New research from Latitude Intelligence and
Indigo Advisory Group assesses the state of play in the market for
artificial intelligence solutions in today's power system.
BOSTON, April 17,
2024 /PRNewswire/ -- Latitude Intelligence, the
market analysis arm of Latitude Media, and Indigo Advisory Group
today announced the release of the Utility AI Insights 2024
Report, a first-of-its-kind study of the pathways to adoption
of artificial intelligence in the power sector.
"What's exciting about this particular time in the ongoing
modernization of the grid is that we have the coincidence of a
decade or more of digitalization of utility infrastructure,
available artificial intelligence solutions across a range of use
cases, and a pressing need to improve reliability and resilience,"
said David Groarke, Managing
Director of Indigo Advisory Group. "Utilities have been working
with Big Data and analytics for years now, and many are building
data science teams that can now access low-cost AI models to start
developing powerful applications to support asset inspection and
predictive maintenance, wildfire detection, smart EV charging, and
better orchestration of customer resources like rooftop solar,
batteries, and smart appliances."
Through multiple interviews with utilities across the United States, from investor-owned
utilities to public power, this research uncovers how deployment
strategies, existing applications, and targeted benefits are
evolving.
Key findings from the interviews included:
- Utilities are currently focused on reliability and resilience
when deploying AI today.
- A majority of utilities still lack a central, holistic AI
strategy, yet there is an emerging group of innovator utilities who
have begun that transformation.
- There are few pure-play AI startups in this market; instead,
most utility solutions vendors are incorporating AI capabilities
into their product lines to enhance features and functions.
- Grid and customer data availability remains a critical market
barrier but progress is being made, often with the aid of AI as a
data interpreter, to support better predictions and forecasts.
- Generative AI will find adoption in utility workforce solutions
and customer engagement.
For vendors, the research reviews solutions from across the
energy value chain — from generation and transmission and
distribution to customer operations — as well as illustrating
pathways for success for vendors bringing AI-powered solutions to
the often-challenging utility space.
Matt Casey, Managing Director of
Latitude Intelligence, commented, "Understanding the role and pace
of adoption of AI in the utility sector required deep engagement
with key leaders within the utility and vendor communities. Through
over six months of analysis, we were able to uncover what is being
evaluated, trialed and deployed today, and what barriers need to be
unlocked to truly accelerate this market space. This process and
partnership with Indigo Advisory gave us the visibility and insight
to bring forward what will be the first in a series of reports on
the role that AI and other grid edge technologies will have on the
future of the power sector."
link to download report
About Latitude Intelligence
Latitude Intelligence is
the market analysis arm of Latitude Media, providing critical,
timely, and in-depth analysis of the market landscape and outlook
for new and emerging climate technologies. Tracking vendor
landscapes, applications, use cases, deployment strategies, and
challenges, Latitude Intelligence helps investors, utilities, large
energy firms, and vendors navigate these emerging spaces and inform
long-term strategic decisions.
About Indigo Advisory Group
Indigo Advisory Group
works with utilities and energy companies to deliver market leading
strategy, technology and innovation services. Our capabilities span
the entire energy value chain and our approach is high value and
outcome focused. Indigo Insights is our market perspectives and
intelligence center, providing analysis and market research for
utilities during a time of unprecedented transformation. Indigo
Advisory Group are experienced utility experts and management
consultants. Our consultants and partners have worked with
utilities globally to understand and define new growth
opportunities, business models and strategic technology
deployments.
Media Contact Information
Jenna Herzog
Head of Marketing
Latitude Media
info@latitudemedia.com
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SOURCE Latitude Media, Inc.