Press release
AI in Renewable Energy Market Rising with Cloud-Based Solutions and Innovations in Power Grid Integration
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) encompasses the development 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 emerged as a transformative force, significantly enhancing the efficiency and effectiveness of energy generation, distribution, and consumption processes. In the context of solar energy, AI technologies play a critical role in optimizing the performance of photovoltaic systems.
Through real-time monitoring of solar trajectories and dynamic adjustment of panel orientation, AI enables improved energy capture. Additionally, AI-powered algorithms utilize meteorological data to accurately forecast cloud cover, facilitating better integration with the power grid. This predictive capability enhances electricity production forecasting, leading to more efficient energy management and improved overall operational performance.
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) into the renewable energy sector is driven by several critical factors, including the rising global demand for sustainable energy, the pursuit of cost-efficiency, supportive government policies and incentives, continuous advancements in technology, and growing environmental consciousness. Furthermore, AI's capability to optimize energy storage systems presents considerable opportunities for market growth, further propelling the adoption of intelligent energy solutions.
Challenges:
Despite its potential, the widespread implementation of AI in the energy industry faces significant hurdles. Chief among these are concerns related to data privacy and cybersecurity. Additionally, the high capital investment required for AI deployment, along with the technical complexity of integration, poses challenges-particularly for utility providers operating in economically constrained environments.
Regional Trends:
The Asia-Pacific region currently leads the global AI-enabled renewable energy market, fueled by escalating electricity demand in countries such as India, where the need for a stable and efficient power supply is paramount. This growth is supported by rapid technological adoption and the presence of major industry stakeholders. Conversely, North America is anticipated to record the highest compound annual growth rate (CAGR) over the forecast period, driven by expanding implementation and growing acceptance of AI technologies across the energy value chain.
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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 : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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