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AI in Renewable Energy Market Increasing Demand, Growth Analysis and Future Outlook by 2031

05-29-2024 12:57 PM CET | IT, New Media & Software

Press release from: Orion Market Research

AI in Renewable Energy Market Increasing Demand, Growth

Global AI in renewable energy market is anticipated to grow at a CAGR of 24.8% during the forecast period. Considering the benefits of Artificial Intelligence (AI) in renewable energy, regulators and governments globally are also promoting the use of AI in clean energy by introducing better policies and investments. For instance, in August 2023, the UK government invested $4.8 million in artificial intelligence (AI) to help industries reduce their carbon emissions and increase the use of renewable energy. Twelve green AI initiatives will receive a share of $1.2 million to decarbonize and boost the generation of clean power. The initiatives include solar energy improvements that use AI to improve forecasting of when solar energy will best produce energy for the grid. In addition, the government will provide a further $2.7 million to support further AI innovations, to reduce emissions specifically in energy sectors. Also, in August 2023, Verse Inc., a San Francisco-based company that uses generative AI to help companies transitioning to clean power, secured $5.75 million in seed funding in a round led by Coatue with participation from Collaborative Fund, Firstminute Capital, Future Positive, and Twine Ventures.

To learn more about this report request a sample copy @ https://www.omrglobal.com/request-sample/ai-in-the-renewable-energy-market

Apart from this, energy companies globally are also collaborating to take advantage of AI in business growth. For instance, In August 2023, Hitachi Energy and Google Cloud partnered to develop cloud software products and services that use advanced data analytics and generative AI to provide a faster and more comprehensive view of energy information. Under this partnership, Hitachi Energy and Google Cloud will use their combined expertise to develop and deploy new solutions for electric utilities and renewable energy producers. These solutions will combine Hitachi Energy's Energy Portfolio Management (EPM) solutions with Google Cloud's data analytics capabilities, artificial intelligence (AI)/machine learning (ML) services, and scalable and secure infrastructure.

In June 2023, Solarad.ai, a company that develops energy forecasting models for solar plants and battery storage, raised an undisclosed amount of funding in a seed round led by India Quotient. The investment will be used to support the company's growth, improve its technology, and develop new products. According to the company, it plans to use the funds to enhance its deep-tech models and algorithms for energy generation forecasting, expand its cloud infrastructure to improve scalability, and invest in research and development to improve forecast accuracy. The company also plans to expand its solution offerings in Europe and the US, hire new employees, and automate energy scheduling and trading processes to provide more value to its customers.

Global AI in Renewable Energy Market Report Segment

By Deployment Type

• On-premises
• Cloud

By End-User

• Utilities
• Residential
• Commercial or industrial

By Application

• Demand Forecasting
• Safety and Security
• Predictive Maintenance
• Others (Energy storage, Operational efficiency, and optimization)

By Energy type

• Solar Energy
• Wind Energy
• Hydroelectric Energy
• Others (geothermal energy, bioenergy, and ocean energy)

A full report of AI in Renewable Energy Market available @ https://www.omrglobal.com/industry-reports/ai-in-the-renewable-energy-market

AI in Renewable Energy Market Report Segment by Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

• Middle East & Africa
• Latin America

Company Profiles

• App Orchid Inc.
• AutoGrid Systems, Inc.
• Beyond Limits Inc.
• DeepMind
• Enphase Energy, Inc.
• General Electric
• on.Energy
• Origami Energy
• QiO Technologies LTD
• Solarad AI
• SparkCognition, Inc.

Reasons to Buying From us -

1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
4. Our expert research analysts answer all your questions before and after purchasing your report.

Visit more report at

https://www.linkedin.com/pulse/scaffold-technology-market-size-trends-latest-arti-vishwakarma-mlsof/

https://www.linkedin.com/pulse/aesthetic-threads-market-increasing-demand-growth-2031-vishwakarma-pyg5f

Media Contact:

Contact Person: Mr. Anurag Tiwari
Email: anurag@omrglobal.com
Contact no: +91 780-304-0404
Company Name: Orion Market Research

About Orion Market Research

Orion Market Research (OMR) is a market research and consulting company known for its crisp and concise reports. The company is equipped with an experienced team of analysts and consultants. OMR offers quality syndicated research reports, customized research reports, consulting and other research-based services. The company also offers Digital Marketing services through its subsidiary OMR Digital and Software development and Consulting Services through another subsidiary Encanto Technologies.

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