Incorporating AI into different industries isn’t exactly a quick and easy process. While careful consideration has to be made around the pitfalls and challenges that come with this emerging technology, industries like the energy sector are still both conservative and reluctant to embrace all that it has to offer.
And as ready as society might be to make use of AI through e-commerce, social media and healthcare – not every industry is prepared to give it their complete trust, just yet.
So what are some of the advantages that AI can bring to the energy sector, in particular?
Let’s take a look.
5. Predictive Analytics
Machine and deep learning enable AI forecasting and prediction at a far more effective rate than humans. By making use of predictive analytics, the energy sector will cut costs, save power, prepare for change and enhance their customer experience.
It’s difficult to predict system failures or weather patterns that could affect energy output. By using neural networks that utilise historical data ultimately reduces risks and increases opportunities for the industry at large.
This also extends to buying, selling and trading energy in the stock markets. Machine learning can identify and predict significant changes in the production or loss of energy and dynamically produce insights. AI will inevitably provide a huge competitive advantage to those that implement it.
4. Disaster Prevention
AI has the ability to identify and predict maintenance issues that are in need of attention. Faulty transmission lines, system overloads, and failing transformers can cause serious damage to the environment (and to people) if not monitored or maintained effectively.
With AI, the industry is able to predict any faults, damages or potential hazards. Problems that might be caused by poorly maintained infrastructures, corrosion, and damaged or worn facilities. Through deep-learning, the data captured by drones and lidar help prevent many of the associated risks and dangers with the industry.
3. Energy Storage Optimisation
The amount of power being produced is quickly growing as humans continue to populate the Earth. And that power needs to be stored and managed correctly to maintain and endure the inevitable increase in population.
Through AI and machine learning, the methods and processes of storing that energy are plentiful. It will make a massive impact on dealing with the chaotic and temperamental nature of storing renewable energy. Our current energy storage systems don’t have the infrastructure to understand, process and utilise this energy in high amounts. And that’s where AI and machine learning can make a difference.
The algorithms that are processed through this new technology will improve the efficiency of power distribution. Not only that, but also optimise the utilisation of the power that it generates and stores. With intelligent power storage systems in place, AI can provide real-time insight into the health and strength of those devices that store energy. This results in both an increased life-span and output.
2. Resource Allocation And Management
Through predictive analytics, AI allows energy distributors to save and distribute resources far better and prepare them for upcoming demand. It also results in an improved customer experience by doing things like lowering costs.
This will come to affect the environment in a positive way, as well. Waste materials can be analysed and processed to be reduced and recycled more effectively. Resource and energy conservation will go a long way in protecting the environment and ultimately reduce costs across the board.
1. Digitisation of Data
Just like most industries, there are massive amounts of data that need processing to be utilised effectively. The storage, collection and management of data can become far more effective through the use of AI.
The energy sector is still heavily reliant on manual work. This powerful technology can improve the process of gathering valuable insights that end up saving both time and money. Cutting back on mundane processes and improving innovation.
With the vast amounts of historical data that exists, the entire industry can benefit greatly from converting all of that information into useful and practical insight. AI and machine learning create algorithms that discover patterns and processes. This improves decision-making and assists in extracting new value. It will come to enhance the overall efficiency of energy production and distribution.
It will result in better profits, better customer relations and enhance asset performance.
AI is becoming increasingly powerful with time. It’s safe to assume that every industry will end up being far more productive, reliable and impactful in the long-run.
And while many are still too reluctant or skeptical of the changes that it could bring, it’s only a matter of time before it becomes a very normal part of daily life. The advantages are far too promising to ignore. It would be counter-productive to shy away from the positive impact that it hopes to bring.