Europe AI In Energy Market Size, Share & Trends Analysis Report By Type (Solutions and Services), By Application, By Country and Growth Forecast, 2024 - 2031

Europe AI In Energy Market Size, Share & Trends Analysis Report By Type (Solutions and Services), By Application, By Country and Growth Forecast, 2024 - 2031

The Europe AI In Energy Market would 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 would continue to be a dominant market till 2031; thereby, achieving a market value of $4,093.7 million 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.

Based on Type, the market is segmented into Solutions and Services. Based on Application, the market is segmented into Renewable Energy Management, Demand Forecasting, Robotics, Safety Security & Infrastructure, and Other Application. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of 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.

Europe AI In Energy 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