Founder Group Enters the US$180 Billion AI Market With AI-Powered Drone Technology for Solar Farm Inspections

Rhea-AI Summary

Founder Group (NASDAQ: FGL) has announced a strategic partnership with VC AI to develop AI-powered drones for solar farm inspections. The drones will feature VC.AI's proprietary generative AI software and deep learning algorithms, enabling autonomous identification of anomalies and defects in solar panels without human intervention.

The initiative targets the US$180 billion AI market and aims to enhance FGL's solar operations and maintenance services. The global drone-based solar inspection market is projected to reach US$3.8 billion by 2032 with a 16.5% CAGR, while the solar O&M market is expected to grow to US$16.4 billion by 2034 with a 10.1% CAGR.

Positive

• Entry into the rapidly growing US$180 billion AI market
• Partnership with VC.AI for advanced drone technology development
• Potential for new revenue streams through enhanced O&M services
• Improved operational efficiency through autonomous inspection capabilities

Negative

• None.

Insights

Tech Expert

The AI-powered drone integration marks a significant technological advancement in solar farm maintenance. The combination of thermal imaging, generative AI and deep learning algorithms creates an autonomous inspection system that could revolutionize solar panel monitoring. The technology's ability to detect anomalies without human intervention represents a substantial efficiency improvement over traditional methods. With the global AI market at $180 billion and projected to reach $800 billion by 2030, this strategic positioning in both AI and renewable energy sectors shows strong market awareness.

The drone technology's autonomous capabilities and integration with VC.AI's proprietary software creates a compelling competitive advantage. The market for drone-based solar inspection services, growing at 16.5% CAGR to $3.8 billion by 2032, suggests significant revenue potential. The solution addresses key industry pain points in maintenance efficiency and cost reduction, while opening new revenue streams through potential service offerings to other solar farm operators.

Market Research Analyst

This strategic partnership positions FGL at the intersection of three high-growth markets: AI, drone services and solar O&M. The solar O&M market's projected growth to $16.4 billion by 2034 at 10.1% CAGR presents a substantial opportunity. The company's dual approach of implementing the technology in-house while potentially offering it as a service to clients creates multiple revenue streams. The timing is particularly strategic given the accelerating development of solar installations and increasing demand for efficient inspection solutions.

The market dynamics support long-term growth potential, with the convergence of renewable energy adoption and technological advancement creating favorable conditions. For a company with a market cap of $38.4 million, this initiative represents a significant strategic pivot that could substantially impact its market position and valuation, particularly if they can capture a meaningful share of the growing drone inspection market.

KUALA LUMPUR, Malaysia, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Founder Group Limited (NASDAQ: FGL) (“Founder Group” or the “Company”), a leading engineering, procurement, construction, and commissioning (EPCC) solutions provider for solar photovoltaic systems in Malaysia, is proud to announce its strategic partnership with VC AI Limited (“VC.AI”) to co-develop advanced AI-powered Unmanned Aerial Vehicle (UAV) for solar farm inspections, ensuring the optimal performance of solar farms.

Beyond standard terrain mapping capabilities, thermal imaging cameras, and lightweight construction, the UAVs incorporate VC.AI’s proprietary generative AI software and advanced deep learning algorithms. These technologies enable the UAVs to autonomously identify anomalies and detect defects or malfunctions in the solar panels during inspections, eliminating the need for human intervention. This significantly enhances the efficiency of solar farm inspections compared to traditional manual methods. By deploying AI-powered UAVs on both FGL’s own solar farms and those of its clients, the company improves operational efficiency and optimizes its solar operations and maintenance (O&M) processes.

According to Statista, the global artificial intelligence (AI) market exceeded US$180 billion in 2024, reflecting a notable increase of nearly US$50 billion compared to 2023. This growth trajectory is set to continue, with the market projected to surpass US$800 billion by 2030. Similarly, the global market for drone-based solar inspection services is anticipated to reach US$3.8 billion by 2032, driven by a robust compound annual growth rate (CAGR) of 16.5% from 2024 to 2032. In parallel, the global solar operations and maintenance (O&M) market is projected to grow to US$16.4 billion by 2034, with a CAGR of 10.1% from 2024 to 2034, according to Transparency Market Research. These trends are fueled by advancements in drone technology, the increasing adoption of solar energy, and the growing recognition of UAVs as efficient and cost-effective solutions for inspections. As the development of solar farms and commercial solar installations accelerates, the demand for drone inspection services is expected to rise, reinforcing their critical role in the renewable energy sector.

“This partnership represents a transformative step in solar farm management, combining our expertise in solar EPCC solutions with VC.AI’s cutting-edge AI technology. By integrating UAVs, we believe this will enhance our solar farm inspections, optimize solar O&M services, as well as unlock new opportunities for additional revenue streams,” said Lee Seng Chi, Chief Executive Officer of Founder Group Limited.

About Founder Group Limited

Founder Group Limited is a pure-play, end-to-end EPCC solutions provider for solar PV facilities in Malaysia. The company’s primary focus is on two key segments: large-scale solar projects and commercial and industrial (C&I) solar projects. The company’s mission is to provide customers with innovative solar installation services, promote eco-friendly resources and achieve carbon-neutrality.

For more information on the Company, please visit https://www.founderenergy.com.my/.

About VC AI Limited.

VC.AI is a one-stop AI solution that supports businesses in their AI adoption by providing advanced hardware, real estate for GPUs, AI large language model (LLM) development, and AI cybersecurity.

Safe Harbor Statement

This press release contains forward-looking statements that reflect our current expectations and views of future events. Known and unknown risks, uncertainties and other factors, including those listed under “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. You can identify some of these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements involve various risks and uncertainties. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. We qualify all of our forward-looking statements by these cautionary statements.

CONTACT INFORMATION:

For media queries, please contact:

Founder Group Limited
info@founderenergy.com.my

FAQ

What is the value of the AI market that FGL is entering through its drone technology?

Founder Group is entering the US$180 billion AI market, which saw an increase of nearly US$50 billion from 2023 and is projected to exceed US$800 billion by 2030.

What is the projected market size for drone-based solar inspection services by 2032?

The global market for drone-based solar inspection services is expected to reach US$3.8 billion by 2032, growing at a CAGR of 16.5% from 2024 to 2032.

How will FGL's partnership with VC.AI enhance solar farm inspections?

The partnership will integrate VC.AI's proprietary generative AI software and deep learning algorithms into drones, enabling autonomous identification of anomalies and defects in solar panels without human intervention.

What is the projected growth of the solar O&M market that FGL is targeting?

The global solar operations and maintenance (O&M) market is projected to grow to US$16.4 billion by 2034, with a CAGR of 10.1% from 2024 to 2034.