AI in Fuel Market is Riding the Wave of Growth – Here’s Why | Latest InsightAce Survey Report
Companies covered in this report are IBM, AI, Google LLC, Microsoft Corporation, Oracle, FuGenX Technologies Pvt. Ltd, Cloudera, Cisco Systems, NVIDIA Corporation, Intel Corporation
Jersey City, NJ, April 20, 2023 (GLOBE NEWSWIRE) — The Global AI in Fuel Market is estimated to reach over USD 5.32 billion by 2031, exhibiting a CAGR of 8.76% during the forecast period.
The fuel supply chain is being optimized using AI to control inventory, reduce waste, and increase delivery efficiency. In addition to streamlining the processes for producing and distributing fuel, AI is being used to assess real-time data on its quality, spotting possible problems like contamination or low-quality fuel.
The petroleum industry is under pressure to meet the expanding global energy demand. Petroleum companies can profit from AI by streamlining their processes, reducing expenses, and satisfying demand while remaining profitable. This should encourage market growth. The demand for innovative solutions in drilling, boiler diagnostics, quality control, planning, and predictive maintenance across various activities is also increasing, driving market growth.
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Furthermore, increasing product demand from oilfield operators, implementing different government programs to lessen the environmental impact of energy production, and intensive research and development (R&D) activities are other factors anticipated to drive the market.
- In June 2022, Hub71 in Abu Dhabi and AIQ, a joint venture between Group 42 and Adnoc, are working to develop fresh artificial intelligence applications for the fuel sector. As a portion of the agreement, Hub71 and AIQ will work together to advance the development of cutting-edge digital technology to optimize the value of Fuel operations and support the sustainability of the energy sector.
- In February 2022, Avni International, an independent tanker operator engaged in the shipment of crude oil and petroleum, and Windward, a provider of predictive intelligence, are collaborating to implement AI in the international marine trade. Windwards AI-powered platform will bolster the company’s sanctions compliance program, inspect boats, and analyze maritime traffic and port congestion to optimize its tank operations.
List of Prominent Players in the AI in Fuel Market:
- Accenture plc
- Cisco Systems, Inc.
- Cloudera, Inc.
- FuGenX Technologies Pvt. Ltd
- Google LLC
- Huawei Technologies Co. Ltd
- Infosys Limited,
- Intel Corporation
- Microsoft Corporation
- NVIDIA Corporation
- Shell plc.
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AI In Fuel Market Report Scope:
|Market size value in 2022||USD 2.52 Bn|
|Revenue forecast in 2031||USD 5.32 Bn|
|Growth rate CAGR||CAGR of 8.76 % from 2023 to 2031|
|Quantitative units||Representation of revenue in US$ Billion, and CAGR from 2023 to 2031|
|Historic Year||2019 to 2022|
|Report coverage||The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends|
|Segments covered||Type, Function And Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia|
The fuel business has had tremendous growth on a global scale, which is encouraging the market. AI tools make the automation of geological data processing, digitization of records, and identification of problems like increasing equipment utilization and pipeline corrosion possible. Furthermore, the market expansion is aided by the widespread use of products for monitoring toxicity levels and leaks and automatically modifying cooling and heating systems. In addition, several developments in the fuel sector, including machine learning (ML) and artificial intelligence (AI) to handle difficult problems rapidly and effectively, are significantly boosting the market growth.
Implementing AI technologies in the gasoline industry can be expensive for small and medium-sized firms. Since AI technology is expensive to install, some businesses may choose not to use it, restricting the market’s growth. AI systems need a lot of high-quality data to function successfully. The availability of this data, or the quality of the data, maybe a barrier for the fuel sector, which limits the utility of AI solutions.
A further disadvantage of AI technology in the petrol sector is that it can be expensive to install, particularly for small and medium-sized businesses. The high expenses associated with integrating AI technology may deter some companies from doing so, which would impede the sector’s expansion.
The North America AI in the fuel market is expected to register major market share in revenue and is projected to raise at a high CAGR soon. North America has emerged as the most significant global market regarding the fuel volume produced over time. Artificial intelligence has aided in nearly every field and process in creating these products.
The region’s strong economy, the widespread adoption of AI technologies by oilfield operators and service providers, the prominence of leading AI software and system suppliers, and joint investments from the public and private sectors in R&D activities are all expected to contribute to the region’s high demand for AI.
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Segmentation of AI in Fuel Market-
- Predictive Maintenance and Machinery Inspection
- Material Movement
- The US
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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