Le Lézard
Classified in: Oil industry, Environment, Science and technology
Subject: SVY

Energy and Utility Companies Increasingly Leverage AI to Harness the Power of Renewable Energy Sources


AI's ability to understand patterns in data and make highly accurate predictions and simulations will increase growth opportunities, finds Frost & Sullivan

SANTA CLARA, Calif., Dec. 13, 2018 /PRNewswire/ -- Artificial Intelligence (AI), along with a slew of advanced technologies such as machine learning, deep learning, and advanced neural networks, has demonstrated huge potential to transform the energy and utilities sector. With decarbonization, decentralization, and the rollout of novel technologies, utilities, independent power producers (IPPs), and other energy companies are employing AI to manage the imbalance in demand and supply caused by the growing share of renewable energy sources.

Frost & Sullivan's recent analysis, Impact of Artificial Intelligence (AI) on Energy and Utilities, 2018, includes a detailed analysis of current and future applications of AI across the segments of renewables management, demand management, and infrastructure management. It examines technology, geographical, as well as industry trends, key companies that dominate the global AI market, and presents use cases with specific applications of AI.

For further information on this analysis, please visit: http://frost.ly/30i

"In combination with other technologies like Big Data, cloud, and Internet of Things (IoT), AI can support the active management of electricity grids by improving the accessibility of renewable energy sources," said Swagath Navin Manohar, Research Analyst, Energy & Environment.

Over the next several years, AI is expected to boost efficiencies across the renewable energy sector by automating operations in the solar and wind industries. It will also allow utilities and IPPs to launch new business and service models.

"In addition to making the electricity system intelligent and flexible, AI algorithms help utilities and energy companies understand and optimize consumer behavior and manage energy consumption across different sectors," noted Manohar. "Meanwhile, complex machine learning algorithms combined with real-time weather data from satellites, ground-based observation, and climate models can be used to forecast the electricity generated by RES like wind, solar, and ocean."

AI-based applications can create further revenue opportunities for the energy and utility sector by:

Impact of Artificial Intelligence (AI) on Energy and Utilities, 2018 is part of Frost & Sullivan's global Power Generation Growth Partnership Service program.

About Frost & Sullivan

For over five decades, Frost & Sullivan has become world-renowned for its role in helping investors, corporate leaders and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion.

Impact of Artificial Intelligence (AI) on Energy and Utilities, 2018
ME1F-14

Contact:
Jaylon Brinkley
T: +1 210 247 2481
E: [email protected]

http://ww2.frost.com

 

SOURCE Frost & Sullivan


These press releases may also interest you

at 16:40
CenterPoint Energy, Inc. announced the results of the voting by shareholders at its 2024 annual meeting. Shareholders approved the following proposals:...

at 16:35
CenterPoint Energy, Inc.'s Board of Directors today declared a regular quarterly cash dividend of $0.2000 per share on the issued and outstanding shares of Common Stock payable on June 13, 2024 to shareholders of record at the close of business on...

at 15:22
In celebration of Earth Day, SunTrain ? a pioneer in renewable energy distribution ? visited the Port of Oakland to showcase the benefits of its "Trainsmission" technology on energy distribution, and how it could contribute to the Port's leadership...

at 13:30
Wacker Chemical Corporation's pioneering site in the United States announces its 60th anniversary celebration for Saturday, April 27. Originating from Munich, Germany, WACKER began silicone manufacturing in Adrian, Michigan, in 1969. The facility was...

at 13:00
Boviet Solar Technology Co. Ltd. (the "Company" or "Boviet Solar"), a Vietnam solar energy technology company specializing in manufacturing monocrystalline PV cells, Gamma Seriestm Monofacial, and Vega Seriestm Bifacial PV Modules, today announces...

at 11:15
Michael Baker International, a global leader in engineering, planning and consulting services, today announced that Lisa Carbonara has joined the firm as Vice President, Talent Acquisition. In this role, Ms. Carbonara will lead the recruitment and...



News published on and distributed by: