AI in Renewable Energy Market to Surge from USD 0.6 Bn to USD 4.6 Bn by 2032
AI's growing role in optimising renewable energy production and enhancing grid management drives market expansion, with projections of significant growth despite high development and integration costs.
August 28, 2024. By EI News Network
This growth is fueled by AI's ability to optimise energy production, enhance efficiency, and support sustainable goals across various renewable energy applications, including solar, wind, hydropower, and smart grids.
As per the report, AI is playing key role in energy management, from forecasting renewable energy output to enhancing the safety measures of nuclear plants and managing smart grids. In solar energy, AI algorithms enhance photovoltaic panel efficiency by adjusting angles to optimise sunlight capture and predicting weather conditions for better grid integration.
While, Wind energy benefits from machine learning algorithms that align turbine blades with wind direction, maximizing output and minimising downtime through predictive maintenance.
Further, the report said that smart grids integrated with AI technology can identify faults, manage resource allocation during demand surges, and improve grid reliability while enhancing cybersecurity. With AI’s ability to track threats, predict outages, and reduce downtime, it has significantly increased the grid's resilience.
Moreover, AI-driven building management systems optimise energy consumption in residential, commercial, and industrial settings, leading to substantial energy savings.
Talking about the challenges, the report noted that the market faces challenges, particularly the high costs of AI technology development, integration, and regulatory compliance. Despite these hurdles, continued advancements in AI and growing investments in renewable energy infrastructure are expected to propel market expansion, making AI a key enabler of the global transition to clean energy.
“As AI technology evolves, it will further support efforts to reduce greenhouse gas emissions, stabilise grids, and improve the efficiency of energy sources, playing a critical role in meeting global energy demands sustainably,” said the report.
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