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(Wireless-NewsWire.Com, October 01, 2024 ) 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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The invention of computer systems that can carry out tasks that typically require human intellect, such as learning, reasoning, problem-solving, and decision-making, is known as artificial intelligence in the renewable energy business. Artificial intelligence (AI) has advanced significantly in several sectors, including renewable energy, where its uses have the potential to transform how energy is manufactured, distributed, and consumed. Artificial intelligence plays a crucial role in the solar energy industry. Tracking the sun's motion and modifying the panel's perspective accordingly help increase the efficiency of photovoltaic panels. Improved grid integration and electricity forecasting are made possible by AI-driven algorithms that evaluate meteorological data and estimate cloud cover.
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:
A number of factors, such as the growing demand for renewable energy, cost reduction, government support, technological improvements, and environmental concerns, are driving the use of artificial intelligence (AI) in the renewable energy market. AI technology can also enhance current energy storage, which is expected to create lucrative opportunities for further market growth.
Challenges:
Resolving issues with data security and privacy is one of the main problems facing AI in the energy sector. The increasing connectivity and data dependence of energy systems, coupled with high initial investment and complexity, can pose a financial challenge for certain utilities due to the enormous amounts of data required for AI applications. This is particularly true in areas where financial flexibility is limited.
Regional Trends:
With the greatest share, Asia-Pacific led the market. India and other nations in the Asia-Pacific area lack adequate electricity. The Asia-Pacific region's renewable energy sector is seeing a spike in artificial intelligence (AI) due to the increased need for electricity. Furthermore, the existence of significant industry participants engaged in artificial intelligence (AI) within the renewable energy sector is also fostering the expansion of AI within the Asia-Pacific region's AI market. Throughout the projection period, North America is anticipated to develop at the fastest rate. The increasing use and acceptance of AI technologies and solutions throughout the energy industry is fueling the rise of artificial intelligence (AI) in the renewable energy market in the North American area.
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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
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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.
Insight Ace Analytics
Diana D’souza
+917972967118
diana.dsouza@insightaceanalytics.com
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