Data Viewpoint

AI is set for continued growth in the energy industry

June 22, 2021

  • Forty-six percent (46%) of energy enterprise leaders claim to have AI implemented at scale; over 80% have some level of implementation.
  • Over 75% expect their enterprise to increase AI spending over the coming 12-18 months; 45% see a significant increase.
  • The same is apparent for quantum computing in the energy industry – where over 90% of energy enterprises have engaged; quantum computing will be a key enabler of the most complex solutions in the industry from geophysical modeling through to new material discovery. Analytics technologies, unsurprisingly, are also set for a big increase in spending.
  • AI, and the technologies which complement and underpin it, can provide improved insight for decision-making, optimize processes including sustainability performance, fuel complex scenario modeling, accelerate R&D (for example, the discovery of new fuels and materials), and much more. But technologies achieve the most when strategically used in combination, with a focus on business outcomes and problem-solving – a consistent theme across all HFS research.
The Bottom Line: The potential of AI is clear, but it must be adopted in combination with the vast suite of emerging technologies to solve the massive, complex problems facing the energy industry – as it navigates a transition away from solely focusing on fossil fuels. The right combination of technology depends on the problem at hand – and on what business outcomes you’re hoping to achieve. Start from the problem statement and end-goal: there are a host of technologies, services, and combined solutions out there.

Sign in to view or download this research.


Lost your password?


Insight. Inspiration. Impact.

Register now for immediate access of HFS' research, data and forward looking trends.

Get Started