Generative AI In Energy Global Market Report 2024 by The Business Research Company | Google LLC; Microsoft Corporation; Engie SA; Enel Green Power S.p.A.; Huawei Technologies Co. Ltd; Amazon Web Services Inc; Siemens AG; General Electric Company

The generative AI in energy market size has grown exponentially in recent years. It will grow from $0.75 billion in 2023 to $0.95 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to the rise of renewable energy sources, demand forecasting, increasing energy storage systems, demand response optimization, and increasing risk management and resilience.

The generative AI in energy market size is expected to see exponential growth in the next few years. It will grow to $2.43 billion in 2028 at a compound annual growth rate (CAGR) of 26.5%. The growth in the forecast period can be attributed to increasing accuracy, demand for improved electricity distribution, increasing focus on customer engagement, increasing adoption of solar and wind energy, and rising asset management. Major trends in the forecast period include real-time forecasting, dynamic adaptation and optimization, enhanced predictive analytics, integration of advanced data sources, predictive maintenance and asset management, and smart grid management.

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Generative AI In Energy Market Major Segments
The generative ai in energy market covered in this report is segmented -

1) By Component: Solutions, Services
2) By Application: Demand Forecasting, Renewable Energy Output Forecasting, Grid Management And Optimization, Energy Trading And Pricing, Customer Offerings, Energy Storage Optimization, Other Applications
3) By End User: Energy Transmission, Energy Generation, Energy Distribution, Utilities, Other End Users

Key Driver - Increasing Solar Electricity Generation Fuels Growth In Generative AI In Energy

The increasing solar electricity generation is expected to propel the growth of generative AI in energy market going forward. Solar electricity generation converts sunlight into electricity using photovoltaic (PV) panels or concentrated solar power (CSP) systems. The increasing adoption of solar electricity is driven by the declining costs of solar technology and growing awareness of its environmental benefits, including reduced carbon emissions compared to fossil fuels. The integration of solar electricity generation with generative AI technologies offers significant opportunities to enhance the efficiency, reliability, and sustainability of energy systems for the transition towards a cleaner and more resilient energy future. For instance, in August 2023, according to the Energy Information Administration, a US-based government agency, in 2022, the United States saw the addition of 10.9 gigawatts (GW) of new utility-scale solar capacity, marking the second-largest increase in a single year, trailing only the record-setting 13.5 GW added in 2021. Additionally, the country added a record-breaking 6.4 GW of new small-scale solar capacity in 2022, representing a 17% increase compared to the 5.5 GW added in 2021. Therefore, increasing solar electricity generation is driving generative AI in energy market.

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Prominent Trend - Generative AI For Real-Time Asset Performance Management In The Energy Sector

Major companies operating in generative AI in the energy market are focused on developing innovative products such as real-time asset performance management to optimize energy production, distribution, and consumption processes. Real-time asset performance management refers to monitoring, analyzing, and optimizing the performance of assets, such as machinery, equipment, or infrastructure, in real-time or near real-time. For instance, in April 2024, Databricks Inc., a US-based global data, analytics, and artificial intelligence company, launched the data intelligence platform for energy. This unified platform brings the power of AI to data and people in the energy sector. The platform addresses critical industry challenges through real-time asset performance management, renewable energy forecasting, and grid optimization, empowering organizations to optimize energy infrastructure and mitigate market volatility. The Databricks data intelligence platform is built on a lakehouse architecture to provide an open, unified foundation for all data and governance. It is powered by a data intelligence engine that understands the uniqueness of data.

Generative AI In Energy Market Players
Major companies operating in the generative AI in energy market report are Google LLC; Microsoft Corporation; Engie SA; Enel Green Power S.p.A.; Huawei Technologies Co. Ltd; Amazon Web Services Inc; Siemens AG; General Electric Company; Intel Corporation; International Business Machines Corporation; Deloitte Touche Tohmatsu Limited; Cisco Systems Inc; Schneider Electric SE; Honeywell International Inc.; Flex Ltd; ABB Ltd; Duke Energy Corporation; Nvidia Corporation; Atos SE; Zen Robotics Ltd; Freshworks Inc.; C3 AI Inc; Databricks Inc; AppOrchid Inc; Verdigris Technologies; Ecube Labs Co. Ltd; Bidgely Inc

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Largest And Fastest Growing Region In The Market
North America was the largest region in the generative AI in energy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Generative AI In Energy Market Report Structure
3. Generative AI In Energy Market Trends And Strategies
4. Generative AI In Energy Market - Macro Economic Scenario
5. Generative AI In Energy Market Size And Growth
…..
27. Generative AI In Energy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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