Unlocking Opportunities in the Generative AI In Energy Market: 2025-2034 Forecast Report

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What Will the Generative AI In Energy Industry Market Size Be by 2025?
The size of the generative AI sector in the energy market has witnessed rapid expansion in the past few years. It is projected to escalate from $0.95 billion in 2024 to $1.21 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 26.7%. Factors contributing to the growth in the historical period include the emergence of renewable energy sources, advancements in energy demand forecasting, expansion of energy storage systems, improvements in demand response optimization, and enhanced risk management and resilience.

What's the Long-Term Growth Forecast for the Generative AI In Energy Market Size Through 2029?
The energy market for generative AI is predicted to experience accelerated expansion in the forthcoming years, reaching a value of $3.07 billion in 2029 with a compound annual growth rate (CAGR) of 26.3%. The surge in growth during the prediction period can be credited to factors such as improved precision, the increasing demand for superior electricity distribution, a growing emphasis on customer engagement, the rise in adoption of wind and solar energy, and escalated asset management. Notable trends expected for the forecast period include real-time predictions, dynamic adjustment and optimization, enhanced predictive analytics, incorporation of progressive data sources, predictive maintenance and asset management, alongside intelligent grid management.

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What Are the Key Growth Drivers Fueling the Generative AI In Energy Market Expansion?
The rise in solar electricity production is likely to spur the expansion of generative AI in the energy industry. Solar energy generation involves the conversion of sunlight into electricity through the use of photovoltaic (PV) panels or concentrated solar power (CSP) systems. The growing preference for solar electricity is fueled by the diminishing expenses of solar technology and escalating consciousness of its environmental positives, such as lesser carbon emissions in comparison to fossil fuels. Incorporating solar electricity production with generative AI technology can significantly boost the effectiveness, dependability, and sustainability of energy systems, facilitating a transition to a greener and more robust energy future. For instance, the U.S. Energy Information Administration (EIA) and the U.S. Federal Statistical System estimated in March 2023 that solar energy will contribute to more than half of the new power capacity additions in the U.S. for that year. On a global scale, renewables are projected to grow their representation in the power generation mix from 29% in 2022 to 35% by 2025. Even though CO2 emissions from the global power sector peaked at around 13.2 gigatons (Gt) in 2022, they are expected to plateau by 2025. As of January 2023 in the U.S., utility-scale solar power represented 73.5 gigawatts (GW), approximately 6% of the nation's total power capacity. On the other hand, wind power was at 141.3 GW, nearly 12% of the total. Moreover, U.S. developers aim to augment wind capacity by 7.1 GW and incorporate an additional 8.6 GW of battery storage in the same year, essentially doubling the country's battery storage capacity. Therefore, the growth in solar electricity production is propelling the use of generative AI in the energy market.

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What Are the Key Trends Driving Generative AI In Energy Market Growth?
Prominent firms in the generative AI for the energy market are concentrating their efforts on the invention of revolutionary products, like real-time asset performance management, to enhance the efficiency of energy creation, delivery, and utilization processes. Real-time asset performance management involves the continuous monitoring, analyzing, and improvement of the efficiency of resources, whether they're machinery, equipment, or infrastructure. For example, Databricks Inc., a US-based global innovator in data, analytics, and artificial intelligence, unveiled a data intelligence platform for the energy industry in April 2024. This comprehensive platform employs AI to bring data and individuals in the energy sector together. It tackles key sector problems by offering real-time asset performance management, forecasting for renewable energy, and grid optimization, thus giving organizations the ability to enhance their energy infrastructure and lessen the impact of market fluctuations. The data intelligence platform from Databricks is structured around a lakehouse architecture, offering an unified and open basis for all data and governance. This platform operates with a data intelligence engine that acknowledges the distinctiveness of data.

How Is the Generative AI In Energy Market Segmented?
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

Subsegments:
1) By Solutions: Energy Demand Forecasting, Predictive Maintenance Solutions, AI-Driven Energy Optimization Tools, Renewable Energy Management Solutions
2) By Services: Consulting Services, Implementation And Integration Services, Support And Maintenance Services, Training Services

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Which Companies Are Leading the Charge in Generative AI In Energy Market Innovation?
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

Which Regions Are Leading the Global Generative AI In Energy Market in Revenue?
North America was the largest region in the generative AI in energy market in 2024. 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.

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