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NEW YORK , Nov. 14, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global automation solutions for renewable power generation market size is estimated to grow by USD 3.15 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 4.8% during the forecast period. Aggressive policies supporting growth of renewable power generation is driving market growth, with a trend towards inception of new business models of automation solutions.
However, cost challenges due to retrofitting automation solutions in conventional devices and machines poses a challenge.Key market players include ABB Ltd., Beckhoff Automation, Bosch Rexroth AG, Delta Electronics Inc.
, Eaton Corp plc, Emerson Electric Co., Fuji Electric Co. Ltd.
, GE Grid Solutions, Hitachi Energy Ltd., Honeywell International Inc., Intel Corp.
, Mitsubishi Electric Corp., OMRON Corp., Pilz GmbH and Co.
KG, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, Tata Power Co. Ltd.
, Toshiba Corp., and Yokogawa Electric Corp..
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF The Automation Solutions for Renewable Power Generation market is witnessing a significant trend with the emergence of Energy as a Service (EaaS) business models. EaaS enables customers to access energy solutions through subscription-based services, reducing the need for substantial upfront investments.
This model allows businesses to outsource energy management, including installation and maintenance of renewable technologies. Advanced technologies like smart meters and IoT devices are integrated, enhancing operational efficiency and real-time energy consumption monitoring. EaaS also facilitates decentralized energy systems, enabling peer-to-peer energy trading and optimizing energy usage.
As sustainability becomes a priority, EaaS provides flexible, scalable solutions that align with environmental objectives. This shift democratizes access to renewable energy and fosters innovation in energy management practices across various sectors, driving market growth during the forecast period. The global automation solution market for renewable power generation is on the rise, driven by the increasing adoption of clean energy sources such as solar farms, wind farms, hydroelectric operations, and biomass operations.
Robotic automation and process automation are key trends in this sector, enabling operational efficiency and reducing costs. Renewable power plants, including solar PV installations, solar energy, wind energy, wind power, hydropower, and biomass, are leveraging Programmable Logic Controllers (PLCs), predictive analytics software, real-time data analytics, and predictive maintenance algorithms for intelligent control. Smart grid technologies, such as prepaid grid integration and demand response, are essential for managing variable energy sources from renewable power plants.
The renewable sector, including solar, wind, hydro, and biomass, is focused on climate change mitigation, environmental sustainability, and subsidies. Artificial intelligence, machine learning, distributed energy resources, and cybersecurity measures, including micro grids and blockchain, are critical for managing renewable power generation assets and ensuring grid stability. Cybersecurity solutions are also crucial to protect against greenhouse gas emissions and safeguard against cyber threats.
Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! • Automation solutions in renewable power generation offer numerous benefits, but integrating these systems into existing infrastructure involves substantial investment and effort. Companies must conduct a cost-benefit analysis before purchasing new automation systems, ensuring they are compatible with advanced solutions or can be retrofitted with smart devices. The proliferation of various automation devices necessitates a common operational framework for secure and effective communication.
Failure to integrate systems may hinder market growth during the forecast period. Companies must carefully evaluate the compatibility and integration capabilities of potential automation solutions to maximize returns and minimize costs. • In today's business environment, the renewable power generation market faces numerous challenges, including meeting clean energy demands in the face of climate change and environmental sustainability.
Subsidies for renewable sources are crucial, but operational efficiency is key to profitability. Variable energy sources like Solar PV and Wind Power require smart grid technologies, artificial intelligence, and machine learning for effective management. Distributed energy resources, micro grids, and blockchain offer solutions for energy market volatility.
Cybersecurity measures are essential to protect against cyber threats. Renewable power plants, from Solar PV installations to Hydropower and Biomass, require asset management, process control, and remote monitoring for optimal performance. Next-generation digital technologies like AI and IoT solutions can help reduce downtime and improve asset performance.
Government investment in renewable energy sectors is vital to meet global energy demand and reduce carbon footprint. Renewable energy generation from Renewable Energy Sectors like Solar Energy, Wind Energy, and Hydropower is crucial to combat greenhouse gases and power our world sustainably. Insights into how AI is reshaping industries and driving growth- Download a Sample Report This automation solutions for renewable power generation market report extensively covers market segmentation by 1.
1 Solar energy 1.2 Wind energy 1.3 Others 2.
1 Asset management 2.2 Process control 2.3 Remote monitoring 2.
4 Others 3.1 APAC 3.2 North America 3.
3 Europe 3.4 Middle East and Africa 3.5 South America 1.
1 Solar energy- Automation plays a crucial role in optimizing the performance of solar power plants by addressing the challenges of controlling complex systems. Advanced algorithms are essential due to the difficulty of managing solar power plant systems with conventional control solutions. Automation solutions in solar power plants perform several functions, including calculating solar reflector positions, self-calibration and prediction of reflectors, and computing sun and normal vectors.
These systems also help reduce structural and mechanical errors, monitor and analyze solar PV plant performance, and ensure high performance, reduced downtime, and fault detection. ABB Ltd, a major player in the market, recently achieved a milestone of delivering automation to 5-GW solar power plants in India , highlighting the growing demand for these solutions. The market is expected to grow due to factors such as the need for efficient and productive solar power plants, increasing adoption of renewable energy, and the scalability and distributed architecture of automation solutions.
Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) The global automation solutions market for renewable power generation is a rapidly growing sector, driven by the increasing adoption of renewable sources for power production. Automation plays a crucial role in optimizing the performance and efficiency of renewable power plants, including solar farms, wind farms, hydroelectric operations, and biomass operations. Robotic automation and process automation are key technologies used to streamline operations and reduce costs.
Distributed Control Systems (DCS) and Programmable Logic Controllers (PLC) are essential components of renewable power plant automation, enabling real-time process control and monitoring. Predictive analytics software helps optimize performance, reduce downtime, and minimize greenhouse gas emissions. Renewable power plants, including solar PV installations, solar energy, wind energy, wind power, hydropower, and biomass, all benefit from automation solutions.
Asset management and process control systems, along with remote monitoring capabilities, ensure optimal performance and reliability in the renewable sector. The renewable energy sector continues to evolve, with automation solutions playing a vital role in maximizing the potential of renewable power plants and reducing their carbon footprint. The global automation solutions market for renewable power generation is a rapidly growing sector, driven by the increasing adoption of clean energy sources such as solar farms, wind farms, hydroelectric operations, and biomass operations in response to climate change and environmental sustainability initiatives.
Renewable power generation faces unique challenges due to the variable nature of these energy sources, requiring advanced automation solutions. Robotic automation and process automation play crucial roles in optimizing renewable power generation, with Programmable Logic Controllers (PLCs) and Predictive analytics software enabling real-time data analytics and Predictive maintenance algorithms. Intelligent control algorithms, Prepaid grid integration, and Demand response systems help manage energy production and distribution efficiently.
Renewable energy sectors, including Solar Power, Wind Power, Hydropower, and Biomass, are integrating Next-Generation Digital Technologies like Artificial Intelligence (AI), Machine Learning, and Internet of Things (IoT) Solutions to enhance operational efficiency and Asset Performance. Cybersecurity measures, Micro grids, Blockchain, and Cybersecurity solutions are essential to ensure grid security and reliability. Government investment, subsidies, and the energy market's evolving landscape are key factors influencing the renewable sector's growth.
Renewable energy generation from Solar PV modules, Wind Turbines, and Biomass plants contributes significantly to reducing the global energy demand's carbon footprint. As renewable energy sources become increasingly important, automation solutions will continue to play a pivotal role in ensuring their operational efficiency and reliability. 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation End-user Solar Energy Wind Energy Others Application Asset Management Process Control Remote Monitoring Others Geography APAC North America Europe Middle East And Africa South America 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix Technavio is a leading global technology research and advisory company.
Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies.
This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.
com/ SOURCE Technavio.
