How Does Artificial Intelligence Help Meet the Modern Challenges in the Energy Sector?

Innovative advancements through artificial intelligence (AI) in the energy industry are evolving the ways of consuming, selling, and producing energy. This is at a time when the impacts of the global energy grid on the environment are under constant scrutiny.

To overcome the problems of the energy sector, companies are constantly adapting machine learning (ML) and AI technologies.

AI can play a vital role in providing solutions to the challenges being faced by the energy sector. It helps in maximizing the strength of the power stations by reducing the faults in energy generation, trading processes, and distributions.

To get a better idea and understanding, let’s discuss in depth how AI is helping the overall industrial sector.

Why is the Energy Sector Adopting AI Now?

AI and ML algorithms have higher capabilities of providing a better solution to the current problems in the energy sector. There is no doubt that these advanced technologies can help fuel the energy sector with variability and uncertainty.

There are three fundamental reasons behind the adoption of AI technology in the energy sector:

• The availability of enormous computational power at a lower cost that can be used for enhancing the training speed of AI learning algorithms
• Sudden rise in the storage capacity and available data providing effective training materials for AI algorithms
• Increasing investment in the research of AI technologies, specifically in deep learning and ML

As per the market reports of BIS Research, the global artificial intelligence (AI) in the energy market is expected to touch $7.79 billion by 2024.

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Benefits of Adopting AI in the Energy Sector

AI technology is being adopted by several energy-producing companies worldwide due to its high capabilities.

Let’s look at some of the benefits and ways AI is being utilized in the energy sector.

• AI Helping to Scan Faults

The failure of equipment is a common and expensive problem faced by the energy sector.

AI-based devices can help energy-producing companies in having accurate maintenance schedules by examining the data collected by the sensors used for monitoring and detecting equipment failures.

These advanced AI-based devices can help companies save billions of dollars by detecting the possible threats in advance before leading to energy failure issues.

• AI Reducing oil Cost and Improving Oil Recovery

AI helps in driving automation across several industries, including the energy industry. With the help of AI automation, there has been a decrease in repetitive jobs that were traditionally done by human employees.

Due to the accurate insights from AI-based devices, oil companies are getting the exact information related to oil drilling places and saving billions of dollars and countless hours.

Let’s take a look at one such example:

Companies such as Bharat Petroleum (BP), an Indian government-owned oil and gas corporation, are investing a high amount of money in purchasing AI-based devices. These devices are expected to help find oil in lesser time and recover adequate oil entirely with the help of Internet of Things (IoT) sensors. Due to the adoption of AI, BP has enhanced its profitability rate in the last few years.

• AI-Based Robots Improving Work Safety

One of the best benefits of AI technology in the energy sector is the creation of AI-based robots. These robots can work in place of humans in risky situations and improve work safety for humans.

An example of AI-based robots is self-driving machines. These machines can do numerous risky tasks such as monitoring high-voltage lines and searching the seafloor for useful resources in place of humans diving deep inside waters.

Industry Overview of the Global AI in Energy Market

The rising demand for energy efficiency across the world has increased the requirement for AI in the energy sector.

The growth of global AI in the energy market is likely to be uplifted due to factors such as rising demand for the battery storage technique leading to complexity and congestion within the market.

As per the market report of BIS Research, the Asia-Pacific region is expected to dominate the global AI in the energy market during the forecast period 2019–2024. The key reason for the high dominance of the Asia-Pacific region is the increasing necessity for decentralized energy generation.

Conclusion

AI is present in several manners in every sector. It is the fastest developing branch of the advanced industry. The integration of AI in the energy sector is quite promising and can help develop smart energy stations and let experts monitor things related to energy more effectively in the future.