AI in Renewable Energy Market to Reach $4.6 Billion, Globally, by 2032 at 23.2% CAGR: Allied Market Research

The global artificial intelligence in renewable energy market is experiencing growth due to several factors such as an increase in the adoption of renewable energy technologies, and AI-powered advancements in renewable energy efficiency. 

WILMINGTON, Del., Oct. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Intelligence in Renewable Energy Market by Deployment Type (On-Premises, Cloud), By Component Type (Solution, Service), By End-Use Industry (Energy Generation, Energy Transmission, Energy Distribution, Utilities): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global artificial intelligence in renewable energy industry was valued at $0.6 billion in 2022 and is projected to reach $4.6 billion by 2032, growing at a CAGR of 23.2% from 2023 to 2032. 

Artificial Intelligence (AI) in renewable energy refers to the use of artificial intelligence (AI) technologies and methods to improve the performance, efficiency, and management of renewable energy (RE) systems and applications. It involves the use of AI algorithms and ML models to process large volumes of data, enhance energy production and usage, and make smart decisions in RES operations. 

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Prime Determinants of Growth:  

The global artificial intelligence in renewable energy market is experiencing growth due to several factors such as an increase in the adoption of renewable energy technologies, and AI-powered advancements in renewable energy efficiency. However, the high cost of artificial intelligence-driven technologies hinders market growth to some extent. Moreover, AI-driven optimization for enhanced energy storage systems offers remunerative opportunities for the growth of artificial intelligence in the renewable energy market.  

Report Coverage & Details: 

The cloud segment to retain its dominance throughout the forecast period- 

Based on development type, the cloud segment held the highest market share in 2022, accounting for nearly two-thirds of the global artificial intelligence in renewable energy market revenue, and is expected to retain its dominance throughout the forecast period. This is due to cloud-based AI systems can manage energy storage solutions, such as batteries, by predicting when to charge and discharge them optimally. This maximizes the use of renewable energy and reduces reliance on fossil fuels during peak demand periods. However, the on premises segment is projected to manifest the highest CAGR of 23.44% from 2023 to 2032. This is because AI can help on-premises renewable energy systems interact with the wider electrical grid more effectively. This includes managing the flow of excess energy back into the grid and participating in demand response programs. 

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The solution segment is expected to lead the trail by 2032- 

Based on component type, the solution segment held the highest market share in 2022, accounting for more than three-fifths of the global artificial intelligence in renewable energy market revenue, and is expected to lead the trail by 2032. The growth is attributed to the fact that AI can facilitate peer-to-peer energy trading among consumers who generate excess renewable energy. Blockchain technology combined with AI can enable secure and transparent energy transactions. On the other hand, the service segment is projected to manifest the highest CAGR of 23.38% from 2023 to 2032. This is because service applications such as grid management can adjust their energy consumption based on real-time supply fluctuations and pricing signals.  

The utilities segment to maintain its lead position during the forecast period- 

Based on end-use industry, the utilities segment held the highest market share in 2022, accounting for more than one-third of the global artificial intelligence in renewable energy market revenue, and is expected to maintain its lead position during the forecast period. This can be attributed to the fact that artificial intelligence can help utilities schedule field maintenance crews more efficiently by considering factors like travel time and skill sets. This leads to cost savings and quicker response times during outages. Furthermore, the energy distribution segment is projected to manifest the highest CAGR of 23.67% from 2023 to 2032. The growth is attributed to AI-powered systems that can analyze vast amounts of data from sensors, smart meters, and other sources in real-time to monitor the health of the grid. 

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Asia-Pacific to maintain its dominance by 2032- 

Based on region, Asia-Pacific held the highest market share in 2022, contributing to more than two-fifths of the global artificial intelligence in renewable energy market revenue, and is expected to maintain its dominance throughout the forecast timeframe. The same region would also portray the fastest CAGR of 23.58% during the forecast period. The growth is attributed to the fact that countries in the Asia-Pacific region, such as China and India, have vast wind energy potential. AI plays a crucial role in optimizing wind farm operations. Machine learning algorithms can predict wind patterns and adjust the orientation of wind turbines in real-time to maximize energy output. AI also aids in the early detection of turbine faults, reducing downtime and maintenance costs. 

Leading Market Players: - 

• ALPIQ HOLDING LTD. 
• APP ORCHID 
• ATOS SE 
• ENEL SPA 
• ENPHASE ENERGY 
• FLEX LTD. 
• GENERAL ELECTRIC 
• ORIGAMI 
• SIEMENS AG 
• VESTAS 

The report provides a detailed analysis of these key players in the global artificial intelligence in renewable energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.  

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SOURCE Allied Market Research