Press release
AI in Renewable Energy Market Enables Real-Time Monitoring and Intelligent Energy Storage Solutions
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 cognitive abilities, including learning, reasoning, problem-solving, and decision-making. In the renewable energy sector, AI has become a pivotal technology, driving improvements in the efficiency and effectiveness of energy generation, distribution, and consumption.
Specifically, within solar energy, AI plays a critical role in optimizing photovoltaic system performance. By continuously monitoring solar trajectories and dynamically adjusting panel orientation, AI enhances energy capture. Moreover, AI-driven algorithms leverage meteorological data to accurately predict cloud cover, enabling more precise integration with power grids. This predictive functionality supports improved electricity production forecasting, resulting in more efficient energy management and enhanced 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 adoption of artificial intelligence (AI) in the renewable energy sector is being propelled by multiple strategic factors, including rising global demand for sustainable energy, the pursuit of operational cost-efficiency, favorable government policies and incentives, continuous technological advancements, and heightened environmental awareness. Additionally, AI's ability to optimize energy storage systems and enhance grid management presents substantial opportunities, further accelerating the deployment of intelligent energy solutions across the sector.
Challenges:
Despite its transformative potential, the large-scale implementation of AI in renewable energy faces several challenges. Key obstacles include data privacy and cybersecurity concerns, high capital expenditure requirements, and the technical complexity associated with integrating AI into existing energy infrastructure. These factors are particularly impactful for utility providers operating in resource-constrained environments.
Regional Trends:
The Asia-Pacific region currently dominates the global AI-enabled renewable energy market, driven by surging electricity demand in countries such as India, where reliable and efficient power supply is critical. Rapid technological adoption and the presence of major industry stakeholders further support this growth. In contrast, North America is projected to achieve the highest compound annual growth rate (CAGR) over the forecast period, fueled by increasing adoption of AI technologies across the energy value chain and expanding implementation initiatives.
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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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