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Generative Artificial Intelligence (AI) In Utilities Market Key Trends And Forecast Report 2024-2033
Generative Artificial Intelligence (AI) In Utilities Market Key Trends
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According to The Business Research Company's, The generative artificial intelligence (AI) in the utilities market size has grown exponentially in recent years. It will grow from $0.75 billion in 2023 to $1.03 billion in 2024 at a compound annual growth rate (CAGR) of 36.4%. The growth in the historic period can be attributed to increasing demand for energy efficiency, integration of renewable energy sources, regulatory pressures, the rise of smart grid technologies, improvements in computing power, and cost reduction in AI technologies.
The generative artificial intelligence (AI) in the utilities market size is expected to see exponential growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 36.5%. The growth in the forecast period can be attributed to increased demand for predictive maintenance, enhanced grid management, optimized energy consumption, integration of renewable energy sources, advancements in AI algorithms, rising investments in AI technologies, and regulatory support for digital transformation. Major trends in the forecast period include advancing smart grid management, enabling personalized energy solutions, enhancing simulation capabilities, improving customer engagement through AI-powered support, fostering sustainable practices, and streamlining regulatory compliance processes.
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Market Drivers and Trends:
The increasing utilization of renewable energy sources is expected to propel the growth of generative artificial intelligence (AI) in the utilities market going forward. Renewable energy sources are natural resources that can be replenished naturally and used to generate energy, such as solar, wind, hydro, geothermal, and biomass. The use of renewable energy sources is rapidly increasing due to their scalability, decreasing costs, and widespread adoption. Generative artificial intelligence helps utilities, such as renewable energy sources, by providing sustainable data-driven insights for optimizing energy management and reducing reliance on fossil fuels. For instance, in March 2024, the European Environment Agency, a Denmark-based government agency for environment-related data, reported that in 2022, 23% of the energy consumed in the EU came from renewable sources, up from 21.9% in 2021. Therefore, increasing utilization of renewable energy sources is driving the growth of generative artificial intelligence (AI) in utilities market.
Major companies operating in generative artificial intelligence (AI) in the utility market focus on providing real-time insights aligned with the trend of using data-driven approaches, such as a unified platform for the energy sector, to enhance operational efficiency and provide advanced data analytics for better decision-making. A unified platform for the energy sector is a comprehensive system that combines different technologies to optimize operations, boost data analysis, and support informed decision-making. For instance, in April 2024, Databricks Inc., a US-based data and AI company, launched a data intelligence platform. It features large language model (LLM)-powered chatbots for personalized user support, Internet of Things (IoT) predictive maintenance to optimize uptime and reduce costs, real-time data processing with digital twins, artificial intelligence (AI) or machine learning (ML) models for wind turbine maintenance, and grid-edge analytics to enhance grid performance and prevent outages. Additionally, the real-time data ingestion platform (RTDIP) offers a cloud-native framework for data standardization and predictive analytics.
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Major Key Players of the Market:
Microsoft Corporation, Hitachi Ltd, Amazon Web Services Inc., Siemens AG, General Electric Company, IBM Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., NVIDIA Corporation, Capgemini SE, Eaton Corporation, Infosys Limited, Emerson Electric Co., Wipro Limited, Rockwell Automation Inc., The Tata Power Company Ltd., AVEVA Group plc, C3.ai Inc., SparkCognition Inc., Bidgely Inc.
Generative Artificial Intelligence (AI) In Utilities Market 2024 Key Insights:
• The generative artificial intelligence (AI) in the utilities market size is expected to see exponential growth in the next few years. It will grow to $3.57 billion in 2028 at a compound annual growth rate (CAGR) of 36.5%.
• Rising Utilization Of Renewable Energy Sources Drives Generative AI In Utilities Market
• Advancements In Unified AI Platforms to Transform The Energy Sector
• North America was the largest region in the generative artificial intelligence (AI) in the utilities market in 2023
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Email: info@tbrc.info
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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