Energy and Utilities sector is expected to witness large scale adoption of artificial intelligence in medium to long term. Due to this the investment have increased in 2017 up to an average of 500 million USD in the first quarter of 2017 to 3.5 billion USD in the second quarter. Big oil companies also started to show some interests in AI which are improving their business operations. The future of AI in the energy industry is massive. After deploying AI into energy and utilities sector, a drastic change in energy transition, precise sensors and advance devices have been resulted.
What is Artificial Intelligence?
Artificial intelligence makes the machines to perform human-like tasks. The tasks which is difficult for humans, AI technologies can perform the task in more efficient and accurate way. Artificial intelligence is expected to be future for energy and utilities companies. This will further helps the company to track the consumption and minimize the over production. This will further help the company to be profitable and more efficient in serving clients and addressing their queries.
What are the applications of Artificial intelligence in Energy and Utilities?
Artificial intelligence are now deployed in energy and utilities too. Some applications are storage, autonomous grid, failure management, upstream exploration, energy consumption, load forecasting, yield optimizing, predictive maintenance, device management, energy thieft.
Market research and Market Trend of Artificial intelligence market in energy and utilities
- DeepMind, a startup acquired by Google, will add artificial intelligence to the electricity system of UK, based on plans of the UK’s National Grid. The project will process information from various parameters such as weather forecasts, internet searches for incidents that may affect demand and so on and predict electricity demand. For example, heat waves would raise the demand for using air conditioning, and raise the consumption.
- If successfully implemented, labor requirements in potentially hazardous areas will fall, and efficiency may improve.
- Siemens released new software known as active network management (ANM) to predict interaction of grids with different energy loads and track changes. The tracking should remove the need for manual adjustments and may open up new avenues such as charging of electric vehicles.
Who are the major players in UHMWP market?
The companies referred in the market research report are Alpiq (Switzerland), SmartCloud Inc. (U.S.), General electric (U.S.), Siemens AG (Germany), Hazama Ando Corporation (Japan), ATOS SE (France), AppOrchid Inc. (U.S), Zen Robotics Ltd. (Helsinki) and 10 others.
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