Energetica India Magazine - September 2022

to collect and aggregate it. The oper- ators could miss these insights which could lead to malfunction or outages. With the help of the ML algorithms, the insights can be obtained for smooth functioning of the grids. Automated data management can help maintain the data accurately. With the help of predictive analytics, the operators can predict grid failures before the custom- ers are affected and also create greater customer satisfaction and mitigate any financial loss. Efficient and Sustainable energy con - sumption These allow for better allocation of energy for consumption as it would be based on demand and can save resources and help in load management and fore- casting. AI can also deal with issues pertaining to vegetation by analyzing operational data or statistics. This can help to proactively deal with wildfires. Thus, it can become a sustainable and efficient system. To overcome issues per - taining to weather-related maintenance, automation helps receive signals and prioritize the areas that need attention to save money and cut down the down- time. To achieve this, the sector adopts ML capabilities as they need to be able to access automation fast and easily. The construction sector is also a major beneficiary of the solutions. Building codes and architecture are often a hu- mongous challenges that take a long time to meet. But, some solutions help the builders and developers test these applications seamlessly without any system interruptions. By integrating AI and ML in the data management platforms, the developers enable the da- ta-science teams to spend enough time innovating and much less time on main- tenance. With the rise in the compu- tational power and accessibility to the Cloud, the deep learning algorithms are able to train faster while their cost is op- timized. AI and ML are able to impact different aspects of business. AI can enhance the quality of human jobs by facilitating remote working. They can help in data collection and analysis and also provide actionable inputs. Data an- alytics platforms can throw light on the areas of inefficiency and help the pro - viders keep costs down. Though digital transformation might appear intimidating, its opportunities are much more than the cost and risk associated. Gradually, all utilities will undergo digital transformation as it has begun to take roots in the industrial sectors. This AI-led transformation will improve productivity, revenue gains, make networks more reliable and safe, accelerate customer acquisition, and facilitate entry into new areas of busi- ness. Globally, the digital utility mar- ket is growing at a CAGR of 11.7% for the period of 2019 to 2027. In 2018, the revenue generated globally for the dig- ital utility market was 141.41 Bn and is expected to reach US$ 381.38 Bn by 2027, according to a study by Research and Markets. As the sector evolves, the advantages of AI and ML will come into play and lead to smarter grids, ef- ficient operations and higher customer satisfaction. The companies that are in a position to take advantage of this opportunity will be ready for the fu- ture challenges that could emerge in the market. energetica INDIA- September_2022 59