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Data Insights Artificial intelligence in power: power generation 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.

Power generation forecasting is a key innovation area in artificial intelligence

To reduce the uncertainty inherent in demand and power supply, power system operators rely on power generation forecasting for balancing the demand and supply of electricity. Power generation forecasting is a crucial and cost-effective tool that predicts the amount of electricity to be generated by power generation resources such as wind or solar. Power generation forecasting utilizes a combination of weather forecasts and satellite data, to generate accurate predictions of power generation in the near future.

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 40+ companies, spanning technology vendors, established power companies, and up-and-coming start-ups engaged in the development and application of power generation forecasting.

Key players in power generation 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 power generation forecasting

State Grid Corporation of China (SGCC) is one of the leading patent filers in power generation 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 in the automotive industry include Siemens, China Southern Power Grid, and Dominion Energy.

In terms of application diversity, LG leads the pack, while Vestas Wind Systems and Hwasung stood in the second and third positions, respectively. By means of geographic reach, Dominion Energy held the top position, followed by Sun Electric and Clean Power Research.

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.