The North America AI In Energy Market is expected to witness market growth of 28.6% CAGR during the forecast period (2024-2031).
The US market dominated the North America AI In Energy Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $16.83 billion by 2031. The Canada market is experiencing a CAGR of 31.2% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 30.3% during 2024-2031.
AI algorithms are increasingly utilized to optimize energy production processes. In renewable energy sources such as solar and wind, AI can analyze vast datasets, including weather patterns, historical performance, and energy demand, to enhance the efficiency of energy generation. For instance, predictive analytics can forecast energy output based on real-time weather data, enabling operators to adjust production schedules and resource allocation accordingly.
In addition, AI plays a crucial role in managing the complexities of modern power grids. Using machine learning algorithms, energy providers can analyze data from smart meters, sensors, and distributed energy resources (DERs) to monitor grid performance in real-time.
Mexico's rising renewable energy sector significantly impacts AI's growth in the energy sector. As the country sets ambitious goals for clean energy production, AI technologies are becoming essential for optimizing energy management, improving efficiency, and integrating renewable sources like wind and solar into the grid. Mexico intends to generate 35% of its electricity from renewable energy sources by 2024, as the International Trade Administration indicated in 2023. This shift is pushing the adoption of AI-driven solutions to forecast energy demand, manage power generation, and reduce operational costs.
The US market dominated the North America AI In Energy Market by Country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $16.83 billion by 2031. The Canada market is experiencing a CAGR of 31.2% during 2024-2031. Additionally, the Mexico market would exhibit a CAGR of 30.3% during 2024-2031.
AI algorithms are increasingly utilized to optimize energy production processes. In renewable energy sources such as solar and wind, AI can analyze vast datasets, including weather patterns, historical performance, and energy demand, to enhance the efficiency of energy generation. For instance, predictive analytics can forecast energy output based on real-time weather data, enabling operators to adjust production schedules and resource allocation accordingly.
In addition, AI plays a crucial role in managing the complexities of modern power grids. Using machine learning algorithms, energy providers can analyze data from smart meters, sensors, and distributed energy resources (DERs) to monitor grid performance in real-time.
Mexico's rising renewable energy sector significantly impacts AI's growth in the energy sector. As the country sets ambitious goals for clean energy production, AI technologies are becoming essential for optimizing energy management, improving efficiency, and integrating renewable sources like wind and solar into the grid. Mexico intends to generate 35% of its electricity from renewable energy sources by 2024, as the International Trade Administration indicated in 2023. This shift is pushing the adoption of AI-driven solutions to forecast energy demand, manage power generation, and reduce operational costs.
List of Key Companies Profiled
- Siemens AG
- ABB Group
- Schneider Electric SE
- GE Vernova Group
- Hitachi, Ltd
- Honeywell International Inc.
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Google LLC
- Microsoft Corporation
- AutoGrid Systems, Inc.
Market Report Segmentation
By Type
- Solutions
- Services
By Application
- Renewable Energy Management
- Demand Forecasting
- Robotics
- Safety Security & Infrastructure
- Other Application
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America AI In Energy Market by Type
Chapter 6. North America AI In Energy Market by Application
Chapter 7. North America AI In Energy Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- Siemens AG
- ABB Group
- Schneider Electric SE
- GE Vernova Group
- Hitachi, Ltd
- Honeywell International Inc.
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Google LLC
- Microsoft Corporation
- AutoGrid Systems, Inc.
Methodology
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