The generative artificial intelligence (ai) in utilities global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative Artificial Intelligence (AI) In Utilities Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Generative Artificial Intelligence (AI) In Utilities Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative Artificial Intelligence (AI) In Utilities Market Overview
Market Drivers –
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.
Market Trends –
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.
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
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Regional Insights –
North America was the largest region in the generative artificial intelligence (AI) in the utilities market in 2023. 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.
Key Companies –
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.< /b>
Table of Contents
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Utilities Market Report Structure
3. Generative Artificial Intelligence (AI) In Utilities Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Utilities Market – Macro Economic Scenario
5. Generative Artificial Intelligence (AI) In Utilities Market Size And Growth
…..
27. Generative Artificial Intelligence (AI) In Utilities Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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