How Artificial Intelligence Can Improve Electricity Savings
The world's electricity consumption has continuously grown over the past half a century, reaching approximately 25,300 terawatt-hours in 2021. Between 1980 and 2021, electricity consumption more than tripled, while the global population increased by roughly 75 percent.
It would not be wrong to say that growth in industrialization and access to electricity across the world has further increased the demand for electricity. In fact, the industrial sector is the second largest consumer of energy in any country, with energy consumption accounting for a third of manufacturing’s operational costs. About 70% of all produced electricity powers factories and buildings, but 60% of that energy is wasted. This wasted energy represents billions of dollars spent on generated energy that we would not have consumed.
Multiple contributing factors such as the existence of electricity-intensive industries, household sizes, living situations, equipment and efficiency standards, and access to alternative heating fuels determine the amount of electricity the average person requires in each country. The ever-increasing needs of electricity, forecasting, coordination and supply management indicate that new solutions are needed to save electricity. That is what you can achieve with Artificial Intelligence.
Artificial Intelligence plays an important role in energy saving, it not only can control operations, but can also perform tasks more efficiently and much faster than humans. Now the energy sector is using AI to increase energy efficiency by reducing consumption, improving energy storage and grid stability, making predictions about energy consumption, to have more accuracy to find oil & gas and many other applications......
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