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Artificial intelligence powering system optimization is fastest growing segment fueling the growth of Renewable Energy Technologies Market

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Pooja Khodke
Artificial intelligence powering system optimization is fastest growing segment fueling the growth of Renewable Energy Technologies Market

The global Renewable Energy Technologies Market is estimated to be valued at US$ 1,128.08 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:


Renewable energy technologies refers to various technologies that harness renewable sources like solar, wind, hydro, geothermal etc to generate energy. These technologies offer clean and sustainable energy solutions via conversion into usable forms of energy like electricity and heat. They help mitigate issues related to reliance on fossil fuels and associated environmental pollution.


Market key trends:


One of the key trends shaping the renewable energy technologies market is increasing adoption of artificial intelligence technologies for optimizing performance of renewable energy systems. AI helps address challenges related to unpredictability of renewable energy sources by utilizing technologies like machine learning, predictive analytics etc. It facilitates maximizing energy output from renewable sources via real-time system monitoring, predictive maintenance and automated optimization of operational parameters. This significantly boosts overall efficiency and reduces downtime of renewable power projects.


Segment Analysis


The renewable energy technologies market is segmented by type into solar photovoltaic (PV), wind, hydropower, bioenergy and others. Among these, the solar PV segment dominated the market in 2022 and is expected to remain dominant during the forecast period due to falling prices of solar panels, greater government support through incentives like feed-in-tariffs and increasing integration of solar into building structures.


Key Takeaways


The global Renewable Energy Technologies Market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing concerns regarding climate change and depleting fossil fuel reserves.


Regional analysis


North America dominated the renewable energy technologies market in 2022 due to favorable government policies and declining prices of solar panels and wind turbines in the region. Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rapid economic development and population growth in emerging economies like India and China.


Key players


Key players operating in the renewable energy technologies market are ABB Ltd., Fuji Electric Co. Ltd., Hitachi Ltd., Mitsubishi Heavy Industries Ltd. and Toshiba Corp. The market is characterized by the presence of several international players as well as regional players who operate in domestic markets. Market leaders rely on research and development efforts to produce more efficient renewable energy technologies.


Read More :  https://www.newsstatix.com/expanding-global-electrification-is-anticipated-to-openup-the-new-avanue-for-renewable-energy-technologies-market/

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