Artificial intelligence in the renewable energy market exceeds $75.82 billion

TOKYO, May 1, 2022 (GLOBE NEWSWIRE) – World Artificial Intelligence (AI) in Renewable Energy Market Size Estimated at US$8.24 billion in 2021. The growing need for energy in emerging and existing regions is one of the main reasons driving global artificial intelligence (AI) in the renewable energy market. Artificial intelligence (AI) is on the rise in renewable energy and evolving in the global industry, driven by the growing need for smarter energy grids.

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The digitization of the energy sector is another aspect that contributes to the increasing demand for artificial intelligence (AI) in the renewable energy sector. Artificial intelligence has helped discover the obstacles in the energy sector. This aspect creates new potential for Artificial Intelligence (AI) market worldwide to thrive in the renewable energy sector. Artificial intelligence analyzes and simplifies operations in the renewable energy sector using a large amount of data and information.

Report scope

Report coverage details
Market size in 2021 8.27 billion US dollars
compound annual growth rate 27.9% from 2022 to 2030
Revenue forecast by 2028 US$46.03 billion
base year 2021
forecast data 2022 to 2030
Covered companies Alpiq and SmartCloud Inc. and General Electric, Siemens AG, Hazama Ando Corporation, ATOS SE, and AppOrchid Inc. and Zen Robotics Ltd. and Origami Energy Ltd. and Flex Ltd.

Highlights Report

  • On the basis of application, the demand forecasting segment holds the largest market share in the global artificial intelligence (AI) in the renewable energy market. Compared to other technologies, AI is very effective. As a result, artificial intelligence is increasingly being used to improve this sector. Artificial intelligence, as well as big data, helps in managing and forecasting the demand for renewable energy. As a result, during the forecast period, this aspect had a direct impact on the expansion of artificial intelligence (AI) in the renewable energy sector.
  • On an end-use basis, the power generation segment has the largest market share in global artificial intelligence (AI) in the renewable energy market. Increasing government funding for infrastructure projects is fueling the rise of artificial intelligence (AI) in the renewable energy market. Moreover, the government is making continuous attempts to improve the infrastructure. This factor fuels the expansion of the sector.

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regional shot

Asia Pacific is the largest segment of artificial intelligence (AI) in the renewable energy market by region. There is a shortage of electricity in Asia Pacific countries like India. The expansion of Artificial Intelligence (AI) in the renewable energy business in the Asia Pacific region is being fueled by a boom in energy demand. Moreover, the presence of prominent industry players operating in the field of Artificial Intelligence (AI) in the Renewable Energy market is adding to the market growth in the Asia Pacific region.

North America is the fastest growing artificial intelligence (AI) region in the renewable energy market. The United States dominates artificial intelligence (AI) in the renewable energy market in the North American region. The increasing use and adoption of artificial intelligence (AI) technology and solutions across the energy industry is driving the growth of artificial intelligence in the renewable energy market in North America. The transformation or digitization of the energy sector is another element that is fueling the growth of artificial intelligence (AI) in the renewable energy market in the region.

market dynamics

drivers

increase Dependence on cloud-based Solution

One of the major trends in the artificial intelligence sector is the increasing adoption of cloud-based solutions in the renewable energy sector. Moreover, the increasing applications of cloud-based solutions in the energy sector is paving the way for market growth. Thus, the increasing adoption of cloud-based solutions leads to the growth of global artificial intelligence (AI) in the renewable energy market during the forecast period.

limitations

Growing concerns about data privacy

Data and information integrity is a major concern in the global marketplace. Data can be hacked using artificial intelligence algorithms easily. This data must remain secure as it is of a highly confidential nature. As a result, growing concerns about data privacy are constraining the growth of global artificial intelligence (AI) in the renewable energy market.

chances

increase Adoption of micro-networks

Microgrids are highly adopted in the renewable energy sector due to artificial intelligence. This is possible due to the adoption and implementation of smart cities and smart homes. The government provides favorable conditions for the adoption of small networks. Thus, the increasing adoption of microgrids creates profitable opportunities to expand global artificial intelligence (AI) in the renewable energy market during the forecast period.

Challenges

lack of Resources in underdeveloped areas

The underdeveloped regions do not have sufficient resources to develop artificial intelligence (AI) in the renewable energy market. These regions also lack the latest technologies that can be used in the renewable energy sector. As a result, the lack of resources in underdeveloped regions is a major challenge for the growth of artificial intelligence (AI) in the renewable energy market.

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Recent Developments

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Market segmentation

According to the application

  • Robotics
  • Managing Renewable Energy Sources
  • demand forecast
  • Safety and security
  • infrastructure

According to the end use

  • Power generation
  • The transfer of energy
  • Energy distribution
  • Services

By type of publication

by geography

  • North Amarica
  • Europe
  • Asia Pacific
  • Latin america
  • Middle East and Africa (MEA)

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