Global AI in renewable energy market is anticipated to grow at a CAGR of 24.8% during the forecast period. Considering the benefits of Artificial Intelligence (AI) in renewable energy, regulators and governments globally are also promoting the use of AI in clean energy by introducing better policies and investments. For instance, in August 2023, the UK government invested $4.8 million in artificial intelligence (AI) to help industries reduce their carbon emissions and increase the use of renewable energy. Twelve green AI initiatives will receive a share of $1.2 million to decarbonize and boost the generation of clean power. The initiatives include solar energy improvements that use AI to improve forecasting of when solar energy will best produce energy for the grid. In addition, the government will provide a further $2.7 million to support further AI innovations, to reduce emissions specifically in energy sectors. Also, in August 2023, Verse Inc., a San Francisco-based company that uses generative AI to help companies transitioning to clean power, secured $5.75 million in seed funding in a round led by Coatue with participation from Collaborative Fund, Firstminute Capital, Future Positive, and Twine Ventures.
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Apart from this, energy companies globally are also collaborating to take advantage of AI in business growth. For instance, In August 2023, Hitachi Energy and Google Cloud partnered to develop cloud software products and services that use advanced data analytics and generative AI to provide a faster and more comprehensive view of energy information. Under this partnership, Hitachi Energy and Google Cloud will use their combined expertise to develop and deploy new solutions for electric utilities and renewable energy producers. These solutions will combine Hitachi Energy’s Energy Portfolio Management (EPM) solutions with Google Cloud’s data analytics capabilities, artificial intelligence (AI)/machine learning (ML) services, and scalable and secure infrastructure.
In June 2023, Solarad.ai, a company that develops energy forecasting models for solar plants and battery storage, raised an undisclosed amount of funding in a seed round led by India Quotient. The investment will be used to support the company’s growth, improve its technology, and develop new products. According to the company, it plans to use the funds to enhance its deep-tech models and algorithms for energy generation forecasting, expand its cloud infrastructure to improve scalability, and invest in research and development to improve forecast accuracy. The company also plans to expand its solution offerings in Europe and the US, hire new employees, and automate energy scheduling and trading processes to provide more value to its customers.
Global AI in Renewable Energy Market Report Segment
By Deployment Type
- On-premises
- Cloud
By End-User
- Utilities
- Residential
- Commercial or industrial
By Application
- Demand Forecasting
- Safety and Security
- Predictive Maintenance
- Others (Energy storage, Operational efficiency, and optimization)
By Energy type
- Solar Energy
- Wind Energy
- Hydroelectric Energy
- Others (geothermal energy, bioenergy, and ocean energy)
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AI in Renewable Energy Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- App Orchid Inc.
- AutoGrid Systems, Inc.
- Beyond Limits Inc.
- DeepMind
- Enphase Energy, Inc.
- General Electric
- Energy
- Origami Energy
- QiO Technologies LTD
- Solarad AI
- SparkCognition, Inc.
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