AIoT in Renewable Energy Market: Current Analysis and Forecast (2022-2028)
Emphasis on Application (Robotics, Renewables Management, Safety & Security , Demand Forecasting and Infrastructure); End Use (Energy Generation, Energy Transmission, Utilities and Energy Distribution); Deployment Type (On-premise and Cloud); and Region/Country
AIoT in Renewable Energy Market was valued at more than USD 48.2 billion in 2028 and is expected to grow at a CAGR of around 27.1% from 2022-2028. AIoT in Renewable Energy are available in many different sizes and shapes. Companies such as TNB Renewables is working with Envision Digital International to deploy big data analytics applications in its large-scale solar farm in Sepang, Selangor in Malaysia. The 50 megawatts solar farm which is one of the largest solar projects in the country is involved in the deployment of its cloud-based digital analytics applications powered by Envision Digital’s AIoT operating system. The AIoT application will help TNB Renewables operations team to have quick, real-time access to the farm’s operation status, generation performance, power output, and accurate power forecasts. This will improve operational and maintenance efficiency and ensure the organization can manage grid supply and demand effectively. Upcoming projects are also reported to utilize AI in various renewable projects which will have a positive impact on the market growth globally.
Alpiq, SmartCloud Inc., General Electric, Siemens AG, Hazama Ando Corporation, ATOS SE, AppOrchid Inc., Zen Robotics Ltd., Origami Energy Ltd., Flex Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Application, demand forecasting segment accounted for a significant market share”
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 expected 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.
“Amongst end-use, the energy generation industry caters to a significant market share in the AIoT in Renewable Energy market”
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.
“Asia constitutes a major market for the AIoT in Renewable Energy industry”
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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global AIoT in Renewable Energy Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the AIoT in Renewable Energy Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global AIoT in Renewable Energy Market were the three major steps undertaken to create and analyze the adoption of AIoT in Renewable Energy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global AIoT in Renewable Energy Market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the AIoT in Renewable Energy Market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the AIoT in Renewable Energy Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Application, End Use, and Deployment Type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the AIoT in Renewable Energy Market. Further, we conducted factor analysis using dependent and independent variables such as various Application, End Use, and Deployment Type of AIoT in Renewable Energy. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the AIoT in Renewable Energy Market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global AIoT in Renewable Energy Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the AIoT in Renewable Energy Market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global AIoT in Renewable Energy Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global AIoT in Renewable Energy Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, end use, and deployment type in the global AIoT in Renewable Energy Market.
The main objective of the Global AIoT in Renewable Energy Market Study
The current & future market trends of the global AIoT in Renewable Energy Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the AIoT in Renewable Energy Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of Application, End Use, and Deployment Type.
- Define and analysis of the regulatory framework for the AIoT in Renewable Energy
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the AIoT in Renewable Energy Market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the AIoT in Renewable Energy Market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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