Global Generative Artificial Intelligence (AI) In Utilities Market Projected to Grow at 36.4% CAGR, Reaching $4.86 Billion by 2029

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What Will the Generative Artificial Intelligence (AI) In Utilities Industry Market Size Be by 2025?
The market size of generative artificial intelligence (AI) in utilities has seen substantial growth in the past few years. The market worth is expected to rise from $1.03 billion in 2024 to $1.4 billion in 2025, showcasing a compound annual growth rate (CAGR) of 36.7%. This observed growth during the historical period can be linked to an escalated demand for energy efficiency, incorporation of renewable energy sources, regulatory pressures, advancements in smart grid technologies, enhancements in computational capacity, and cost cutbacks in AI technologies.

What's the Long-Term Growth Forecast for the Generative Artificial Intelligence (AI) In Utilities Market Size Through 2029?
Expectations reveal significant surge in the size of the generative artificial intelligence (AI) utilities market in the coming years, projecting it to reach $4.86 billion by 2029 at a compound annual growth rate (CAGR) of 36.4%. This growth in the predicted period is largely influenced by the growing need for predictive maintenance, improved grid control, optimised energy consumption, inclusion of renewable energy sources, progress in AI algorithms, increasing investments in AI technologies and support from regulations for digital transformation. The forecast period will see trends such as enhanced intelligent grid management, personalised energy solutions, improved simulation capabilities, upgraded customer interaction through AI-powered assistance, encouraging sustainable strategies, and making regulatory compliance processes more efficient.

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What Are the Key Growth Drivers Fueling the Generative Artificial Intelligence (AI) In Utilities Market Expansion?
The surge in renewable energy source use is predicted to fuel the expansion of generative artificial intelligence (AI) in the utilities sector. Renewable energy sources, such as solar, wind, hydro, geothermal, and biomass, are naturally sustainable resources utilized for power generation. With their scalable nature, decreasing expenses, and broad adoption, the use of these renewable energy sources is swiftly growing. Generative artificial intelligence serves utilities like renewable energy sources by offering sustainable, data-driven discoveries for optimizing energy administration and lowering dependency on fossil fuels. For example, the European Environment Agency, a Denmark-government-based environmental data agency, disclosed in March 2024 that the EU's energy consumption in 2022 saw a rise in renewable source contribution from 21.9% in 2021 to 23%. Thus, the escalated use of renewable energy sources is spurring the generative artificial intelligence (AI) growth in the utilities market.

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What Are the Key Trends Driving Generative Artificial Intelligence (AI) In Utilities Market Growth?
Prominent entities in the utility market space are capitalizing on generative artificial intelligence (AI) to deliver real-time data interpretations in line with the trend of utilizing data-centric methodologies. They employ an amalgamated platform designed specifically for the energy domain, which amplifies operational efficiency and escalates advanced data analytics for superior decision-making. This streamlined platform, designed for the energy sector, synthesizes varied technologies to refine operations, bolster data analysis, and underpin informed decision-making. For example, Databricks Inc., an American data and AI firm, launched a data intelligence platform in April 2024. This platform offers large language model (LLM) supported chatbots for customized user assistance, Internet of Things (IoT) predictive services to maximize uptime while minimizing expenses, digital twins reliant real-time data processing, AI or machine learning (ML) models dedicated to wind turbine maintenance, and grid-edge analytics to improve grid performance and prevent blackouts. The platform also includes a Real-Time Data Ingestion Platform (RTDIP) that provides a cloud-based framework for data normalization and predictive analytics.

How Is the Generative Artificial Intelligence (AI) In Utilities Market Segmented?
The generative artificial intelligence (AI) in utilities market covered in this report is segmented -

1) By Type: Electricity Generation, Transmission And Distribution, Customer Engagement And Energy Efficiency, Water And Wastewater Management, Gas And Oil Utilities, Renewable Energy Integration
2) By Deployment: On-Premises, Cloud-Based, Hybrid, Edge Computing, Collaborative, Customized In-House
3) By Application: Create Personalized Customer Experiences, Improve Asset Management, Develop New Products And Services, Improve Safety, Other Applications

Subsegments:
1) By Electricity Generation: Predictive Maintenance For Power Plants, Energy Demand Forecasting, Load Balancing And Optimization, Grid Management Solutions
2) By Transmission And Distribution: Smart Grid Technologies, Fault Detection And Diagnostics, Real-Time Monitoring Systems, Asset Management Solutions
3) By Customer Engagement and Energy Efficiency: Personalized Energy Management Tools, Customer Behavior Analytics, Energy Usage Forecasting, Loyalty and Rewards Programs
4) By Water and Wastewater Management: Leak Detection and Monitoring Systems, Water Quality Analysis Tools, Demand Forecasting For Water Supply, Wastewater Treatment Optimization
5) By Gas and Oil Utilities: Pipeline Monitoring And Integrity Management, Leak Detection Technologies, Supply Chain Optimization, Predictive Maintenance For Equipment
6) By Renewable Energy Integration: Energy Storage Management, Integration Of Distributed Energy Resources (DERs), Microgrid Management Solutions, Renewable Energy Forecasting

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Which Companies Are Leading the Charge in Generative Artificial Intelligence (AI) In Utilities Market Innovation?
Major companies operating in the generative artificial intelligence (AI) in utilities market are 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.

Which Regions Are Leading the Global Generative Artificial Intelligence (AI) In Utilities Market in Revenue?
North America was the largest region in the generative artificial intelligence (AI) in the utilities market in 2024. The regions covered in the generative artificial intelligence (AI) in utilities market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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