AIoT in Renewable Energy

AIoT in Renewable Energy

Artificial intelligence of things (AIoT) is the combination of artificial intelligence (AI) technologies and the internet of things (IoT) infrastructure. AIoT's helps to improve efficient operations, signifactly improve human-machine interactions and enhance data management and analytics. Additionally, the AIoT in Renewable Energy Market has the potential to change the renewable energy industry. By leveraging the power of AI, power companies can get better forecasts, manage their grids and schedule maintenance. Furthermore, as forecasting in renewable energy has always been one of the major challenges in the industry due to unpredictable factors as the industry is dependent on nature elements such as sunlight, air and water speed, which the AIoT can predict far accurately compared to traditional methods. The major companies in renewable energy sector have started implementing AIoT and the market is reported to show major increase during the forecasted period.

The AIoT in Renewable Energy Market is expected to grow at a steady rate of around 27.1% in the year 2022 owing to the increasing popularity of aritificial intelligence and its growing capabilities of simplifying the various processes in the renewable energy industry. Major companies are implementing AIoT for multiple applications in the industry for accurately managing the forecasting, maintenance and grid management. For instance, AI programs have been developed by companies such as IBM’s for the US Department of Energy’s named SunShot Initiative – which combine self-learning weather models, datasets of historical weather data, real-time measurement from local weather stations, sensor networks and cloud information derived from satellite imagery and sky cameras.

• Based on application, the AIoT in Renewable Energy Market is segmented into Robotics, Renewables Management, Safety & Security , Demand Forecasting and Infrastructure. The demand forecasting segment accounted for a significant market share, and is estimated to grow rapidly during the projected timeframe. While the infrastructure segment will showcase the highest growth during the projected period as the government of various countries are increasingly focusing on planning to invest in renewable energy and the upcoming increase in infrastructure projects in the aforementioned industry will facilitate this growth during the forecast period.
• Based on end use, the AIoT in Renewable Energy market is bifurcated into Energy Generation, Energy Transmission, Utilities and Energy Distribution. Among them, the energy generation segment captured the largest revenue market share in the end use segment in the AIoT in Renewable Energy Market for the year 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.
• Based on deployment type, the metal can market is segmented into On-premise and Cloud. The cloud segment is projected to showcase a significant growth in the upcoming years. The application of AIoT in the renewable energy is still in the early stages, however, the increasing capability of AI has started revolutionising the industry and is projected to grow showcase tremendous growth during the forecasted period.
• For a better understanding of the market adoption of the AIoT in Renewable Energy industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., Norway, Spain, Sweden, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. Asia Pacific caters extensive share in the AIoT in Renewable Energy market and is expected to show an influential growth rate in the forecasted period as well. Growing demand for electricity in countries such as india and china are accentuating the market size of AIoT in Renewable Energy market. AI’s ability to provide better prediction capabilities is enabling improved demand forecasting and asset management, while its automation capability is driving operational excellence – leading, in turn, to competitive advantage and cost-savings for stakeholders which leads to increase in the revenue of AIoT in Renewable Energy industry.
• Some of the major players operating in the market include Alpiq, SmartCloud Inc., General Electric, Siemens AG, Hazama Ando Corporation, ATOS SE, AppOrchid Inc., Zen Robotics Ltd., Origami Energy Ltd., Flex Ltd.