Mentions of artificial intelligence increased by a CAGR of 45% in the power industry since 2020

The global power industry experienced a 45% rise in compound annual growth rate (CAGR) in company filings mentions of artificial intelligence since 2020. Key companies in terms of mentions include ERG, mPhase Technologies, and Asian Insulators, according to GlobalData’s analysis of over 1,600 power company filings.

Notably, since 2020, artificial intelligence was the most referenced theme in terms of mentions, ahead of machine learning, robotics and big data, according to GlobalData's Company Filings database. Mentions related to artificial intelligence increased by 18% year-on-year in 2021 and by 77% year-on-year in 2022.

Of the 50 leading companies in the power industry, Heliogen had the highest year-on-year increase in references to artificial intelligence in 2022. GlobalData identified 36 artificial intelligence related sentences in the company's filings in 2022, 2% of all sentences. Meanwhile, Terna Energy had the highest year-on-year increase in references for artificial intelligence in 2021. GlobalData identified 15 artificial intelligence related sentences in the company's filings in 2021, 1% of all sentences.

GlobalData’s Company Filings Analytics also applies a sentiment weight to reference sentences, based on how positive the sentiment has turned. Sentiment score is based on the level of positivity on a scale of 0 to 1. The average sentiment score for artificial intelligence in 2022 was 0.87, which was more positive compared to the average industry sentiment of 0.63.