AI in Fuel Market is Expected to Surpass USD 4.5 Billion by 2030 at a CAGR of 8% from 2022 to 2030; Energy Demand Management and Predictive Maintenance Make AI an Attractive Option
SkyQuest’s report on AI in the fuel market provides valuable information for those seeking to understand this rapidly expanding industry. The report presents information concisely and transparently, making it easily accessible to readers, including industry experts and laypeople. Furthermore, the report extensively analyzes the primary and secondary market drivers, giving readers a comprehensive view of the current market status and future projections.
Westford, USA, March 20, 2023 (GLOBE NEWSWIRE) — The North America and Asia Pacific regions are expected to experience significant growth in AI in the fuel market. Factors such as energy demand management, predictive maintenance, exploration and production, and supply chain optimization drive this growth. Additionally, AI technology can assist fuel companies in meeting environmental regulations by monitoring their emissions, ensuring compliance, and identifying areas for improvement. By utilizing advanced sensors, machine learning algorithms, and data analytics, AI can provide real-time monitoring of emissions and aid companies in tracking their progress toward meeting environmental objectives. Moreover, AI can help identify areas where companies can reduce their environmental impact and develop more sustainable practices.
As per SkyQuest’s latest global research findings, In 2021, global oil production reached a staggering 89.9 million barrels per day, and this production will be the driving force for the market. The high level of oil production signifies a continued demand for energy and natural resources. This demand will likely persist, especially in developing countries with rapidly expanding economies.
Browse in-depth TOC on “AI in Fuel Market”
- Pages – 244
- Tables – 93
- Figures – 73
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AI plays a crucial role in the fuel market today as it provides multiple benefits for fuel companies, including increased efficiency, improved safety, and reduced environmental impact. AI technology can help fuel companies to optimize their operations by real-time monitoring of their equipment and processes, identifying areas for improvement, and enabling predictive maintenance to prevent breakdowns. AI can also help fuel companies to comply with environmental regulations by monitoring emissions and developing more sustainable practices. Overall, AI has become essential for fuel companies to remain competitive, reduce costs, and meet evolving market demands while advancing their environmental stewardship.
Prominent Players in AI in Fuel Market
- Accenture
- Alphabet Inc. (Google)
- Amazon Web Services
- ABB Group
- AspenTech
- Bosch
- C3.ai
- General Electric (GE)
- Honeywell
- IBM Corporation
- Intel Corporation
- Microsoft Corporation
- Mitsubishi Heavy Industries
- Oracle Corporation
- Rockwell Automation
- Schneider Electric
- Siemens AG
- Uptake
- Wipro Limited
- Xilinx Inc.
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Downstream Refining Segment to Drive Higher Sales as It can be Used to Optimise Refining Processes, and Reduce Energy Consumption.
A recent analysis reveals that the Downstream Refining Segment has emerged as a crucial contributor to the rapid growth of the AI in Fuel market in 2021. This trend is expected to persist from 2022 to 2030 as the segment continues to maintain its dominance in the market. By utilizing AI technology, refiners can identify cost-reduction opportunities and enhance safety measures by detecting anomalies and potential hazards during the refining process. Furthermore, AI can aid refiners in adhering to environmental regulations by monitoring emissions and implementing sustainable practices. As the demand for high-quality fuel products increases, and the need for more sustainable refining practices grows, the downstream refining segment is anticipated to experience significant growth in adopting AI technology in the fuel market.
According to research analysis, North America is set to become a dominant player in the AI in the Fuel market from 2022 to 2030. Several factors, including the high adoption of AI technology in the oil and gas industry, significant investments in AI research and development, and favorable government policies, are fueling this growth. SkyQuest has reported that North America held a significant share of the AI in the oil and gas market, accounting for more than 40% of the market in the base year. This surge in sales indicates a positive outlook for North America’s market.
Predictive Maintenance Segment to Exhibit Strong Growth Due to the Involvement of Using AI to Monitor Equipment
In 2021, the Predictive Maintenance segment established itself as the primary method in the AI in the Fuel market and is anticipated to maintain its lead from 2022 to 2030. Predictive maintenance utilizes AI to monitor equipment and systems, detecting potential issues before they escalate into serious problems, and allowing for proactive maintenance scheduling. By employing AI-powered predictive maintenance, fuel companies can avoid costly equipment breakdowns and unplanned maintenance that can disrupt operations and impact profitability. This results in reduced downtime, improved efficiency, and a longer lifespan for the equipment.
The Asia Pacific region has emerged as a major contender in the AI in the Fuel market and is expected to maintain its dominant position by 2030. As the world’s largest energy consumer, the region’s demand for oil and gas is expected to increase significantly in the coming years. SkyQuest reports that the AI market in the energy sector is anticipated to experience a compound annual growth rate (CAGR) of 38.8% during the forecasted period, which bodes well for AI in the Fuel industry in the region.
In a recent report on AI in the fuel market, the industry’s major players were comprehensively analyzed. The report encompasses several aspects such as collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and major breakthroughs in the market. Additionally, the report examines the market share of the top segments and offers a detailed geographic analysis. Finally, the report highlights the major players in the industry and their efforts to develop innovative solutions to meet the rising demand.
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Key Developments in AI in Fuel Market
- AFCP (Alkaline Fuel Cell Power Corp.) has announced the completion of the acquisition of the CHP (combined heat and power) generation business of AI Renewable 2018-I Limited Partnership, AI Renewable 2020-I Limited Partnership, and 2191 Yonge Ltd. AFCP is engaged in the development and production of alkaline fuel cell heat and power systems for residential, industrial, and commercial markets globally.
- Baker Hughes, an energy technology company, and AIQ, the artificial intelligence (AI) joint venture of the Abu Dhabi National Oil Company (ADNOC) with Group 42 (G42), have announced a strategic collaboration agreement to develop advanced analytics solutions for the worldwide oil and gas industry. The collaboration aims to leverage the expertise of both companies in energy technology and AI to create innovative solutions that will enhance the performance and efficiency of the oil and gas industry.
- Google has made a commitment to discontinue the development of bespoke artificial intelligence (AI) technologies that aid global oil and gas companies in extracting fossil fuels.
Key Questions Answered in AI in Fuel Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth
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