AI has emerged as a transformative force in the power industry, fundamentally changing operational approaches and boosting overall efficiency. Recent patents in the industry reveal a diverse range of AI applications, from monitoring switchgear using infrared cameras and neural networks to predicting potential faults in autonomous driving systems. Strategic AI deals thrive despite a dip in patent applications, highlighting AI’s pivotal role in power industry advancements. Job postings show consistent growth in AI-related roles, notably in computer and mathematical occupations. The impact of AI extends beyond the power sector, influencing various industries. GlobalData’s Artificial Intelligence (AI) 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 artificial intelligence (AI) technologies to innovate and improve their businesses. Recent patents reveal their focus on various AI applications. One patent describes a system for monitoring switchgear using an infrared camera and a Siamese neural network to detect hot spots. Another patent introduces a system for dynamic spectrum management, utilizing monitoring sensors, data analysis engines, and a semantic engine to create actionable data. A vehicular autonomous driving system patent predicts potential faults by monitoring performance data and comparing it to performance thresholds. Additionally, a wind turbine fault diagnosis patent utilizes a neural network to monitor the health status of pitch bearings in real-time. Lastly, an outlier detection system uses process fingerprints from robot cycle data to identify anomalies. These patents provide power companies with valuable AI technologies and applications to enhance their operations and ensure efficient and reliable performance.
The industry experienced a 42% decline in the number of AI-related patent applications in Q3 2023 compared with the previous quarter. On an annual basis, the number of AI-related patent applications in the power industry witnessed a drop of 50% compared with Q3 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 Q3 2023, the number of AI-related deals in the power industry grew by 18% compared with Q3 2022. On a quarterly basis, there was 19% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the power industry experienced a 11% drop compared with the previous quarter. On an annual basis, job postings also grew by 1%. Notably, computer and mathematical occupations, with a share of 26%, emerged as the top AI-related job roles within the power industry in Q3 2023, with new job postings drop by 9% quarter-on-quarter. Management occupations came in second with a share of 11% in Q3 2023, with new job postings dropping by 3% over the previous quarter. The other prominent AI roles include architecture and engineering occupations with a 7% share in Q3 2023, and business and financial operations occupations with a 6% share of new job postings.
Siemens, AES, Plug Power, Engie, 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, the UK, India, Australia and Canada 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. Computer and mathematical occupations were the leading AI-related job roles. Siemens, Plug Power, and Stem played key roles in AI hiring. The US led AI adoption in the power industry, with China, the UK, Canada, and Germany also making significant contributions.
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