Improved Demand Response Management and Better Resource Allocation with AI
AI, in the coming years, is expected to make a lot of progress in the solar and wind energy sector by updating manual processes into an automated one. AI with the help of other groundbreaking technologies like machine learning, advanced neural networks, and deep learning have shown their ability to make a big revolution in the utility and energy sectors. The increasing modal share of renewable energy sources have caused insufficiency in demand and supply of energy, and now, many companies are implementing AI with various other new technologies to allow utilities to manage the imbalance.
AI, in the future, is expected to improve the efficiency of the renewable energy industry by changing traditional manual operations of the industry into automated processes. Also, the other transforming technologies such as IoT and big data are expected to contribute a lot to AI processes to help improve the process to overcome the energy insufficiency. Verdigris, a Silicon Valley-based company, uses Artificial Intelligence to increase the energy efficiency of buildings by collecting data from various sensors.
AI-based applications help the energy industry to generate more revenue opportunities by providing software applications for identifying patterns, detecting anomalies, analyzing large data sets, and for making the exact predictions. These applications can also enable creating smart applications that can automatically make accurate decisions depending on the learning. This helps to increase AI’s capability to integrate with a huge range of applications.
These applications also help to create customer-preferred solutions that improve customer service and generate auto recommendations based on user data. With the help of predictive analytics, equipment life span can be increased. To assist the active participation of customers in demand, response programs can be built with the help of algorithms and using blockchain to protect data.
Raycatch, an Israel-based company provides an AI-based diagnostic and optimization solution that takes all the data produced by a solar power plant and makes it a daily, real-time action plan without supplementary hardware installations. Thus, AI is best suitable to solve renewable resources problems by predicting energy production and thus achieving better demand response management and resource allocation.
Check out: Top Artificial Intelligence Companies.