The Global AI In Fuel Market Size is valued at 2.72 billion in 2023 and is predicted to reach 5.34 billion by the year 2031 at a 8.87% CAGR during the forecast period for 2024-2031.
Artificial intelligence (AI) has substantial potential for developing and innovating all general-purpose technologies in the modern period. The gasoline supply chain is being optimized with AI, which can help create inventory control, minimize waste, and increase delivery efficiency.
The petroleum business is pressured to keep up with the rising global energy demand. Companies in the petroleum sector can benefit from AI by streamlining their operations, cutting costs, and meeting demand while remaining profitable. This is expected to fuel market expansion. Furthermore, escalating demand for cutting-edge solutions in drilling, boiler diagnostics, quality control, planning, and predictive maintenance across various operations is fueling market expansion.
The global AI in fuel market is progressing due to the quick development of new technologies, including natural language processing, machine learning, and computer vision. These technologies are helping the petroleum business by automating processes, enhancing decision-making, and lowering human error. Yet, implementing AI technology in the gasoline industry can be expensive, especially for small & medium-sized enterprises. The high implementation costs of AI technology could discourage some businesses from implementing it, which would restrict industry growth.
Recent Developments:
- 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.
Competitive Landscape:
Some of the AI in fuel market players are:
- Accenture plc
- C3.AI
- Cisco Systems, Inc.
- Cloudera, Inc.
- FuGenX Technologies Pvt. Ltd
- Google LLC
- Huawei Technologies Co. Ltd
- IBM
- Infosys Limited,
- Intel Corporation
- Microsoft Corporation
- Neudax
- NVIDIA Corporation
- Oracle
- Shell plc.
Market Segmentation:
The AI in fuel market is segmented on the basis of type, function and application. Based on type, the market is segregated as Hardware and Software. By function, the market is segmented into Predictive Maintenance and Machinery Inspection and Material Movement. Based on application, the market is segmented as Upstream and Downstream.
Based On Product, The Predictive Maintenance And Machinery Inspection Segment Is Accounted As A Major Contributor In The AI In Fuel Market
The predictive maintenance and machinery inspection category is expected to hold a major share in the global AI in fuel market in 2024. Predictive maintenance makes use of Al to monitor machinery and systems, spotting possible difficulties before they develop into major concerns and enabling proactive maintenance planning. Fuel companies may cut down on expensive equipment failures and unforeseen maintenance that can disrupt operations and affect profitability by implementing Al-powered predictive maintenance. As a result, the equipment operates more effectively, has less downtime, and lasts longer.
Downstream Segment Witness Growth At A Rapid Rate
The downstream segment is projected to grow at a rapid rate in the global AI in fuel market. Through the use of Al technology, refiners may spot chances for cost savings and improve safety protocols by spotting abnormalities and potential risks during the refining process. By monitoring emissions and implementing sustainable processes, Al can also help refiners follow environmental standards. The downstream refining segment is expected to significantly boost the adoption of Al technology in the fuel market as the demand for high-quality fuel products rises and the necessity for more environmentally friendly refining procedures grows.
In The Region, The North America AI In Fuel Market Holds Significant Revenue Share
The North America AI in fuel market is expected to register highest market share in terms of revenue in the near future. The region's robust economy, the high rate of adoption of AI technologies by oilfield operators and service providers, the prominence of leading AI software and system providers, and joint R&D investments by public and private organizations are all anticipated to contribute to the demand for AI in the fuel industry. In addition, Asia Pacific is projected to grow swiftly in the global AI in fuel market. The need for and usage of aluminum in the fuel industries is expanding in this region, which has a high degree of the gaseous and explosive chemical environment to monitor the tanks and gasoline business. The introduction of dependable technology in the fuel sector has led to an expansion of the market in this area.
AI In Fuel Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 2.72 Bn |
|
Revenue forecast in 2031 |
USD 5.34 Bn |
|
Growth rate CAGR |
CAGR of 8.87 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
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 |
|
Competitive Landscape |
IBM, AI, Google LLC, Microsoft Corporation, Oracle, FuGenX Technologies Pvt. Ltd, Cloudera, Cisco Systems, NVIDIA Corporation, Intel Corporation, Accenture plc, Huawei Technologies Co. Ltd, Infosys Limited, Intel Corporation, International Business Machines Corporation, Neudax and Shell plc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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