AI in Fuel Market to reach over USD 5.32 billion by the year 2031 – Exclusive Report by InsightAce Analytic
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI in Fuel Market Size, Share & Trends Analysis Report By Type(Hardware, Software), By Function(Predictive Maintenance and Machinery Inspection, Material Movement), By Application(Upstream, Downstream)- Market Outlook And Industry Analysis 2031”
The global AI in fuel market is estimated to reach over USD 5.32 billion by 2024-2031, exhibiting a CAGR of 8.76% during the forecast period.
Get a free sample copy of the report: https://www.insightaceanalytic.com/request-sample/1733
1. Separate AI Applications: Consider dividing the functionalities of AI in the fuel supply chain into separate points for better readability.
Here’s the revised version:
AI Optimizes Fuel Supply Chains
Artificial intelligence (AI) is transforming the fuel supply chain by offering solutions that optimize inventory management, reduce waste, and improve
delivery efficiency. Here’s how AI is making a difference:
• Inventory Optimization: AI can analyze vast amounts of data to predict fuel demand fluctuations and optimize inventory levels. This helps prevent stockouts and minimizes the risk of storing excess fuel.
• Real-Time Quality Control: AI can analyze real-time data on fuel quality, identifying potential issues like contamination or low-grade fuel before they enter the supply chain. This ensures consistent fuel quality and reduces maintenance costs.
• Improved Delivery Efficiency: AI can optimize delivery routes, considering factors like traffic patterns and weather conditions. This leads to faster deliveries and reduced transportation costs.
The Rise of AI in the Fuel Supply Chain Market
The global market for AI in the fuel supply chain is experiencing significant
growth due to several factors:
• Growing Energy Demand: The pressure to meet the world’s ever-increasing energy needs is driving the adoption of AI solutions that can optimize operations and reduce costs for petroleum companies.
• Demand for Advanced Solutions: There’s a growing need for AI-powered solutions across various aspects of the fuel supply chain, including drilling, planning, quality control, boiler diagnostics, and predictive maintenance.
• Increasing Product Demand: Oilfield operators are recognizing the value of AI and are increasingly adopting AI-powered solutions to improve efficiency and profitability.
• Government Regulations: Government initiatives aimed at reducing the environmental impact of energy production are pushing the adoption of AI solutions that can optimize fuel usage and minimize waste.
• Research and Development: Extensive research and development (R&D) efforts are leading to the creation of more sophisticated AI solutions for the fuel supply chain, further propelling market growth.
The integration of AI presents a significant opportunity for the fuel supply chain to become more efficient, cost-effective, and environmentally sustainable.
List of Prominent Players in the AI in Fuel Market:
• Microsoft Corporation
• Neudax
• NVIDIA Corporation
• Oracle
• Shell plc.
• C3.AI
• Cisco Systems, Inc.
• Cloudera, Inc.
• FuGenX Technologies Pvt. Ltd
• Google LLC
• Huawei Technologies Co. Ltd
• IBM
• Infosys Limited,
• Intel Corporation
Market Dynamics:
Drivers-
The fuel business has had tremendous growth on a global scale, which is encouraging the market. AI tools make the automation of geological data processing, digitization of records, and identification of problems like increasing equipment utilization and pipeline corrosion possible. Furthermore,
the market expansion is aided by the widespread use of products for monitoring toxicity levels and leaks and automatically modifying cooling and heating systems. In addition, several developments in the fuel sector, including machine learning (ML) and artificial intelligence (AI) to handle difficult problems rapidly and effectively, are significantly boosting the market growth.
Challenges:
Implementing AI technologies in the gasoline industry can be expensive for small and medium-sized firms. Since AI technology is expensive to install, some businesses may choose not to use it, restricting the market’s growth. AI systems need a lot of high-quality data to function successfully. The availability of this data, or the quality of the data, maybe a barrier for the fuel sector, which limits the utility of AI solutions.
A further disadvantage of AI technology in the petrol sector is that it can be expensive to install, particularly for small and medium-sized businesses. The high expenses associated with integrating AI technology may deter some companies from doing so, which would impede the sector’s expansion.
Regional Trends:
The North America AI in the fuel market is expected to register major market share in revenue and is projected to raise at a high CAGR soon. North America has emerged as the most significant global market regarding the fuel volume produced over time. Artificial intelligence has aided in nearly every field and process in creating these products. The region’s strong economy,
the widespread adoption of AI technologies by oilfield operators and service providers, the prominence of leading AI software and system suppliers, and joint investments from the public and private sectors in R&D activities are all expected to contribute to the region’s high demand for AI.
Curious about this latest version of the report? @ https://www.insightaceanalytic.com/enquiry-before-buying/1733
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.
Segmentation of AI in Fuel Market-
By Type
• Hardware
• Software
By Function
• Predictive Maintenance and Machinery Inspection
• Material Movement
By Application
• Upstream
• Downstream
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
For More Customization @ https://www.insightaceanalytic.com/report/ai-in-fuel-market/1733
Contact Us:
InsightAce Analytic Pvt. Ltd.
Tel.: +1 718 593 4405
Email: info@insightaceanalytic.com
Site Visit: www.insightaceanalytic.com
Follow Us on LinkedIn @ bit.ly/2tBXsgS
Follow Us On Facebook @ bit.ly/2H9jnDZ
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
This release was published on openPR.
