AI (Artificial Intelligence) in Energy Management Industry: Demand for Artificial Intelligence for the better tomorrow

AI in energy management has been capable enough to identify regular patterns of consumers, making predictions and provide suitable recommendations
Published: Wed 31 Jul 2019
A blog entry by Vijendra Singh

Contributed by:

Vijendra Singh
Research Analyst
Orion Market Research

Vijendra Singh's Blog

AI in energy management industry has reached a new level in utility and applications that are beyond the expectations owing to advanced engineering. AI is backed by advanced machine learning (AML) along with deep learning algorithms (DLA) and advanced neural network (ANN). AI linked with energy management can handle gigabyte and petabyte of structured, semi-structured, and unstructured data. AI in energy management has been capable enough to identify regular patterns of consumers, making predictions and also provide suitable recommendations based on the understanding of the data. This intelligence system is being harnessed to develop smart applications that not only identify the patterns of energy consumption, however, also take suitable actions using AI technology. AI is one of the newest and innovative technological trends that are transforming almost every business segment across the globe. There is a burden on the government to reduce carbon emissions and to increase energy production by alternative sources such as solar energy, water energy, thermal energy, and wind energy. The increasing demand for energy is also a major concern not only for the consumers but also for industries as the sources of energy are limited owing to the increasing demand day by day. In short, there is a global demand for a cost-effective, reliable, and efficient source of energy. Thus, the use of AI to cater to the increasing demand for energy is significantly driving AI in energy management industry. . Presently, the global energy industry is driving toward an enormous shift for de-carbonization, green energy, efficient distribution channel, and new technology. Utilities, independent power producers (IPP), and various energy-producing and distributing companies have been discovering the effective ways to manage the disparity during demand and supply attributing to the increasing use of unpredictable renewable energy sources (RES) in the power generation industry. So, as a result, energy-producing and developing companies along with the grid operators have been exploring various ways in employing AI to improve the overall reach and accessibility of renewable energy technologies. Furthermore, with technological advancement, AI in the energy management industry possesses remarkable potential in transforming the energy and utility segment. Along with the new technologies such as Big data, Internet of Things (IoT), AI has a lot of potentials to aid the active energy management market in balancing the growing demand for energy. The use of AI in energy management market is for the fault prediction and dynamic maintenance which enables the operator to make predictions regarding various equipment’s failures. Predictions can be made using various sensor data from various operating units; moreover, it reduces the downtime cost and maintenance charges.