AI powering renewable energy market growth, demand rising by 2031.

By Oliver Townsend May 29, 2024
AI in Renewable Energy Market Increasing Demand, Growth Analysis and Future Outlook by 2031.jpegOrginal image from:

AI technology has revolutionized the renewable energy sector, ushering in a new era of efficiency and sustainability. With the global AI in renewable energy market projected to grow at a CAGR of 24.8% by 2031, it’s evident that this technology is reshaping the future of clean energy. Regulators and governments worldwide are incentivizing the adoption of AI in renewable energy through policies and investments, driving innovation and progress in the industry.

Government Support and Investments

In August 2023, the UK government made a significant investment of $4.8 million in artificial intelligence to help industries reduce carbon emissions and increase the use of renewable energy. This funding will support twelve green AI initiatives aimed at decarbonizing and enhancing clean power generation. By utilizing AI to optimize solar energy forecasting and grid efficiency, these initiatives are paving the way for a greener and more sustainable energy landscape.

Industry Collaborations

Energy companies are also embracing AI technology to drive business growth and innovation. Hitachi Energy and Google Cloud, for instance, have joined forces to develop cloud software products that leverage AI and data analytics for enhanced energy insights. By combining their expertise, these companies are creating solutions for electric utilities and renewable energy producers that improve operational efficiency and performance.

Startup Funding and Expansion

In June 2023, secured seed funding to enhance its energy forecasting models for solar plants and battery storage. With plans to expand its offerings in Europe and the US, aims to improve forecast accuracy and scalability through advanced AI algorithms. By automating energy scheduling and trading processes, the company is set to deliver greater value to its customers and drive further growth in the renewable energy sector.

Market Segmentation and Outlook

The AI in renewable energy market is segmented by deployment type, end-user, application, and energy type, offering a comprehensive view of the industry landscape. From on-premises solutions to demand forecasting and solar energy applications, AI technology is transforming how renewable energy is produced and utilized. With regions like North America, Europe, Asia-Pacific, and the rest of the world driving market growth, the future looks promising for AI in renewable energy.

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