Its an article on the various opportunities and challenges for A.I. to dominate the energy sector
What lies in the store for AI in energy sector: Its potential applications and shortcomings
Artificial Intelligence, Deep Learning and Machine Learning- whatever you are doing, if you dont understand it Learn it. Because you are otherwise going to be a dinosaur in 3 years.
These words by American entrepreneur Marc Cuban can be a bit over-the-top but it puts a strong emphasis on how these modern technologies are gonna dominate almost every industry in the coming years. So today, we are gonna talk about one of these technologies- Artificial Intelligence (AI.) in detail and about its growing importance in specifically, the Energy Sector.
So, lets begin our article with some insights on AI.
Artificial Intelligence: An Introduction
AI is certainly the talk about the hour nowadays. In high-tech industry, AI is the one with most potential. But before proceeding and discussing further on this exciting technology, wed like to first understand what AI means-:
Artificial Intelligence may be defined as a technology which incorporates human intelligence in machines. It provides machines or computer programs the potential of thinking or performing certain tasks which otherwise, wouldnt be possible without human intelligence.
These tasks may include the likes of visual perception or speech recognition for instance.
Artificial intelligence (AI) makes it possible for machines to accomplish specific tasks by processing large amounts of information in form of data and recognizing patterns within the data. Today AI has taken a crucial place in many sectors and with increasing digitisation and increased flow of information everyday, the longer term for AI looks promising.
From retail to banking, from healthcare to manufacturing, AI is resulting in increased efficiency and security by enhancing the speed, precision and effectiveness of human efforts.
AI IN ENERGY SECTOR: AN OVERVIEW
With Artificial Intelligence expanding itself every day, energy sector has also not been left untouched by it.AI and energy sector are a perfect matchto each other. AI thrives on data and the energy resources are flooded with huge chunk of data coming from power grids, wind-farm operations and even oil-companies. AI coupled with other technologies like cloud computing canprocess, stream, analyse and interpret this dataprecisely and with unimaginable speeds to make the energy sector more efficient and secure.
So, lets begin our discussion on what future lies for AI in this ever- changing energy sector and what challenges and opportunities lie ahead to it:
Opportunities for AI in Energy Sector-:
The numerous opportunities for AI can be narrowed down to these five points-
AI in power grids : Smart grids
With time, power grids are becoming more and more decentralized and digital. It is leading to more number of grid participants and hence, more difficult to manage it and keep the grid in balance. This requires evaluating and analyzing a huge chunk of data. AI can help us with quick and efficient processing for this flood of data!
As power is being generated from more volatile sources like solar and wind, the requirement is that power generation must react intelligently to consumption (and vice versa). With AI, we canevaluate, analyse and control participants connected to each othervia these smart grids.
Intelligent Energy Storage(IES)
With modern day emphasis on climate changes and increasing pressure to reduce CO2 emissions, we must find ways to have most of our power generated from renewable resources. The problem with renewable sources of energy are that they areunpredictable, which makes production of energy periodical and sometimes even chaotic. With renewable sources, there can be power outages or too much power generation which needs to be controlled.
Smart storage, also known asIntelligent Energy Storage(IES)can effectively handle these disrupt changes in power supply. If we combine renewable energy with AI-powered storage ,we can greatlyimprove energy storage management, increase business value and minimize power losses.
AI in power trading: AI forecasting
Use of AI in power trading can help improve forecasting. Improving their predictive analysis methods by the use of AI can serve many goals for energy companies:Cost Cutting, Power Saving, Being ready for changing conditionsand also improving their existing customer service. With the help of machine learning and deep learning, its possible to bring forecasting to the next level in the energy industry .The cost of error in energy industry is very high, which means thatprecision of highest levelis required.
Ex- Worlds largest electricity producer company GE Power is working on incorporating AI in its energy supply change to enhance precision and efficiency.
Suppliers can use AI topredict for demandin advance orcheck for problemsto save resources wherever possible. They can therefore haveoptimal utilizationof their resources, hence increasing efficiency.
AI can also enable users to save electricity and reduce their monthly bills. With AI enabled system, the networked devices canreduce power billsby reacting to prices on electricity market.
AI can be used topredict system overload or potential transformer breakdowns, thus giving an added layer of security to any disaster sort of mis-happening. Analyzing the available data and coupled with technologies like deep learning, AI can predict corrosion, cracks etc. which pose a threat to the system and can be a cause of future disasters.
Challenges for AI in the energy sector
By learning about so many potential applications of AI. in the energy sector, you would guess that its gonna be a pretty easy path for it in this industry. But turns out, that the path isnt really without its obstacles. So, lets take a look at the major challenges which has to be cleared before AI takes a giant domination in this industry-:
Let us read about each challenge one-by-one:
Lack of expertise and finances
For a shift to AI enabled energy sector, we require a large number of employees withsufficient technical expertiseon AI who could be able to lead this transition, but thats not present. Moreover, theconservative approachof some organisations andhuge risksassociated with data compels many companies to not join this AI revolution.
Moreover, this implementation of technology in the energy sector would requiredeveloping, adjusting and monitoringsoftware which requireslot of resources and finances.
Data Privacy and Security
Data privacy is one of the biggest issues of this century and AI literally thrives on data, so it is natural for data security to be a challenge for AI in the energy sector. Energy supply and entire energy system are prone tocyber-attacks and data theft. Being integral part of a countrys infrastructure,cybersecurity needs to be insuredbefore completely handling over our data to the technology.
Data Consumption by AI itself
Data centers the huge server farms around the world storing users data, now consume 3% of global energy.Processing a lot of data requires large amount of electricity- making it a requirement to have a check on data consumption of AI itself. To make the energy sector artificially intelligent, its integral to ensure that thesedata centres are themselves, energy efficient.
Its a no-brainer that the future lies in AI and furthermore, the capability of AI to revolutionize the energy sector must also not be doubted. AI can increase the efficiency, speed and security of energy consumption and generation and could lead the constant transitions in this sector to meet the changing climate needs. But it also goes without saying that even this intelligent technology has its own shortcomings which needs to be taken care of before we can embrace it with open hands.
The rest is here:
- Artificial Intelligence (AI) Definition - Investopedia - May 31st, 2020
- The Temptations Of Artificial Intelligence Technology And The Price Of Admission - Forbes - May 31st, 2020
- Artificial intelligence offers a chance to optimize COVID-19 treatment in international partnership - Vanderbilt University News - May 31st, 2020
- Reality Check: The Benefits of Artificial Intelligence - AiThority - May 31st, 2020
- Thanks To Renewables And Machine Learning, Google Now Forecasts The Wind - Forbes - May 31st, 2020
- Artificial intelligence is hopelessly biased - and that's how it will stay - TechRadar India - May 31st, 2020
- Top Artificial Intelligence Trends that will Change the Decade - Analytics Insight - May 31st, 2020
- Art and artifice - The Indian Express - May 31st, 2020
- The Role of Artificial Intelligence in Ethical Hacking | EC-Council Official Blog - EC-Council Blog - May 31st, 2020
- Microsoft is cutting dozens of MSN news production workers and replacing them with artificial intelligence - Seattle Times - May 31st, 2020
- Artificial intelligence software improves accuracy, doubles speed in evaluating CT scans of advanced cancer - UAB News - May 31st, 2020
- Coronavirus tests the value of artificial intelligence in medicine - FierceHealthcare - May 31st, 2020
- The Use of Artificial Intelligence by Investment Advisers: Considerations Based on an Advisers Fiduciary Duties - JD Supra - May 31st, 2020
- Lecturer in Artificial Intelligence for Digital Infrastructures job with UNIVERSITY OF BRISTOL | 208485 - Times Higher Education (THE) - May 31st, 2020
- Artificial Intelligence (AI) Market to Reach USD 202.57 Billion by 2026; Rising Demand for Cloud-based Applications to Aid Growth: Fortune Business... - May 31st, 2020
- Walmart Employees Are Out to Show Its Anti-Shoplifting AI Doesn't Work - WIRED - May 31st, 2020
- How artificial intelligence is keeping time-critical shipments on track during pandemic - FreightWaves - May 31st, 2020
- Coronavirus Update: Recent FTC Guidance on the Use of Artificial Intelligence and Algorithms in the Age of COVID-19 - Government Contracts Legal Forum - May 31st, 2020
- COVID-19 Impact: A Mix of Challenges and Opportunities | Artificial Intelligence-as-a-Service (AIaaS) Market 2020-2024 | Growing Adoption of Cloud... - May 31st, 2020
- IIT-Ropar and TSW Launch a PG Programme in Artificial Intelligence - THE WEEK - May 31st, 2020
- MS in Artificial Intelligence | Artificial Intelligence - May 19th, 2020
- What is Artificial Intelligence? | Azure Blog and Updates ... - May 19th, 2020
- What Are the Advantages of Artificial Intelligence ... - May 19th, 2020
- AI Tutorial | Artificial Intelligence Tutorial - Javatpoint - May 19th, 2020
- It's Called Artificial Intelligencebut What Is Intelligence? - WIRED - May 19th, 2020
- Powering the Artificial Intelligence Revolution - HPCwire - May 19th, 2020
- Artificial intelligence is struggling to cope with how the world has changed - ZDNet - May 19th, 2020
- An AI future set to take over post-Covid world - The Indian Express - May 19th, 2020
- A New Way To Think About Artificial Intelligence With This ETF - MarketWatch - May 19th, 2020
- Artificial intelligence-based imaging reconstruction may lead to incorrect diagnoses, experts caution - Radiology Business - May 19th, 2020
- Artificial Intelligence in the Covid Frontline - Morningstar - May 19th, 2020
- Patent Analytics Market to Reach USD 1,668.4 Million by 2027; Integration of Machine Learning and Artificial Intelligence to Spur Business... - May 19th, 2020
- Artificial Intelligence in Cancer: How Is It Used in Practice? - Cancer Therapy Advisor - May 19th, 2020
- Five Important Subsets of Artificial Intelligence - Analytics Insight - May 19th, 2020
- Ethical artificial intelligence: Could Switzerland take the lead? - swissinfo.ch - May 19th, 2020
- The Future of Artificial Intelligence: Edge Intelligence - Analytics Insight - May 19th, 2020
- 5 Ways Artificial Intelligence Is Changing Architecture - May 15th, 2020
- Keysight Validates Artificial Intelligence (AI) and ... - May 15th, 2020
- What Is Artificial Intelligence? Examples and News in 2019 ... - May 15th, 2020
- Artificial Intelligence (AI) Is Nothing Without Humans - E3zine.com - May 15th, 2020
- Artificial intelligence is helping seniors who are isolated during the coronavirus pandemic - WXYZ - May 15th, 2020
- ValleyML is launching a Machine Learning and Deep Learning Boot Camp from July 14th to Sept 10th and AI Expo Series from Sept 21st to Nov 19th 2020.... - May 15th, 2020
- TSA Issues Road Map to Tackle Insider Threat With Artificial Intelligence - Nextgov - May 15th, 2020
- The Expanding Role Of Artificial Intelligence In Tax - Forbes - May 15th, 2020
- Artificial Intelligence: Technology Of The Future - Forbes India - May 15th, 2020
- SparkCognition and Milize to Offer Automated Machine Learning Solutions for Financial Institutions to the APAC Region - PRNewswire - May 15th, 2020
- Alpha Modus Allowed 2nd Patent Leveraging Artificial Intelligence for Monitoring and Analyzing Consumer Behavior - Yahoo Finance - May 15th, 2020
- Tesla : Artificial Intelligence - the .AI domain is on the rise - marketscreener.com - May 15th, 2020
- Artificial Intelligence Can Only Help Architecture if We Ask the Right Questions - ArchDaily - May 15th, 2020
- Fighting COVID-19: Artificial Intelligence community to help citizens and the healthcare system - Canada NewsWire - May 15th, 2020
- Understanding the Four Types of Artificial Intelligence - May 9th, 2020
- Artificial intelligence Facts for Kids - May 9th, 2020
- 4 Main Types of Artificial Intelligence - G2 - May 9th, 2020
- Artificial intelligence project lets Holocaust survivors ... - May 9th, 2020
- Artificial intelligence - Simple English Wikipedia, the ... - May 9th, 2020
- Artificial Intelligence Market by Size, Share, Analysis ... - May 9th, 2020
- A.I. Artificial Intelligence movie review (2001) | Roger Ebert - May 9th, 2020
- Artificial Intelligence is Evolving to Process the World Like Humans - Interesting Engineering - May 9th, 2020
- Drug research turns to artificial intelligence in COVID-19 fight - Business in Vancouver - May 9th, 2020
- Women wanted: Why now could be a good time for women to pursue a career in AI - CNBC - May 9th, 2020
- Artificial Intelligence Used to Identify Light Sources With Far Fewer Measurements - Unite.AI - May 9th, 2020
- The Impending Artificial Intelligence Revolution in Healthcare - Op-Ed - HIT Consultant - May 9th, 2020
- COVID-19 identification in X-ray images by Artificial intelligence - News Anyway - May 9th, 2020
- Is artificial intelligence the answer to the care sector amid COVID-19? - Descrier - May 9th, 2020
- Artificial intelligence - Wikipedia - April 26th, 2020
- artificial intelligence | Definition, Examples, and ... - April 26th, 2020
- What is Artificial Intelligence? How Does AI Work? | Built In - April 26th, 2020
- What Is Artificial Intelligence (AI)? | PCMag - April 26th, 2020
- How Artificial Intelligence Is Totally Changing Everything ... - April 26th, 2020
- Artificial Intelligence And Automation Top Focus For Venture Capitalists - Forbes - April 26th, 2020
- Benefits & Risks of Artificial Intelligence - Future of ... - April 26th, 2020
- Artificial intelligence can take banks to the next level - TechRepublic - April 26th, 2020
- Health care of tomorrow, today: How artificial intelligence is fighting the current, and future, COVID-19 pandemic | TheHill - The Hill - April 26th, 2020
- How Artificial Intelligence, IoT And Big Data Can Save The Bees - Forbes - April 26th, 2020
- First meeting of the new CEPEJ Working Group on cyberjustice and artificial intelligence - Council of Europe - April 26th, 2020
- When the coronavirus hit, California turned to artificial intelligence to help map the spread - 60 Minutes - CBS News - April 26th, 2020
- Artificial Intelligence in the Oil & Gas Industry, 2020-2025 - Upstream Operations to Witness Significant Growth - ResearchAndMarkets.com - Yahoo... - April 26th, 2020
- Pre & Post COVID-19 Market Estimates-Artificial Intelligence (AI) Market in Retail Sector 2019-2023| Increased Efficiency of Operations to Boost... - April 26th, 2020
- EUREKA Clusters Artificial Intelligence (AI) Call | News item - The Netherlands and You - April 26th, 2020
- A guide to healthy skepticism of artificial intelligence and coronavirus - Brookings Institution - April 2nd, 2020