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Nearly half of senior energy professionals plan to integrate Artificial Intelligence (AI)-driven applications into their operations in the coming year, according to a new report from DNV.
DNV says that its latest Energy Industry Insights special report, “Leading a data-driven transition,” draws on the 14th annual survey of nearly 1,300 senior professionals, alongside in-depth interviews with industry leaders and experts.
Among other things, the survey highlights digitalization’s crucial role in transforming the energy sector, impacting generation, transmission, distribution, and consumption. AI-driven technologies like smart grids, predictive maintenance, and real-time data analytics are already taking hold in the energy sector and promise to revolutionize it further in the coming years.
Almost 50% of the 1,300 senior professionals that responded to DNV’s survey said they plan to integrate AI-driven applications into their operations in the coming year.
The top three most impactful data-driven applications are optimizing processes, integrating systems and databases, and automating operations. However, 50%-to-60% of respondents also report major or massive impacts from a wide range of other data-driven innovations, from predictive maintenance to supply chain management.
The value of applications is often diluted by problems involving the integration of systems and databases. Paula Doyle, Chief Digital Officer at Aker BP, as quoted by DNV, describes that: “typically, companies have a lot of legacy systems where data is locked into the application” and explains that it’s necessary to “liberate and contextualize data from industrial systems to make it accessible to both humans and machines [for] better and faster decisions.”
AI and advanced data analytics are pivotal in this transformation, says DNV. The report estimates that by 2050, AI will support a $1.3-trillion decrease in clean energy generation costs and reduce grid equipment costs by $188 billion. Overall, power system costs will be reduced by 6% to 13%. AI is now an indispensable building block of energy systems, says DNV, with 47% of respondents saying their organization will use AI-driven applications in their operations in the year ahead.
Despite the progress, significant challenges remain, DNV reports. Resistance to change is a major barrier, compounded by the need to balance safety and agility in an industry where failure is not an option. Paula Doyle highlighted the challenge of becoming more data-driven, emphasizing the need for a specialized workforce to effectively track and manage data. As quoted by DNV, she noted: “The efficient automation of data delivery becomes extremely important, and this is where AI can play a key role.”