Press release
AI in Renewable Energy Market Growth Potential in Energy Utilities and Renewable Sectors with Detailed Market Segmentation
AI in Renewable Energy Market
According to the latest research by InsightAce Analytic, the Global AI in Renewable Energy Market is valued at USD 863.9 Mn in 2024, and it is expected to reach USD 5896.9 Mn by 2034, with a CAGR of 21.3% during the forecast period of 2025-2034.
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Artificial Intelligence (AI) refers to the development of computer systems designed to perform tasks that traditionally require human intelligence, such as learning, reasoning, problem-solving, and decision-making. In the renewable energy sector, AI has made significant advancements and holds substantial promise for transforming the processes of energy generation, distribution, and consumption. Specifically, within the solar energy industry, AI technologies contribute to improving photovoltaic panel performance through real-time monitoring of solar trajectories and adaptive adjustment of panel orientation. Moreover, AI-driven algorithms analyze meteorological data to predict cloud cover, enabling enhanced integration with the power grid and providing more accurate forecasts of electricity production, thereby optimizing energy management and operational efficiency.
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 integration of artificial intelligence (AI) in the renewable energy sector is propelled by several key factors, including the increasing demand for sustainable energy solutions, initiatives aimed at cost reduction, robust governmental incentives, ongoing technological innovation, and heightened environmental awareness. Additionally, AI's ability to enhance energy storage optimization offers significant growth potential, further accelerating market expansion.
Challenges:
The widespread adoption of AI within the energy industry encounters notable challenges, particularly concerning data security and privacy issues. The growing interdependence on data-centric systems, combined with substantial initial investment requirements and the complexity associated with AI implementation, may impose financial burdens-especially for utilities operating in financially constrained regions.
Regional Trends:
The Asia-Pacific region currently holds a dominant share in the AI-driven renewable energy market, supported by surging electricity demand in countries like India, where ensuring reliable power supply remains a critical concern. This expansion is underpinned by rapid AI technology adoption and the presence of key industry players. Meanwhile, North America is projected to achieve the highest compound annual growth rate during the forecast period, driven by the increasing 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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