Press release
AI in Renewable Energy Market Regional Dynamics and Investment Opportunities Across Asia-Pacific North America and Europe
AI in Renewable Energy Market
According to the latest research by InsightAce Analytic, the Global AI in Renewable Energy Market is valued at US$ 0.72 Bn in 2023, and it is expected to reach US$ 3.20 Bn by 2031, with a CAGR of 21.1% during the forecast period of 2024-2031.
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Artificial Intelligence (AI) encompasses the creation of computer systems capable of executing tasks that typically require human cognitive functions, including learning, reasoning, problem-solving, and decision-making. Within the renewable energy sector, AI has achieved considerable progress and demonstrates significant potential to revolutionize energy generation, distribution, and consumption processes. In particular, the solar energy industry benefits from AI applications that enhance photovoltaic panel efficiency by continuously monitoring solar trajectories and dynamically adjusting panel positioning. Additionally, AI-powered algorithms utilize meteorological data to forecast cloud cover, facilitating improved grid integration and delivering more precise electricity generation predictions, thereby optimizing overall energy management.
List of Prominent Players in the AI in Renewable Energy Market:
• Flex Ltd.
• Enel Spa
• Alpiq Holding Ltd.
• General Electric
• Enphase Energy
• Siemens AG
• Origami
• Vestas
• Atos SE
• App Orchid
• Other Prominent Players
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Market Dynamics:
Drivers:
The adoption of artificial intelligence (AI) within the renewable energy sector is driven by several critical factors, including the escalating demand for clean energy, cost reduction initiatives, strong governmental support, continuous technological advancements, and increasing environmental consciousness. Moreover, AI's capacity to optimize energy storage solutions presents substantial growth opportunities, further propelling market development.
Challenges:
Widespread implementation of AI in the energy sector faces significant challenges, notably concerns related to data security and privacy. The increasing interconnectivity and reliance on data-driven systems, coupled with the high initial capital expenditure and complexity of AI deployment, may impose financial constraints, particularly for utilities operating in regions with limited financial resources.
Regional Trends:
The Asia-Pacific region currently commands a leading market share for AI in renewable energy, fueled by the rising electricity demand in countries such as India, where reliable power access remains a critical challenge. This growth is supported by the rapid adoption of AI technologies and the presence of prominent industry stakeholders. Conversely, North America is expected to register the highest compound annual growth rate over the forecast period, driven by the accelerating integration and acceptance of AI solutions across the energy sector.
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Recent Developments:
• Leading industrial software company AVEVA announced in January 2023 that Schneider Electric had completed its takeover of the company. This action demonstrates Schneider Electric's ongoing growth and commitment to digital transformation solutions, especially those that improve AI's potential in the energy industry.
• SAS and Basserah established cooperation in July 2022 with the objective of offering AI and sophisticated data analytics solutions to Saudi Arabian companies. Using data and robotics to automate processes, their main goal in this partnership is to identify growth opportunities in Saudi Arabia's renewable energy sector.
Segmentation of AI in the Renewable Energy Market
AI in the Renewable Energy Market- By Deployment
• On-premises
• Cloud
AI in the Renewable Energy Market- By End-Use Industry
• Energy Generation
• Energy Transmission
• Energy Distribution
• Utilities
AI in the Renewable Energy Market- By Component Type
• Solution
• Service
AI in the Renewable Energy Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/ai-in-renewable-energy-market/2756
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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