Empowering Energy Industry with Artificial intelligence (AI) Applications

Global AI in energy market: Drivers and Restraints

Drivers

Collaborative Policies adopted by many companies

The competitive landscape in the energy market for AI shows a tendency towards companies that adopt strategies such as partnerships, cooperation, and joint ventures as well as launching and developing their products. With the growing global market growth, companies in this sector are being forced to develop collaborative policies to sustain themselves in the highly competitive market.

Efficient energy storage

AI in the industrial sector can prove to be beneficial to optimize energy storage efficiency. The production of energy is frequent and sometimes chaotic, and the storage of renewable energy is quite problematic. The combination of renewable energy with AI storage can make energy storage management much simpler, enhance business value and reduce the loss of electricity.

Restraints

Lack of Knowledge

One reason for the slow adoption of AI in the energy sector is a lack of necessary knowledge about AI technology among decision-makers. Many companies simply don’t have sufficient technical background to understand how their business can benefit from AI adoption. Conservative stakeholders prefer to stick with time-proven methods and tools rather than risk trying something new.

Fewer number trained professionals

AI is still a new technology, and skilled professionals are few. There are many experts with a thorough theoretical insight into the topic. Yet it is incredibly difficult to find professionals who are able to develop reliable, functional AI applications.

AI in the energy market: Key Players

1) IBM Corporation
2) SAP SE
3) Microsoft Corporation
4) Huawei Technologies
5) HCL Technologies
6) Accenture Plc
7) Schneider Electric
8) Honeywell International
9) Rockwell Automation
10) Schlumberger Limited

Source: https://www.altenergymag.com/news/2021/05/12/empowering-energy-industry-with-artificial-intelligence-ai-applications-research-report/35081/