The energy industry has undergone many changes over the past couple of years. With new advances in industrial processes, multiple sources of energy are now available which can drive forward a more efficient use of energy resources .

SwissCognitiveWith the newest breakthroughs artificial intelligence (AI) has offered in the fields of robotics, self-driven cars, finance, and healthcare, energy companies are now exploring the possibilities of incorporating AI to increase the prospects of more efficient consumption of energy. Several artificial intelligence courses are already being developed to facilitate learning in the field of AI. The ability to compress and analyze large sets of data can help brands monitor and interpret the data produced by energy industries to optimize energy consumption. We have compiled some of the best ways AI can help with energy forecasting, energy management, renewable storage, and influencing sustainable development in the present and future.

Energy Storage:

In a report by Greentech Media , the American energy storage market reached a massive milestone in the final quarter of 2017. The number was only predicted to double, but grew at a much faster pace than even the most optimistic experts expected.

A renewable solution to the energy storage problem was much sought after. With the increase in storage capacity and technological emergence, AI has emerged to boost efficiency and sustainability. Programs like Athena use AI to highlight energy usage and thus allow its customers to track fluctuations in energy rates to enable a more efficient energy storage solution. STEM has raised $37.54M from a group of investors which includes the U.S. Department of Energy.

Accident Management:

Accidents and instrument failures are a common occurrence in the energy industry. Time and again, human errors and failure to thoroughly check equipment for safety and maintenance issues can lead to massive equipment failures and irreversible losses. Artificial intelligence is now being used to detect faults by observing pieces of equipment. Timely detection of these failures can thus not only save money and time, but it can also save lives.

Sparkcognition provides AI solutions for areas in manufacturing, energy, oil and gas, amongst others. They use a combination of analytics, sensors, and operational data to forecast any possible failures of critical infrastructure. SparkCognition was also granted an award in December 2017 by the Department of Energy for using artificial intelligence to enhancing coal-fired power plants. […]