Industry 4.0 digital technologies for the advancement of renewable energy: Functions, applications, potential and challenges

• Explores the contribution of the Industry 4.0 digital technologies in advancement of renewable energy. • Discusses 13 key digital technologies in terms of their functions, applications, and market trends. • Examines the prospects of these technologies in terms of opportunities and challenges. • Makes recommendations to improve digitalization in the renewable energy sector. The Fourth Industrial Revolution, driven by Industry 4.0 technologies, is rapidly transforming the Renewable Energy Sector (RES), offering significant benefits across the entire value chain of renewable energy systems. This study contributes to the literature by systematically investigating the role of 13 key Industry 4.0 digital technologies − Smart meters, Smart grids, Artificial Intelligence, Machine Learning, Digital Twin, 3D Printing, Big Data Analytics, Robotics, Sensors, Internet of Things, Cloud computing, Blockchain, and Cyber Security − in terms of their functions, applications, and potential in the RES. It further examines market dynamics, growth trajectories, and policy implications of Industry 4.0 technologies, highlighting the practical applications and challenges encountered in their adoption in RES. Utilizing a mixed-methods approach, which combines a systematic literature review adopting the PRISMA methodology with insights from industry reports and case studies, the study finds that Industry 4.0 technologies play a critical role in enhancing efficiency, cost-effectiveness, and sustainability in areas such as renewable energy systems’ operation, integration, energy production, management, and maintenance. For example, in the case of solar panels, AI-powered systems can optimize energy production and consumption, potentially leading to a 20% increase in efficiency and a 50% reduction in production cost. Furthermore, the study reflects on the challenges faced by the discussed technologies, including interoperability issues, cybersecurity risks, high implementation costs, and potential job displacement. It concludes that addressing these challenges through collaborative efforts and policy interventions is crucial to fully harness the transformative potential of digital technologies in the RES.