Artificial intelligence in the renewable energy market increases demand, growth

Global AI in the renewable energy market is expected to grow at a CAGR of 24.8% during the forecast period. Given the benefits of artificial intelligence (AI) in the field of renewable energy, regulators and governments around the world are also promoting the use of artificial intelligence in clean energy with better policies and investments. For example, in August 2023, the UK government invested $4.8 million in artificial intelligence (AI) to help industries reduce greenhouse gas emissions and increase the use of renewable energy. Twelve green AI initiatives will receive a portion of $1.2 million to decarbonize and increase clean energy generation. Initiatives include solar power improvements that use artificial intelligence to improve predictions of when solar energy will be best to produce power for the grid. In addition, the government will provide a further $2.7 million to support further AI innovation to reduce emissions, particularly in the energy sectors. Additionally, in August 2023, Verse Inc., a San Francisco-based company that uses generative artificial intelligence to help companies transition to clean energy, secured $5.75 million in seed funding in a round led by Coatue with participation from Collaborative Fund, Firstminute Capital, Future Positive and string ventures.

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Apart from this, energy companies around the world are also collaborating to leverage artificial intelligence in business development. For example, in August 2023, Hitachi Energy and Google Cloud partnered to develop software and cloud services that leverage advanced data analytics and generative artificial intelligence to provide faster and more comprehensive insights into energy information. Under this partnership, Hitachi Energy and Google Cloud will leverage their combined expertise to develop and implement new solutions for 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 power plants and batteries, raised an undisclosed amount of funding in a seed round led by India Quotient. The investment will be used to support the company’s development, technology improvement and development of new products. According to the company, it plans to use the funds to improve its high-tech power generation forecasting models and algorithms, 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 offering in Europe and the US, hire new employees and automate energy planning and trading processes to provide greater value to its customers.

Report segment on Global Artificial Intelligence for the Renewable Energy Market

By deployment type

• Locally
• Cloud

By the end user

• Tools
• Residential
• Commercial or industrial

By application

• Demand forecasting
• Safety and security
• Predictive maintenance
• Other (energy storage, operational efficiency and optimization)

By type of energy

• Solar energy
• Wind energy
• Hydropower
• Other (geothermal energy, bioenergy and ocean energy)

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AI in the report on the renewable energy market by region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Spain
• Italy
• Rest of Europe

Asia and the Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the world

• Middle East and Africa
• Latin America

Company profiles

• Orchid Inc. App.
• AutoGrid Systems, Inc.
• Beyond Limits Inc.
• Deep Mind
• Enphase Energy, Inc.
• General Electric
• onEnergy
• Origami energy
• QiO Technologies LTD
• Solarada AI
• SparkCognition, Inc.

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