USD 2.32 billion
AI in Fuel Market Size, Share, Growth Analysis, By Type(Hardware, Software), By Function(Predictive Maintenance and Machinery Inspection, Material Movement), By Application(Upstream, Downstream) - Industry Forecast 2024-2031
Report ID:
SQMIG10F2011 |
Region:
Global |
Published Date: February, 2024
Pages:
244
|
Tables:
93 |
Figures:
71
AI in Fuel Market Insights
AI in Fuel Market size was valued at USD 2.32 billion in 2022 and is poised to grow from USD 2.52 billion in 2023 to USD 5.32 billion by 2031, growing at a CAGR of 8.76% in the forecast period (2024-2031).
Artificial intelligence (AI) is the fastest-growing general-purpose technology of the modern era, to enormous potential for growth and innovation. AI has already resulted in significant changes and altered competition rules in sectors such as manufacturing, healthcare, transportation, retail, media, and finance.
AI is also being used to optimize the fuel supply chain, which can guide in developing in inventory control, reducing waste, and trying to improve delivery efficiency. Price forecasting is another area where AI is being used, as it can help companies make better purchasing and pricing decisions, leading to increased profits and a more competitive market position.
AI is being used to analyze real-time fuel quality data, identifying potential issues such as contamination or low-quality fuel, in addition to optimizing fuel production and distribution processes. This can assist businesses in attempting to address issues before they cause problems for customers, reducing the likelihood of liability and reputation damage.
Finally, artificial intelligence is being used to optimize fuel production processes in order to reduce emissions and improve environmental impact. AI systems can identify opportunities to reduce waste and improve efficiency by data analysis from manufacturing processes, resulting in lower emissions and a more sustainable operation.
US AI in Fuel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Upstream
Fastest Growth
Upstream
Growth Rate
8.76% CAGR
Global AI In Fuel Market ($ Bn)
Country Share for North America Region (%)
Global AI In Fuel Market By Application ($ Bn)
Global AI In Fuel Market By Application (%)
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AI in Fuel Market Segmental Analysis
Global AI in Fuel Market is segmented based on Type, Function, Application and region. Based on Type the market is segmented into Hardware, Software, Services. Based on the Function the market is segmented into Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Reclamation. Based on Application the market is segmented into Upstream, Downstream, Midstream. Based on region the global market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
AI in Fuel Market Analysis by Function
The predictive maintenance and machinery inspection segment is expected to grow at the fastest CAGR of 8.87% during the forecast period. The world's largest and fastest growing mounting segment is preventive maintenance. Predictive maintenance aids in the management of costly downturns by predicting maintenance schedules for tools in order to avoid the possibility of equipment failure and thus save millions of dollars.
AI in Fuel Market Analysis by Application
In 2021, the upstream segment will have the highest revenue share in the AI in Fuel Market. It entails trying to search for prospective reserves of raw natural gas and crude oil underground or beneath the sea, drilling test Wells used to bring raw natural gas or crude oil to the surface.
GGlobal AI In Fuel Market By Application, Fuel (%)
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AI in Fuel Market Regional Insights
Geologically, North America has emerged as the largest global market in terms of quantity of fuel that has been produced over time, which has been assisted with the help of artificial intelligence in almost every field and process that has been included in the manufacturing of these products. The region's demand for AI is anticipated to be driven by factors such as the region's strong economy, the high adoption rate of AI technologies between many oilfield operators and service providers, a strong presence of prominent AI software and system suppliers, and combined investment by government and private sectors for the development and growth of R&D activities.
However, the Asia-Pacific region is expected to achieve the highest Al in Fuel Market Growth in the coming years, in order to satisfy the region's growing demand for fuel due to an increase in passenger cars.
Global AI In Fuel Market By Region, 2024-2031
- Largest
- Fastest
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AI in Fuel Market Dynamics
AI in Fuel Market Drivers
Increasing energy demand
- The global energy demand is increasing, and the fuel industry is under pressure to keep up. AI can help companies in the fuel industry in optimizing their operations and lowering costs, allowing them to meet demand while maintaining profitability.
Technical advancements
- The rapid development of new technologies such as machine learning, natural language processing, and computer vision is driving the global the AI in Fuel market forward. These technologies are assisting the fuel industry in automating tasks, improving decision-making, and reduces the human error.
Rising awareness for climate change
- There is growing recognition of the need to reduce greenhouse gas emissions and transformation to cleaner, more sustainable energy sources. AI can help companies in the fuel industry in making the transition to cleaner, more sustainable energy sources while maintaining profitability.
AI in Fuel Market Restraints
High implementation costs
- AI technology implementation in the fuel industry can be costly, particularly for small and medium-sized businesses. The high implementation cost of AI technology may deter some companies from adopting it, going to slow market growth.
Data quality and availability
- In order to work properly, AI systems require large amounts of high-quality data. However, the fuel industry may not have easy access to this data, or the data may be of poor quality, restricting the effectiveness of AI solutions.
Lack of skilled labours
- AI technology development and implementation necessitate a highly skilled workforce. There may be a shortage of professionals with the necessary skills and expertise to implement and manage AI systems in the fuel industry.
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AI in Fuel Market Competitive Landscape
In addition to these established players, several startups and emerging companies are entering the market with innovative AI-based fuel industry solutions. These firms are leveraging the most recent advancements in AI technology to create solutions that can assist companies in the fuel industry in optimizing their operations, lowering costs, and improving the customer experience. The AI in Fuel market is competitive, with designed to introduce to differentiate themselves by offering unique and innovative solutions. Companies are also collaborating with each other to develop new solutions and technologies, and market partnerships and collaborations are becoming more common.
AI in Fuel Market Top Player’s Company Profiles
- 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.
AI in Fuel Market Recent Developments
- In June 2022, AIQ, a joint venture of Adnoc and Group 42, and Abu Dhabi's Hub71 are collaborating to research new artificial intelligence solutions for the Fuel industry. Hub71 and AIQ will collaborate as part of the agreement to advance the development of advanced digital technologies to maximize the value of Fuel operations and contribute to the energy sector's sustainability.
- In February 2022, Windward, a predictive intelligence company, is partnering with Avni International, an independent tanker operator active in crude oil and petroleum shipment, to use AI in global maritime trade. To optimize its tank operations, Windwards AI-powered platform will strengthen the company's sanctions compliance programmer, screen vessels, and assess maritime traffic and port congestion. The platform predicts in real-time by analyzing numerous factors such as vessel behaviors, ownership structures, company risks, and others.
AI in Fuel Key Market Trends
- The significant growth in the global Fuel industry is creating a positive outlook for the market. The AI tools aid in the automation of geological data analysis, digitizing records, and identifying issues such as increased equipment usage and pipeline corrosion. In line with this, widespread product adoption for monitoring toxicity levels and leaks, as well as automatically adjusting cooling and heating systems, is boosting market growth. Aside from that, various advancements in the Fuel industry, such as the integration of machine learning (ML) with AI to solve complex problems efficiently and quickly, are providing a significant boost to market growth.
- Furthermore, rising demand for advanced solutions in drilling, boiler diagnostics, quality control, planning, and predictive maintenance in a variety of operations is boosting market growth. Other factors expected to drive the market include rising product demand among oilfield operators, the implementation of various government initiatives to reduce the environmental impact of energy production, and extensive research and development (R&D) activities.
AI in Fuel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global AI in Fuel market analysis, we found that the AI technology implementation in the fuel industry can be costly, particularly for small and medium-sized businesses. The high implementation cost of AI technology may deter some companies from adopting it, going to slow market growth. Artificial intelligence (AI) can assist companies in the fuel industry in reducing costs and optimize operations, predicting equipment failure, and improving energy efficiency. This can result in significant savings for business owners, particularly in a competitive market. AI can help companies in the fuel industry improve customer engagement, offer personalised pricing, and provide more convenient and efficient services.
| Report Metric | Details |
|---|---|
| Market size value in Fuel | USD 2.32 billion |
| Market size value in 2031 | USD 5.32 billion |
| Growth Rate | 8.76% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on AI in Fuel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on AI in Fuel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the AI in Fuel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the AI in Fuel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the AI in Fuel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the AI in Fuel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
AI in Fuel Market Report Snapshots
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