, 2023 VS 2031 (%)
13. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY TRANSMISSION MARKET SHARE BY REGION, 2023 VS 2031 (%)
14. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY DISTRIBUTION MARKET SHARE BY REGION, 2023 VS 2031 (%)
15. GLOBAL AI IN ENERGY MANAGEMENT FOR ENERGY OUTPUT FORECASTING MARKET SHARE BY REGION, 2023 VS 2031 (%)
16. GLOBAL AI IN ENERGY MANAGEMENT MARKET SHARE BY REGION, 2023 VS 2031 (%)
17. US AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
18. CANADA AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
19. UK AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
20. FRANCE AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
21. GERMANY AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
22. ITALY AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
23. SPAIN AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
24. REST OF EUROPE AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
25. INDIA AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
26. CHINA AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
27. JAPAN AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
28. SOUTH KOREA AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
29. REST OF ASIA-PACIFIC AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
30. REST OF THE WORLD AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
31. LATIN AMERICA AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
32. MIDDLE EAST AND AFRICA AI IN ENERGY MANAGEMENT MARKET SIZE, 2023-2031 ($ MILLION)
