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Premium Insights Artificial intelligence in power: electric load forecasting

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According to GlobalData’s Technology Foresights, which uses over 70,000 patents to analyze innovation intensity for the power industry, there are 40+ innovation areas that will shape the future of the industry.

Electric load forecasting is a key innovation area in artificial intelligence

Electric load forecasting refers to the process of estimating the future electricity demand based on historical and probabilistic data. It involves analyzing patterns, trends, and factors that influence electricity consumption in order to make predictions for long-term planning and short-term operational decisions. The goal of load forecasting is to provide accurate information for electricity suppliers, grid operators, and energy planners to efficiently manage and optimize the generation, transmission and distribution of electricity. Load forecasting minimizes utility risk by predicting future consumption of commodities transmitted or delivered by the utility. It plays a fundamental role in economic planning of new generating capacity and transmission networks.

GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 150+ companies, spanning technology vendors, established power companies, and up-and-coming start-ups engaged in the development and application of electric load forecasting.

Key players in electric load forecasting – a disruptive innovation in the power industry

‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.   

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.  

Patent volumes related to electric load forecasting

State Grid Corporation of China (SGCC) is one of the leading patent filers in electric load forecasting. The company’s core business includes the construction and operation of power grids. It focuses on research and development of ultra-high voltage (UHV) transmission and smart grid technologies. SGCC owns proprietary intellectual property rights and promotes the export of technology and related equipment. It also operates large-scale commercial UHV projects. SGCC supplies power to municipalities, provinces, and autonomous regions, servicing most of the territory in China. Some other key patent filers include China Southern Power Grid, NARI Technology, and State Grid Information and Telecommunication.

In terms of application diversity, National ICT Australia leads the pack, while IBM and Itron stood in the second and third positions, respectively. By means of geographic reach, Sony Group held the top position, followed by Vestas Wind Systems and Veolia Environnement.

To further understand the key themes and technologies disrupting the power industry, access GlobalData’s latest thematic research report on Artificial intelligence (AI) in Power.

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.