The Europe AI In Energy Market is expected to witness market growth of 29.0% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe 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 $4.09 billion by 2031. The UK market is exhibiting a CAGR of 27.9% during 2024-2031. Additionally, the France market would experience a CAGR of 30.2% during 2024-2031.
Equipment reliability is paramount in the energy sector. AI-driven predictive maintenance solutions use machine learning algorithms to analyze equipment performance data and predict potential failures before they occur. By identifying issues early, energy companies can minimize unplanned downtime, reduce maintenance costs, and extend the lifespan of critical assets.
Additionally, this proactive approach is particularly beneficial in renewable energy systems, where maintenance can be challenging and costly. The adoption of AI in the energy sector has accelerated in recent years, driven by the increasing availability of data, advancements in computing power, and a growing emphasis on sustainability.
The growth of the AI in energy market in Europe is closely linked to rising electricity production and shifting consumption patterns across various sectors. In 2021, gross electricity production in the EU increased by 4.4% compared to 2020, reaching 2,907 TWh, according to Eurostat. This surge, largely driven by renewable energy sources surpassing traditional fuels like natural gas, coal, and nuclear, creates a greater need for AI-driven technologies. AI is being utilized to optimize the integration of renewables, manage grid stability, and ensure efficient distribution as renewable sources like wind and solar bring variability to energy supply across Europe.
The Germany market dominated the Europe 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 $4.09 billion by 2031. The UK market is exhibiting a CAGR of 27.9% during 2024-2031. Additionally, the France market would experience a CAGR of 30.2% during 2024-2031.
Equipment reliability is paramount in the energy sector. AI-driven predictive maintenance solutions use machine learning algorithms to analyze equipment performance data and predict potential failures before they occur. By identifying issues early, energy companies can minimize unplanned downtime, reduce maintenance costs, and extend the lifespan of critical assets.
Additionally, this proactive approach is particularly beneficial in renewable energy systems, where maintenance can be challenging and costly. The adoption of AI in the energy sector has accelerated in recent years, driven by the increasing availability of data, advancements in computing power, and a growing emphasis on sustainability.
The growth of the AI in energy market in Europe is closely linked to rising electricity production and shifting consumption patterns across various sectors. In 2021, gross electricity production in the EU increased by 4.4% compared to 2020, reaching 2,907 TWh, according to Eurostat. This surge, largely driven by renewable energy sources surpassing traditional fuels like natural gas, coal, and nuclear, creates a greater need for AI-driven technologies. AI is being utilized to optimize the integration of renewables, manage grid stability, and ensure efficient distribution as renewable sources like wind and solar bring variability to energy supply across Europe.
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
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
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. Europe AI In Energy Market by Type
Chapter 6. Europe AI In Energy Market by Application
Chapter 7. Europe 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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