The Artificial Intelligence Market In Renewable Energy is being driven by Growing demand for renewable energy
The Artificial Intelligence Market In Renewable Energy is expected to grow at a CAGR of 22% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6127.3 million. The global artificial intelligence (AI) market in renewable energy is experiencing substantial growth, driven by the launch of innovative products that optimize energy management and integration. Hitachi Energy, a leading industry player, recently introduced Nostradamus AI, an advanced AI-powered energy forecasting solution. This cloud-native tool, launched on November 12, 2024, leverages Hitachi Energy's extensive industry expertise to enhance the predictability of energy investments. Nostradamus AI delivers highly accurate forecasts for diverse energy applications, including load management, market pricing, and renewable energy generation. By improving the predictability, efficiency, and reliability of renewable energy systems, Nostradamus AI is set to revolutionize the renewable energy sector.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Grid management, Energy demand forecasting, Predictive maintenance, Energy storage and optimization, Others) End-user (Generation, Distribution, Transmission, Consumption) Geography (APAC, Europe, North America, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Artificial Intelligence Market In Renewable Energy Research Report
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Artificial Intelligence (AI) is revolutionizing the renewable energy sector by optimizing wind turbine performance, predicting flood control based on environmental conditions, and ensuring grid stability through AI algorithms. AI solutions address supply and demand imbalances, manage reservoir stages for energy production, and improve dam operations. They also facilitate energy distribution, taking into account factors like cloud cover, rainfall patterns, and ev charging infrastructure. AI plays a crucial role in predictive maintenance of renewable energy assets, managing energy technology processes, and mitigating cybersecurity threats. Furthermore, AI assists in climate data analysis for energy generation, streamlining energy distribution, and managing electricity prices in the renewable energy market. Market players are investing in AI-driven solutions to enhance renewable power generation, improve energy transmission, and cater to the growing demand for green energy from electric-powered automobiles.
The Artificial Intelligence (AI) market in the renewable energy sector is a significant segment of the global IT software industry. This market encompasses companies specializing in energy innovation, bioenergy, off-grid energy, energy modeling, electric vehicles, wind energy, energy optimization, green energy, battery storage, and climate change solutions. These firms develop and produce software for renewable energy applications, focusing on reducing carbon emissions and enhancing distributed generation. Technavio's market analysis calculates the size of this market based on the combined revenue of these companies, including those offering cloud-based AI solutions for renewable energy optimization and management.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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