Artificial Intelligence (AI) in Renewable Energy Market Size, Share, and Trends 2024 to 2034

Artificial Intelligence (AI) in Renewable Energy Market Size and Companies

The global artificial intelligence (AI) in renewable energy market size was valued at USD 10 billion in 2022 and it is expected to surpass around USD 114.87 billion by 2032 with a noteworthy CAGR of 27.70% from 2023 to 2032.

Artificial Intelligence (AI) in Renewable Energy Market in Asia Pacific 2023 To 2032

The Asia Pacific artificial intelligence (AI) in renewable energy market size reached USD 4.84 billion in 2023 and is projected to hit around USD 44.34 billion by 2032, expanding at a double-digit CAGR of 27.90% from 2023 to 2032.

Asia-Pacific dominated the market with largest share in 2022. The countries of Asia-Pacific region such as India do not have enough electricity. The surge in demand for electricity is driving the growth of artificial intelligence (AI) in renewable energy market in Asia-Pacific region. In addition, the presence of major market players operating in artificial intelligence (AI) in renewable energy market are also contributing towards the growth of artificial intelligence (AI) in renewable energy market in Asia-Pacific region.

North America is expected to develop at the fastest rate during the forecast period. The growth of artificial intelligence (AI) in renewable energy market in North America region is being driven by growing utilization and adoption of artificial intelligence technologies and solutions across energy sector. Another factor boosting the growth of artificial intelligence (AI) in renewable energy market in the region is transformation or digitalization of energy sector. In addition, artificial intelligence is being adopted for smart home solutions. This factor is paving way for the expansion of artificial intelligence (AI) in renewable energy market in the North America.

Growth Factors

• One of the key factors driving the growth of global artificial intelligence (AI) in renewable energy market is growing demand for electricity in emerging and established regions. The growing need for smarter energy grids is also driving the growth and development of artificial intelligence (AI) in renewable energy in the global market. Another factor that is contributing towards the growing demand of artificial intelligence (AI) in renewable energy sector is digitalization of the energy sector.
• Artificial intelligence has helped to identify the bottlenecks of the energy sector. This factor is opening new opportunities for the growth of global artificial intelligence (AI) in renewable energy market. Artificial intelligence uses vast amount of data and information for analyzing and streamlining of processes in renewable energy sector. All of these aforementioned factors are driving the growth of global artificial intelligence (AI) in renewable energy market during the forecast period.
• The expansion of global artificial intelligence (AI) in renewable energy market is being propelled by growing demand for renewable energy. The growing adoption of artificial intelligence based smart home solutions is predicted to promote artificial intelligence adoption in the renewable energy sector throughout the forecast period. Artificial intelligence solutions in the renewable energy industry are also being driven by the growing demand to cut electricity prices and energy wastage.
• Furthermore, the rising government initiatives in developed and developing nations for the expansion of renewable energy sector are also boosting the growth of global artificial intelligence (AI) in renewable energy market. Moreover, government is also collaborating with major market players for the development of artificial intelligence (AI) in renewable energy market. The artificial intelligence (AI) in renewable energy market is also getting high investments by government as well as market players.
• The growing importance for clean and green energy is boosting the growth of artificial intelligence (AI) in renewable energy market over the forecast period. In addition, rising carbon emissions and greenhouse gases emissions are also boosting the growth of renewable energy sector. The renewable energy helps in the reduction of toxic gases in the environment. Thus, the growing concerns regarding environment and surroundings are also driving the growth of renewable energy sector. This is directly impacting the growth of global artificial intelligence (AI) in renewable energy market.
• The COVID-19 pandemic had drastic and significant impacts on the growth of renewable energy sector. This directly impacted the growth of global artificial intelligence (AI) in renewable energy market. The manufacturing units of energy were halted or shut down during the coronavirus outbreak. This had substantial impact on the growth and development of global artificial intelligence (AI) in renewable energy market during 2020.
• The developed and developing regions such as Europe, North America, and Asia-Pacific are highly adopting artificial intelligence in renewable energy sector. All these regions are contributing towards the growth of global artificial intelligence (AI) in renewable energy market during the forecast period. In addition, the existence of major market players in this market is also boosting the growth of global artificial intelligence (AI) in renewable energy market. The number of strategies is being adopted by market players operating in artificial intelligence (AI) in renewable energy market to enhance their market position.

Report Scope of the Artificial Intelligence (AI) in Renewable Energy Market

Application Insights

The demand forecasting segment led the market in 2022 with highest revenue share. The artificial intelligence is very efficient in nature as compared to other technologies. Due to this reason, the artificial intelligence is highly adopted for the improvement of this segment. The artificial intelligence as well as big data helps to manage and forecast the demand for renewable energy. Thus, this factor is directly impacting the growth of artificial intelligence (AI) in renewable energy market over the forecast period.

The infrastructure segment is expected to witness fastest growth in the forecast period. The growth of artificial intelligence (AI) in renewable energy market is being boosted by growing government fundings for infrastructural projects. In addition, government is taking constant efforts for the development of infrastructure. This factor is propelling the growth of the segment.

End Use Insights

The energy generation segment held largest revenue share in 2022. The main task in the utilities of renewable energy is energy generation. The demand for energy generation is being driven by the surge in demand for electricity in developing and developed regions. Thus, this factor is driving the growth of global artificial intelligence (AI) in renewable energy market during the forecast period.

The energy distribution segment is fastest growing segment of the AI in renewable energy market in 2022. The energy distribution is one of prominent task all around the globe. The government is taking efforts for the growth of this segment. This is directly driving the growth of global artificial intelligence (AI) in renewable energy market.

Key Developments

The global artificial intelligence (AI) in renewable energy market is moderately competitive in nature, with a significant number of small and medium sized companies accounting for the majority of sales. Companies have well equipped production facilities and engage in a variety of research and development initiatives and activities to develop and build new and more efficient technologies in the renewable energy industry.

Some of the prominent players in the global artificial intelligence (AI) in renewable energy market include:

• Alpiq
• SmartCloud Inc.
• General Electric
• Siemens AG
• Hazama Ando Corporation
• ATOS SE
• AppOrchid Inc.
• Zen Robotics Ltd.
• Origami Energy Ltd.
• Flex Ltd.

Segments Covered in the Report

By Application

• Robotics
• Renewables Management
• Demand Forecasting
• Safety and Security
• Infrastructure

By End Use

• Energy Generation
• Energy Transmission
• Energy Distribution
• Utilities

By Deployment Type

• On-premise
• Cloud

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa