The global artificial intelligence (AI) in renewable energy market size was estimated at US$ 8.24 billion in 2021. The growing need for power in emerging and established regions is one of the primary reasons driving the global artificial intelligence (AI) in renewable energy market. Artificial intelligence (AI) in renewable energy is increasing and developing in the global industry, driven by the growing need for smarter energy networks.
The digitalization of the energy sector is another aspect that is contributing to the increased demand for artificial intelligence (AI) in the renewable energy sector. Artificial intelligence has aided in the discovery of energy sector bottlenecks. This aspect is creating new potential for the worldwide artificial intelligence (AI) market to flourish in the renewable energy sector. Artificial intelligence analyses and streamlines operations in the renewable energy sector using a large amount of data and information.
Report Highlights
- On the basis of application, demand forecasting segment holds the largest market share in the global artificial intelligence (AI) in renewable energy market. In comparison to other technologies, artificial intelligence is extremely efficient. As a result, artificial intelligence is increasingly being used to better this sector. Artificial intelligence, as well as big data, aid in the management and forecasting of renewable energy demand. As a result, over the predicted period, this aspect has a direct impact on the expansion of artificial intelligence (AI) in the renewable energy sector.
- On the basis of end use, energy generation segment holds the largest market share in the global artificial intelligence (AI) in renewable energy market. Growing government funding for infrastructure projects is boosting the rise of artificial intelligence (AI) in the renewable energy market. Furthermore, the government is making ongoing attempts to improve infrastructure. This factor is fueling the segment’s expansion.
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Regional Snapshot
Asia-Pacific is the largest segment for artificial intelligence (AI) in renewable energy market in terms of region. Electricity is in short supply in Asia-Pacific countries such as India. The expansion of artificial intelligence (AI) in the renewable energy business in Asia-Pacific is being fueled by a boom in demand for power. Furthermore, the presence of prominent industry players operating in the artificial intelligence (AI) in renewable energy market is adding to the market’s growth in the Asia-Pacific region.
North America region is the fastest growing region in the artificial intelligence (AI) in renewable energy market. The U.S. is dominating the artificial intelligence (AI) in renewable energy market in the North America region. The increasing use and adoption of artificial intelligence (AI) technology and solutions across the energy industry is driving the growth of AI in the renewable energy market in North America. The transformation or digitalization of the energy sector is another element promoting the growth of artificial intelligence (AI) in the renewable energy market in the region.
Market Dynamics
Drivers
Growing adoption of cloud-based solutions
One of the major trends in artificial intelligence sector is growing adoption of cloud-based solutions in renewable energy sector. Moreover, growing applications of cloud-based solutions in energy sector is paving way for the growth of market. Thus, growing adoption of cloud-based solutions is driving the growth of global artificial intelligence (AI) in renewable energy market over the forecast period.
Restraints
Rising concerns for data privacy
The safety of data and information is biggest concern in the global market. The data with artificial intelligence algorithms can be hacked easily. This data should be kept safe as it is very confidential in nature. As a result, rising concerns for data privacy is restricting the growth of global artificial intelligence (AI) in renewable energy market.
Opportunities
Growing adoption of micro-grids
The micro grids are highly adopted in renewable energy sector due to artificial intelligence. This is possible due to adoption and implementation of smart cities and smart homes. The government are providing favorable conditions for the adoption of micro grids. Thus, growing adoption of micro grids are creating lucrative opportunities for the expansion of global artificial intelligence (AI) in renewable energy market over the forecast period.
Challenges
Lack of resources in underdeveloped regions
The underdeveloped regions do not have enough resources for the development of the artificial intelligence (AI) in renewable energy market. These regions also lack latest technology that can be used in renewable energy sector. As a result, lack of resources in underdeveloped regions is a major challenge for the growth of artificial intelligence (AI) in renewable energy market.
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Recent Developments
- Accenture and SAP announced a cooperative agreement in March 2020 to develop a new solution to help upstream gas and oil firms optimize business operations. SAP S/4HANA Cloud for upstream gas and oil is a new solution that makes use of SAP S/4HANA Cloud’s powerful machine learning and artificial intelligence capabilities. The cloud-based solution is designed to help gas and oil companies streamline operations and grow their businesses by providing real time information and data driven business insights.