Power companies are leveraging AI-based technologies to drive innovation and enhance their operations. Recent patents reveal advancements that improve energy resource management and predictive maintenance. Despite a decline in AI-related deals and patent applications, strategic investments in AI continue to position companies for future growth, emphasizing the importance of AI in optimizing energy operations and ensuring reliable energy delivery. The impact of AI extends beyond the power sector, influencing various industries. GlobalData’s artificial intelligence market report provides comprehensive analysis of the market. Buy the report here.
This article presents a quarterly round-up of the latest trends in the power industry regarding AI. It provides an overview of recent developments in AI-related deals, talent acquisition, and patent filings within the power industry.
Diverse applications of artificial intelligence in power industry
Power companies are leveraging AI-based technologies to innovate and improve their businesses in the field of artificial intelligence. Recent patents reveal advancements in AI-based energy edge platforms, word embedding libraries, and arc risk management systems. These technologies enable intelligent orchestration and management of power and energy resources, predictive maintenance, outage detection, load forecasting, and quantitative arc risk assessment. By acquiring these patents, power companies can benefit from enhanced operational control, autonomous data handling, and robotic process automation for efficient energy management. These innovations offer a competitive edge by optimizing energy-related operations, improving infrastructure asset management, and ensuring reliable and safe energy delivery. The acquirer stands to gain significant advantages in leveraging these cutting-edge AI technologies for enhanced performance and sustainability in the power sector.
The industry experienced a 2% decline in the number of AI-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the power industry witnessed a drop of 2% compared with Q1 2023.
Strategic deal trends in artificial intelligence in power industry
Power companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in AI. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of AI in the power industry.
In Q1 2024, the number of AI-related deals in the power industry declined by 24% compared with Q1 2023. On a quarterly basis, there was 28% drop in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the power industry experienced a 25% growth compared with the previous quarter. On an annual basis, job postings also declined by 12%. Notably, computer and mathematical occupations, with a share of 20%, emerged as the top AI-related job roles within the power industry in Q1 2024, with new job postings rising by 6% quarter-on-quarter. Management occupations came in second with a share of 9% in Q1 2024, with new job postings dropping by 16% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with an 8% share in Q1 2024, and installation, maintenance, and repair occupations with a 4% share of new job postings.
AES, E.ON, Engie, Plug Power, and A2A are among the top companies leading in AI hiring within the power industry.
Countries driving adoption of artificial intelligence in power industry
The US is the leading country in AI adoption within the power industry, boasting the highest number of AI-related patents, jobs, and deals. Meanwhile, China, Germany, India and Canada also maintain significant positions in AI adoption within the power industry.
In conclusion, the strategic acquisition of AI-related patents and deals, alongside an increase in AI-related job postings, underscores the power industry's commitment to leveraging AI for enhanced operational efficiency and sustainability. These efforts highlight the sector's focus on innovation, competitive advantage, and future growth in energy management.
To further understand GlobalData's analysis on artificial intelligence in the power industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData patent analytics tracks patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
