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As artificial intelligence (AI) continues to grow exponentially, new sectors are embracing emerging technology to improve industry productivity, with one report touting that renewable energies will ride the way.
According to a report by Allied Market Research, the renewable energy sector is poised to integrate AI into its operations, creating new utilities for the segment. At the moment, AI influence in renewable energy stands at $600 million in mid-2024, ranking below other industries such as health, finance, and education.
Despite the low rankings, the report forecasts that AI’s market size can grow to $4.6 billion by 2032, representing a compound annual growth rate (CAGR) of 23.2%.
The spike in market size will be unevenly distributed, with North America and Europe poised to hold a clear lead over other regions. Southeast Asia and the Middle East are expected to mount a push near the end of the decade, driven by a slew of capital injections and government policies.
Several use cases will drive the increase of AI in renewable energy, but the biggest utility is expected in the smart grid technology field. Using AI models, electricity providers will be able to spot usage variations and optimize research allocations while improving the efficiency of systems.
Industry players like Origami, Siemens AG, and General Electric are already tinkering with AI systems for smart grids, racking up impressive results despite the novelty of the integrations.
Another area primed for growth with AI is predictive maintenance, building on the successes of early-stage experiments. The ability to spot potential defects beyond the capability of human engineers is often seen as a game-changer for the sector, reducing downtime and saving repair costs.
“The rapid digitization of the energy sector in the past few years has been significantly driven by the pivotal role of AI,” read the report. “AI has the potential to revolutionize energy companies by automating grid data collection and establishing analysis frameworks.”
In the long term, the report predicts that combining AI and other emerging technologies will play a significant role in stifling greenhouse emissions while providing novel solutions for carbon capture and storage.
Avalanche of integrations
Several reports have highlighted the growth of AI in various industries, predicting explosive growth rates over ten years. One Spherical Insights and Consulting report disclosed that generative AI in healthcare is set to attain a valuation of nearly $30 billion by 2033.
Other areas primed for growth include the social media market, education, finance, and security segments. However, a common theme in the reports is the government’s interest and the amount of capital injections propping up the integrations in the sectors.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
Watch: Improving logistics, finance with AI & blockchain
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
