Generative AI in Energy Market is expected to grow at a CAGR of 24.09% through 2029
The global Generative AI in Energy
Market is expected to be led by advancements in data analytics, predictive
maintenance, and integration with renewable energy sources during 2025-2029
According to TechSci Research
report, “Generative AI in
Energy Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast 2019-2029F", The Global Generative AI in Energy Market was valued at USD 655.80 million in 2023 and is
anticipated to reach USD 2393.81 million by 2029 with a CAGR of 24.09%
through 2029.
The
drive towards sustainability is a significant driver for generative AI in the
energy sector. As energy companies face increasing pressure to reduce carbon
emissions and adopt greener technologies, generative artificial intelligence can
play a pivotal role in achieving these goals. By optimizing the integration of
renewable energy sources such as solar and wind, generative artificial intelligence
helps to balance supply and demand, enhance grid stability, and reduce reliance
on fossil fuels. Furthermore, generative algorithms can facilitate the
development of innovative energy storage solutions and improve the efficiency
of energy usage across various applications. The ability to simulate and
analyze the impact of different sustainability strategies allows energy
companies to implement more effective and scalable green initiatives. As
environmental regulations become stricter and consumer demand for sustainable
practices grows, the role of generative artificial intelligence in driving
these transformations becomes increasingly critical.
Advancements
in predictive maintenance and operational efficiency are significant trends
driven by generative AI in the energy sector. Generative artificial
intelligence models can analyze historical data from various sources, including
equipment sensors and operational logs, to predict potential equipment failures
and optimize maintenance schedules. By forecasting when and where maintenance
is needed, energy companies can prevent costly unplanned outages and extend the
lifespan of critical infrastructure. This trend is particularly valuable in
complex and high-maintenance environments such as power plants and transmission
networks, where unplanned downtime can have severe operational and financial
impacts. Generative artificial intelligence can streamline
operational processes by identifying inefficiencies and recommending
improvements, leading to enhanced overall performance. The ability to predict
and address maintenance issues proactively supports more reliable and efficient
energy production and distribution, aligning with the industry's goals of
reducing costs and improving service reliability.
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Based on component, services segment is
anticipated to be the fastest-growing component in the generative AI in energy
market during the forecast period. This growth is driven by the increasing
demand for specialized services that facilitate the deployment, integration,
and optimization of generative AI solutions within the energy sector. As energy
companies seek to leverage advanced generative AI technologies, they require
comprehensive support services, including consulting, system integration,
customization, and ongoing maintenance. These services are essential for
ensuring that generative AI solutions are effectively tailored to the specific
needs of energy companies, seamlessly integrated with existing infrastructure,
and continuously optimized for peak performance. The expanding role of services
is also attributed to the need for expertise in managing the complex and
dynamic nature of energy operations, as well as addressing challenges related
to data privacy, system compatibility, and regulatory compliance. The
increasing focus on digital transformation and the adoption of advanced
technologies in the energy sector are driving demand for professional services
that support the effective implementation and utilization of generative AI.
Companies are investing in specialized service providers to gain a competitive
edge, improve operational efficiency, and achieve their strategic goals. As the
complexity of generative AI applications grows and the market matures, the
services segment is expected to experience accelerated growth, reflecting the
critical role that these services play in enabling successful AI adoption and
maximizing its benefits within the energy industry.
Key market players in the Generative AI
in Energy Market are: -
- Google
LLC
- Microsoft
Corporation
- IBM
Corporation
- Amazon.com, Inc.
- SAP
SE
- Siemens
AG
- General
Electric Company
- Schneider
Electric SE
- Oracle
Corporation
- Honeywell
International Inc.
- C3.ai,
Inc.
- Hitachi,
Ltd.
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“The generative AI in energy market is
poised for robust growth as it drives advancements in operational efficiency,
predictive maintenance, and energy management. Future growth will be fueled by
increasing adoption of AI technologies to optimize renewable energy integration,
enhance data analytics, and improve decision-making processes. As energy
companies seek innovative solutions to manage complex systems and meet
sustainability goals, generative artificial intelligence will play a pivotal
role in transforming energy operations. Expanding investments in digital
transformation and AI-driven solutions will further accelerate market growth,
leading to enhanced performance and reduced costs across the energy sector.” said
Mr. Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Generative AI in Energy Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (Services, Solution), By Application (Demand Forecasting, Robotics, Renewables Management, Safety & Security, Others), By End-Use Vertical (Energy Generation, Energy Transmission, Energy Distribution, Utilities, Others), By Region, and By Competition 2019-2029F”, has evaluated the
future growth potential of Generative AI in Energy Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Generative AI in Energy Market.
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