Jersey City, NJ, April 20, 2023 (GLOBE NEWSWIRE) -- The Global  is estimated to reach over USD 5.32 billion by 2031, exhibiting a CAGR of 8.76% during the forecast period. 

The fuel supply chain is being optimized using AI to control inventory, reduce waste, and increase delivery efficiency. In addition to streamlining the processes for producing and distributing fuel, AI is being used to assess real-time data on its quality, spotting possible problems like contamination or low-quality fuel.

The petroleum industry is under pressure to meet the expanding global energy demand. Petroleum companies can profit from AI by streamlining their processes, reducing expenses, and satisfying demand while remaining profitable. This should encourage market growth. The demand for innovative solutions in drilling, boiler diagnostics, quality control, planning, and predictive maintenance across various activities is also increasing, driving market growth.


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Furthermore, increasing product demand from oilfield operators, implementing different government programs to lessen the environmental impact of energy production, and intensive research and development (R&D) activities are other factors anticipated to drive the market.

Recent Developments:

List of Prominent Players in the AI in Fuel Market:


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AI In Fuel Market Report Scope:

Report AttributeSpecifications
Market size value in 2022USD 2.52 Bn
Revenue forecast in 2031USD 5.32 Bn
Growth rate CAGRCAGR of 8.76 % from 2023 to 2031
Quantitative unitsRepresentation of revenue in US$ Billion, and CAGR from 2023 to 2031
Historic Year2019 to 2022
Forecast Year2023-2031
Report coverageThe forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Segments coveredType, Function And Application
Regional scopeNorth America; Europe; Asia Pacific; Latin America; Middle East & Africa
Country scopeU.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia

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.


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Segmentation of AI in Fuel Market-

By Type

By Function

By Application

By Region-

North America-

Europe-

Asia-Pacific-

Latin America-

 Middle East & Africa-

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