The AI in Renewable Energy Market Size was valued at USD 0.72 Bn in 2023 and is predicted to reach USD 3.20 Bn by 2031 at a 21.1% CAGR during the forecast period for 2024-2031.
In the renewable energy sector, artificial intelligence can analyze weather forecasts, anticipate rainfall patterns, and manage dam functions to maximize energy output while ensuring flood control. This assists in striking a balance between environmental issues and energy production. AI is essential to the ecosystem of smart grids. It enables the strength grid to be monitored and controlled in real-time, increasing its resilience and responsiveness to changes in supply and demand. In addition to predicting grid congestion and load distribution stability, AI algorithms can identify and respond to cybersecurity threats. Building administration systems powered by AI helps to adapt energy use in industrial, commercial, and residential contexts. These systems can adjust lighting, heating, and cooling depending entirely on occupancy and outside factors, which results in significant energy savings.
Competitive Landscape
Some of the Major Key Players in the AI in Renewable Energy Market are
- Flex Ltd.
- Enel Spa
- Alpiq Holding Ltd.
- General Electric
- Enphase Energy
- Siemens AG
- Origami
- Vestas
- Atos SE
- App Orchid
- Other Prominent Players
Market Segmentation:
The AI in the renewable energy market is segmented by end-use industry, deployment, and component type. Based on deployment, the market is segmented into on-premises and cloud. By end-use industry, the market is segmented into energy generation, energy transmission, energy distribution, and utilities. By component type, the market is segmented into solution and service.
Based On The End-Use Industry, The Utility Segment Is Accounted As A Major Contributor To AI In The Renewable Energy Market.
When it comes to implementing AI for a variety of purposes, including grid optimization, customer service, predictive maintenance, and load forecasting, utilities are leading the way. This broad range of uses demonstrates how adaptable AI is and how it can change conventional utility operations into more intelligent, responsive, and customer-focused services. In addition, the utilities sector is leading because of the rising demands of renewable energy sources, regulations, and climate change. By streamlining energy flow, improving the integration of renewable energy sources, and offering data-driven insights for improved decision-making, artificial intelligence (AI) empowers utilities to take on these problems head-on.
The Cloud Segment Experienced Growth At A Rapid Rate.
The cloud segment is expected to rise at a rapid rate in AI in the renewable energy market. The segment's cost-effectiveness, scalability, and flexibility—all important characteristics for energy businesses negotiating the challenges of digital transformation—are primarily responsible for its supremacy. Energy companies may quickly implement AI solutions across a range of operations with the flexibility provided by the cloud deployment model, all without having to make a sizable upfront investment in IT infrastructure.
In The Region, North American AI In The Renewable Energy Market Holds A Significant Revenue Share.
Throughout the forecast period, North America is anticipated to grow at the highest rate. The increasing use and acceptance of AI technologies and solutions throughout the energy industry is fueling rise of artificial intelligence in the renewable energy market in the North American region. Digitalization of energy sector is another element driving the expansion of artificial intelligence in the renewable energy sector in the region. Artificial intelligence is also being used to create smart home solutions. This is creating opportunities for artificial intelligence (AI) to grow in North America's renewable energy business.
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.
AI in Renewable Energy Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 0.72 Bn |
|
Revenue Forecast In 2031 |
USD 3.20 Bn |
|
Growth Rate CAGR |
CAGR of 21.1% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Deployment, By Component Type, By End-Use Industry and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Flex Ltd., Enel Spa, Alpiq Holding Ltd., General Electric, Enphase Energy, Siemens AG, Origami, Vestas, Atos SE, App Orchid, and Other Prominent Players. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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