AI in Renewable Energy Market
AI in Renewable Energy Market Size, Share & Trends Analysis Report by Deployment Type (On-premises and Cloud), by End-User (Utilities, Residential, Commercial, or industrial), by Application (Demand Forecasting, Safety and Security, Predictive Maintenance, and other applications) and by Energy Type (Solar Energy, Wind Energy, Hydroelectric Energy, and other energy types) Forecast Period (2023-2030) Update Available - Forecast 2024-2030
AI in the renewable energy market is anticipated to grow at a CAGR of 24.8% during the forecast period (2023-2030). With growing efforts to promote the renewable energy sector from private and public organizations globally, the demand for Artificial Intelligence (AI) based solutions in the renewable energy sector is also growing. According to the 2023 Renewable Energy Capacity Highlights by International Renewable Energy Agency, global renewable energy capacity has grown by 9.6% during 2022 to 3,347GW. With growing energy demand, private and public organizations are continuously looking to improve overall renewable energy systems. AI algorithms can analyze vast amounts of data from sensors, weather forecasts, and other sources to optimize the performance of renewable energy systems. Apart from this, AI is also used to improve energy storage and management by predicting energy demand and supply. Apart from this, AI is also used to improve overall operational efficiency by applying predictive maintenance, data analytics, and smart grid management which can automate tasks and reduce errors.
Segmental Outlook
The global AI in the renewable energy market is segmented by deployment type, end-user, application, and energy type. In deployment type, the market is further segmented into on-premises and cloud-based deployment. By end-user, the market is sub-segmented into utilities, residential, commercial, or industrial users. By application, the market is sub-segmented into demand forecasting, safety and security, predictive maintenance, and other applications such as energy storage, operational efficiency, and optimization. By energy type, the market is sub-segmented into solar energy, wind energy, hydroelectric energy, and other energy types such as geothermal energy, bioenergy, and ocean energy.
Among the end-users, the demand for AI-based solutions is expected to grow in residential end-users, owing to factors such as growing demand for electricity management tools, growing demand for residential solar energy systems, and increasing consumer awareness for sustainable solutions. Considering growing demand, startups, and market players are also introducing Artificial Intelligence (AI)/Machine learning (ML) based solutions to improve operational efficiency, and automation in residential renewable power generation setups. For instance, in October 2023, SOAR Energy, a solar energy company, launched SolarScan, a home energy assessment tool powered by AI and ML. The tool helps homeowners and solar contractors analyze properties and receive a report on potential savings and power generation.
The Demand for AI-Based Solutions Is Expected to Grow in the Solar and Wind Energy Sector
According to the 2022 renewable capacity highlights by the International Renewable Energy Agency, Solar energy continued to lead the capacity expansion, with an increase of 192 GW (+22%), followed by wind energy with 75 GW (+9%). Out of the total new renewable energy expansion in 2022, 90% of which was done in the solar and wind energy sectors. With the growing demand for solar and wind energy globally both in the residential and commercial sectors, the demand for AI/ML-based services and products is also increasing to improve operational efficiency, smart grid management, energy storage, and other solutions. To fulfill demand, market leaders are also focusing on new product launches, investments, and technological advancements. For instance, in October 2023, Finnish energy tech firm Capalo AI raised $5.3 lakh in pre-seed funding. According to the company, the funding will be used to explore the usage of AI/ML in energy storage and acquiring talent. Also, AI/ML is being used in the research and development of photovoltaic (PV) panels. For instance, in June 2023, researchers at Bar-Ilan University produced a solar panel consisting of 676 different materials. The material is developed from AI-based material sciences and designs.
Regional Outlook
The global AI in the renewable energy market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among regions, AI in the renewable energy market is expected to grow significantly in the Asia-Pacific region owing to factors such as the growing renewable energy sector in the region, increasing investments, and growth of the AI/ML industry in the region. According to Ember, Asia is also experiencing faster electricity demand growth than any other region, about 5% per year. Over half of the electricity demand rise in Asia (52%) was met with clean electricity in the seven years from 2015 to 2022.
Global AI in Renewable Energy Market Growth by Region 2023-2030
The European Region is Expected to Grow Significantly in the Global AI in Renewable Energy Market
Among these, the demand for AI in renewable energy is expected to grow in the European region. The regional renewable energy sector has grown significantly in recent years owing to factors such as growing support from regulators, changing geopolitical conditions due to events such as the Russia-Ukraine war which forced the European region to reduce dependency on fossil fuels, and increasing investments from private and public players. According to European Electricity Review 2023, solar and wind power generated more than a fifth (22%) of its electricity in 2022, pulling ahead of fossil gas (20%). With the growing renewable energy industry, the demand and investments in AI-based solutions and services in renewable energy are also growing. For instance, in April 2023, Dutch firm Dexter Energy raised $11.12 million in a series-B round. The company uses AI-based renewable power generation forecasting for short-term energy trading solutions. According to the company, the funding will be utilized for expansion into new European markets and talent acquisition.
Historical Wind and Solar Energy Generation in Europe
Source: Ember
Market Players Outlook
The major companies serving global AI in renewable energy market include Alpiq Holding Ltd, Atos SE, Enel S.p.A, Siemens Gamesa Renewable Energy, Enphase Energy, Inc. DeepMind, and Stem, Inc. SparkCognition, Inc. among others. To stay competitive, market players are focusing on technological advances and business expansion. For instance, DeepMind has developed an AI system that can predict the wind power output 36 hours in advance. This allows energy grids to better plan how to incorporate wind power into their operations.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the AI in the renewable energy market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Alpiq Holding Ltd.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Atos SE
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Enel S.p.A.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Siemens Gamesa Renewable Energy S.A.
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
4. Market Segmentation
4.1. Global AI in Renewable Energy Market by Deployment Type
4.1.1. On-premises
4.1.2. Cloud
4.2. Global AI in Renewable Energy Market by End-User
4.2.1. Utilities
4.2.2. Residential
4.2.3. Commercial or Industrial
4.3. Global AI in Renewable Energy Market by Application
4.3.1. Demand Forecasting
4.3.2. Safety and Security
4.3.3. Predictive Maintenance
4.3.4. Others (Energy Storage, Operational Efficiency, and Optimization)
4.4. Global AI in Renewable Energy Market by Energy Type
4.4.1. Solar Energy
4.4.2. Wind Energy
4.4.3. Hydroelectric Energy
4.4.4. Others (Geothermal Energy, Bioenergy, and Ocean Energy)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. App Orchid Inc.
6.2. AutoGrid Systems, Inc.
6.3.Beyond Limits Inc.
6.4.DeepMind
6.5 Enphase Energy, Inc.
6.6. General Electric
6.7. on.Energy
6.8. Origami Energy
6.9. QiO Technologies LTD
6.10. Solarad AI
6.11. SparkCognition, Inc.
6.12. Stem, Inc.
6.13. Vestas Wind System A/S
1. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2022-2030 ($ MILLION)
2. GLOBAL ON-PREMISES DEPLOYMENT TYPE AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL CLOUD DEPLOYMENT TYPE AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
5. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR UTILITIES, 2022-2030 ($ MILLION)
6. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR RESIDENTIAL, 2022-2030 ($ MILLION)
7. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR COMMERCIAL OR INDUSTRIAL, 2022-2030 ($ MILLION)
8. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
9. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR DEMAND FORECASTING, 2022-2030 ($ MILLION)
10. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR SAFETY AND SECURITY, 2022-2030 ($ MILLION)
11. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR PREDICTIVE MAINTENANCE, 2022-2030 ($ MILLION)
12. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR OTHER APPLICATIONS, 2022-2030 ($ MILLION)
13. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY ENERGY TYPE, 2022-2030 ($ MILLION)
14. GLOBAL AI IN SOLAR ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL AI IN WIND ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. GLOBAL AI IN HYDROELECTRIC ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
17. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION FOR OTHER ENERGY TYPES, 2022-2030 ($ MILLION)
18. GLOBAL AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
19. NORTH AMERICAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
20. NORTH AMERICAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2022-2030 ($ MILLION)
21. NORTH AMERICAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
22. NORTH AMERICAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
23. NORTH AMERICAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY ENERGY TYPE, 2022-2030 ($ MILLION)
24. EUROPEAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
25. EUROPEAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2022-2030 ($ MILLION)
26. EUROPEAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
27. EUROPEAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
28. EUROPEAN AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY ENERGY TYPE, 2022-2030 ($ MILLION)
29. ASIA-PACIFIC AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
30. ASIA-PACIFIC AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2022-2030 ($ MILLION)
31. ASIA-PACIFIC AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
32. ASIA- PACIFIC AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
33. ASIA-PACIFIC AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY ENERGY TYPE, 2022-2030 ($ MILLION)
34. REST OF THE WORLD AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY DEPLOYMENT TYPE, 2022-2030 ($ MILLION)
35. REST OF THE WORLD AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
36. REST OF THE WORLD AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
37. REST OF THE WORLD AI IN RENEWABLE ENERGY MARKET RESEARCH AND ANALYSIS BY ENERGY TYPE, 2022-2030 ($ MILLION)
1. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY DEPLOYMENT TYPE, 2022 VS 2030 (%)
2. GLOBAL ON-PREMISES DEPLOYMENT TYPE AI IN RENEWABLE ENERGY MARKET SHARE BY REGION, 2022 VS 2030 (%)
3. GLOBAL CLOUD DEPLOYMENT TYPE AI IN RENEWABLE ENERGY MARKET SHARE BY REGION, 2022 VS 2030 (%)
4. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY END-USER, 2022 VS 2030 (%)
5. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR UTILITIES, 2022 VS 2030 (%)
6. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR RESIDENTIAL, 2022 VS 2030 (%)
7. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR COMMERCIAL OR INDUSTRIAL, 2022 VS 2030 (%)
8. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY APPLICATION, 2022 VS 2030 (%)
9. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR DEMAND FORECASTING, 2022 VS 2030 (%)
10. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR SAFTEY AND SECURITY, 2022 VS 2030 (%)
11. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR PREDICTIVE MAINTENANCE, 2022 VS 2030 (%)
12. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR OTHER APPLICATIONS, 2022 VS 2030 (%)
13. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY ENERGY TYPE, 2022 VS 2030 (%)
14. GLOBAL AI IN SOLAR ENERGY MARKET SHARE BY REGION, 2022 VS 2030 (%)
15. GLOBAL AI IN WIND ENERGY MARKET SHARE BY REGION, 2022 VS 2030 (%)
16. GLOBAL AI IN HYDROELECTRIC ENERGY MARKET SHARE BY REGION, 2022 VS 2030 (%)
17. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION FOR OTHER ENERGY TYPES, 2022 VS 2030 (%)
18. GLOBAL AI IN RENEWABLE ENERGY MARKET SHARE BY REGION, 2022 VS 2030 (%)
19. US AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
20. CANADA AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
21. UK AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
22. FRANCE AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
23. GERMANY AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
24. ITALY AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
25. SPAIN AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
26. REST OF EUROPE AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
27. INDIA AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
28. CHINA AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
29. JAPAN AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
30. SOUTH KOREA AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
31. REST OF ASIA-PACIFIC AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
32. REST OF THE WORLD AI IN RENEWABLE ENERGY MARKET SIZE, 2022-2030 ($ MILLION)
