Generative AI In Energy Global Market Report Competitive And Growth Analysis 2033

"The Business Research Company recently released a comprehensive report on the Global Generative AI In Energy Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Generative AI In Energy Market 2024 Key Insights:

• 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%.
• Increasing Solar Electricity Generation Fuels Growth In Generative AI In Energy
• Generative AI For Real-Time Asset Performance Management In The Energy Sector
• North America was the largest region in the generative AI in energy market in 2023

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