Energy and Power

Solar AI Market is Expected to Reach USD 3,146.8 Million by 2031

Mar 2024

Energy and Power

As per the report published by Kings Research, the global Solar AI Market was valued at USD 975.4 million in 2023 and is projected to reach USD 3,146.8 million by 2031, growing at a CAGR of 16.05% from 2024 to 2031.

The demand for cleaner and more efficient energy is driving significant growth in the solar AI market. By integrating AI technologies, solar energy systems are becoming smarter and more powerful. AI algorithms optimize panel placement, predict energy generation, and enhance overall system efficiency, leading to maximized energy production and minimized costs. Furthermore, AI enables solar systems to adapt to changing weather conditions through real-time data analysis of weather forecasts, cloud cover, and sun exposure. By dynamically adjusting panel positioning, AI-powered systems significantly increase energy production and reduce reliance on fossil fuels.

Furthermore, the growing focus on cybersecurity is expected to drive growth in the solar AI market. As more solar energy systems are connected to the internet for monitoring and control, the need for advanced cybersecurity measures becomes increasingly vital. Solar AI technology can help identify and mitigate potential security threats, giving consumers peace of mind and protecting their investments. With the combination of renewable energy and cutting-edge AI technology, the solar industry is poised for substantial growth in the coming years.

Key Insights

  • By technology, the machine learning segment held a significant revenue share of 42.35% in 2023
  • By application, the smart grids segment registered a notable revenue share of 35.25% in 2023 
  • By end use, the industrial segment held a significant revenue share of 46.68% in 2023
  • North America held the largest market share of 37.25% in 2023

SmartHelio Raises USD 5 Million to Prolong Solar Panel Durability

December 2022: Swiss solar tech company SmartHelio recently closed a $5.67 million funding round led by Soma Capital and Gaingels, among others. The company plans to use the funds to expand the reach of its innovative product, which utilizes IoT sensors and AI software to monitor and optimize the performance of solar panels.

 Increasing Integration of Internet of Energy in Solar Energy to Foster Market Growth

The increasing global demand for sustainable energy solutions, driven by environmental concerns and the need to reduce carbon emissions, is fueling the growth of the solar AI market. Solar power, coupled with AI technologies, offers a clean and renewable energy solution that can meet the growing energy demands while minimizing environmental impact. By incorporating AI technologies into solar power systems, the efficiency and performance of solar panels can be optimized, allowing for greater energy production. AI algorithms can continuously monitor and analyze various factors such as weather conditions and energy consumption patterns to ensure the most efficient use of solar energy. Moreover, the integration of AI with solar power systems enables predictive maintenance, reducing downtime, and increasing the lifespan of solar panels, making it a cost-effective and sustainable energy solution for the future, which is boosting product adoption.

Supportive Government Initiatives and Incentives to Drive Solar AI Market Growth

Government initiatives and incentives aimed at promoting renewable energy adoption create growth opportunities for the solar AI market. Governments worldwide are implementing policies to encourage the use of solar power and AI technologies in the energy sector. These initiatives provide a favorable environment for the growth of the solar AI market. By offering subsidies and tax incentives, governments are making it more financially feasible for individuals and businesses to invest in solar AI technologies. Additionally, the push toward clean energy sources and the reduction of carbon emissions has further fueled the demand for solar AI solutions. As a result, the solar AI market is foreseen to experience significant growth in the coming years, with companies actively developing innovative and efficient technologies to meet the increasing demand.

North America Is Expected to Dominate the Market with a CAGR of 12.82% Over the Forecast Period 2024-2031

Based on region, the global solar AI market is classified into North America, Europe, Asia Pacific, MEA, and Latin America. Increasing adoption of solar energy as a sustainable and clean alternative to traditional sources. Favorable government initiatives and policies promoting renewable energy have also played a significant role in impelling the growth of the solar AI market in North America. Additionally, advancements in AI technology have led to more efficient and cost-effective solar energy systems, further driving market growth in the region.

Companies Focus On Product Launches and Collaborations to Fulfill Consumer Demands.

The global solar AI market is fragmented with key players such as Smart Helio, Solavio, Glint Solar AS, Scopito, Aurora Solar, The AES Corporation, First Solar, Raycatch, Absolar, and Solarify. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership