Solar Artificial Intelligence Market Report 2024

This Solar Artificial Intelligence market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The solar artificial intelligence market size has grown rapidly in recent years. It will grow from $0.8 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth during the historic period can be attributed to several factors, increasing demand to reduce electricity costs and energy waste, rising investments in the solar industry, a focus on carbon reduction, and growing energy demand.

The solar artificial intelligence market size is expected to see rapid growth in the next few years. It will grow to $1.6 billion in 2028 at a compound annual growth rate (CAGR) of 15%. The anticipated growth during the forecast period can be attributed to several factors, the increasing deployment of solar energy systems, a heightened focus on reducing carbon emissions, growing utilization of artificial intelligence, an emphasis on renewable energy sources, rising demand for sustainable energy solutions, and increasing adoption of solar power systems in agriculture. Major trends expected to drive this growth include the integration of AI-driven solutions, the incorporation of solar energy into existing power grids, advancements in AI technologies, innovative energy generation models, and ongoing technological advancements.

The increasing emphasis on renewable energy is projected to drive growth in the solar artificial intelligence market. Renewable energy, which includes sources like sunlight, wind, and water that are constantly replenished, is gaining traction due to the urgent need to combat climate change and reduce greenhouse gas emissions. Advances in technology and declining costs further enhance the appeal and feasibility of these energy sources. Solar artificial intelligence contributes to this focus on renewable energy by optimizing solar energy production through predictive maintenance, efficient grid management, and improved solar forecasting accuracy for better grid integration. For example, in June 2023, the U.S. Energy Information Administration reported that renewable energy accounted for about 13% of total U.S. energy consumption in 2022, with the electric power sector utilizing 61% of this amount and renewables contributing 21% to U.S. electricity generation. This growing emphasis on renewable energy is thus propelling the solar artificial intelligence market.

Leading companies in the solar artificial intelligence market are advancing their service offerings with new technologies, such as AI-driven solar installation robots, to improve efficiency and reduce operational costs. AI-enabled solar installation robots are sophisticated systems that leverage artificial intelligence to automate and optimize the placement and installation of solar panels, enhancing precision and lowering labor expenses. For instance, in July 2024, AES Corporation, a U.S.-based energy firm, introduced Maximo, an AI-enabled solar installation robot. Maximo can install panels in half the time and at half the cost of traditional methods. It features AI-powered computer vision for accurate panel placement, continuous learning for efficiency gains, and image reconstruction to improve effectiveness in diverse environments. AES aims to deploy 100 MW of solar capacity by 2025 and expand its solar backlog by up to 5 GW over the next three years, including major projects like the 2 GW Bellefield solar-plus-storage project in California. Maximo's introduction is expected to create new high-tech job opportunities, accelerate project timelines, and enhance the scalability of solar installations, driven by rising demand for renewable energy and advancements in AI and data centers.

In December 2023, Powermers Smart Industries, Inc. (PSI), a U.S.-based company specializing in green-powered solutions, merged with OCA Acquisition Corp. for approximately $2 billion. This merger offers several strategic advantages, including improved access to capital and public markets, which will accelerate the development and commercialization of Powermers' smart materials technologies. Additionally, the merger positions Powermers for enhanced growth opportunities in key sectors such as energy storage and electronics, boosting its competitive edge in the smart materials market. OCA Acquisition Corp. is a U.S.-based special purpose acquisition company (SPAC) in the capital markets.

Major companies operating in the solar artificial intelligence market are Nvidia Corporation, Trina Solar Limited, The AES Corporation, JinkoSolar Holding Co. Ltd., Enphase Energy Inc, SunPower Corporation, Heliogen Inc, SolarWinds AI, Waaree Energies Ltd, Suncast Corporation, Aurora Solar Inc, BrightSource Energy Inc, Tespack Ltd, TransitionZero, GreenMatch AG, Glint Solar AS, Scopito ApS, Absolar Solutions Ltd, Solarify GmbH, GetSolar LLC, Loggma Technologies Pvt Ltd, Omdena Inc., Raycatch Ltd., Smart Helio SA, Aigen Technologies Inc.

Asia-Pacific was the largest region in the solar artificial intelligence market in 2023. The regions covered in the solar artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the solar artificial intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Solar artificial intelligence involves using AI technologies to optimize solar energy systems by enhancing their efficiency, predicting maintenance needs, and improving grid integration. This integration helps maximize energy production and streamline solar power management.

Key technologies in solar artificial intelligence include natural language processing, machine learning, computer vision, and others. Natural language processing (NLP) focuses on enabling computers to understand, interpret, and respond to human languages in a meaningful and useful way. NLP applications in solar energy include energy management, smart grids, energy production, smart meters, and demand forecasting. These technologies benefit various end users, including residential, commercial, and industrial sectors.

The solar artificial intelligence market research report is one of a series of new reports that provides solar artificial intelligence market statistics, including solar artificial intelligence industry global market size, regional shares, competitors with a solar artificial intelligence market share, detailed solar artificial intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the solar artificial intelligence industry. This solar artificial intelligence market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The solar artificial intelligence market consists of revenues earned by entities by providing services such as predictive maintenance, energy optimization, smart grid management, performance monitoring, automated design and simulation, and supply chain optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The solar artificial intelligence market also includes sales of artificial intelligence-enhanced solar panels, smart inverters, artificial intelligence-based solar forecasting tools, automated solar panel cleaning systems, and AI-based solar monitoring systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

This product will be delivered within 3-5 business days.