AI-Based Solutions for T&D Network Management Are Expected to Experience a 14% Compound Annual Growth Rate from 2020-2029
AI technology is anticipated to have profound implications for the operation of electric transmission and distribution networks
A new report from Guidehouse Insights examines the current landscape for artificial intelligence (AI) technology solutions for electric transmission and distribution (T&D) network management, providing global market forecasts by region and application through 2029.
AI technologies for T&D management can help utilities minimize outages, make mobile workers more effective, improve load planning, manage real-time power quality, perform predictive asset maintenance, and more. In many applications, the superior insights derived from machine and deep learning solutions can reduce costs, improve reliability and service quality, and enhance efficiency throughout the grid. Click to tweet: According to a new report from @WeAreGHInsights, the market for AI-based solutions for T&D network management is estimated at $1.4 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 14.1% to more than $4.4 billion in 2029.
“AI technology has profound implications for the operation of T&D networks,” says William Hughes, principal research analyst with Guidehouse Insights. “Utilities will likely become increasingly dependent on AI-based solutions to incorporate distributed energy resources (DER) at an accelerating pace while maintaining acceptable performance metrics and keeping costs low.”
While AI-based applications can improve grid operations, key barriers to widespread adoption include an uncertainty that available data will yield results and challenges in integrating the data with operational technology (OT) systems. According to the report, these challenges can cause utilities to hesitate before adopting AI-based applications. However, once adopted, the datasets used for one application become easier to use for others, and benefits tend to accrue more rapidly.
The report, AI for Predictive T&D Network Management, describes the current landscape for AI technology solutions for T&D network management and presents drivers and barriers to implementation. It details AI-supported applications and explores the global market forecasts for these solutions by region and application. An executive summary of the report is available for free download on the Guidehouse Insights website.
Contact:
Lindsay Funicello-Paul
+1.781.270.8456
lindsay.funicello.paul@guidehouse.com
*The information contained in this press release concerning the report, AI for Predictive T&D Network Management, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.