In the power industry, AI is a transformative force, driving innovation. Recent patents offer tools for modeling complex processes, enhancing safety, and controlling fusion reactors. Despite a temporary patent application decline, rising strategic deals and evolving job postings reflect the industry’s commitment to AI. The growing application of artificial intelligence will prove to have a transformative impact across multiple sectors. GlobalData’s artificial intelligence market report helps keep abreast of the latest trends in artificial intelligence, market opportunity forecast and the competitive landscape. 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 the latest patents in the field of artificial intelligence (AI) to innovate and improve their businesses. These patents cover a range of AI technologies and applications. AECOM has developed a computational framework for modeling physical processes, allowing for the estimation of high-dimensional stochastic behaviors. State Farm Mutual Automobile Insurance Co has patented a virtual testing system for assessing and responding to malfunctions in autonomous vehicles and smart homes. Tokamak Energy Ltd is using machine learning to control plasma in fusion reactors, adjusting control models based on correlations between sensor readings and plasma control inputs. Samsung Group has developed an optical communication system that uses an organic photoelectric conversion device and a trained artificial neural network for demodulation. Xtrion N.V. has created a current supervisory device that detects or predicts events based on a subset of stored values. These patents provide power companies with valuable tools and technologies to enhance their AI capabilities and drive innovation in their respective industries.
The industry experienced a 21% decline in the number of AI-related patent applications in Q2 2023 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the power industry witnessed a rise of 93% compared with Q2 2022.
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 Q2 2023, the number of AI-related deals in the power industry grew by 33% compared with Q2 2022. On a quarterly basis, there was 7% increase in the number of deals in Q2 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2023, the power industry experienced a 7% drop compared with the previous quarter. On an annual basis, job postings also grew by 49%. Notably, computer and mathematical occupations, with a share of 25%, emerged as the top AI-related job roles within the power industry in Q2 2023, with new job postings rising by 8% quarter-on-quarter. Management occupations came in second with a share of 10% in Q2 2023, with new job postings dropping by 0.28% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 7% share in Q2 2023, and business and financial operations occupations with a 5% share of new job postings.
Siemens, Plug Power, Stem, AES, and Schneider Electric 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, the UK, Canada and Germany also maintain significant positions in AI adoption within the power industry.
In summary, the power industry witnessed a quarterly decline but a substantial annual rise in AI-related patent applications. Strategic deals increased both quarterly and annually, highlighting the growing importance of AI in the industry. Job postings showed a minor quarterly drop but significant annual growth while computer and mathematical occupations were the leading AI-related job roles.
To further understand GlobalData's analysis on artificial intelligence in the power industry, buy the report here.