The International Renewable Energy Agency (IRENA) was established in 2009 and in 2024, its membership increased to 168 members plus the European Union countries. The purpose of IRENA is to promote the adoption of renewable energy across all industries in the world. Despite the utilization of renewable energy in sectors like power generation and construction, its application in other industries remains limited. Therefore, a literature review study was conducted to investigate the cost and other spatial constraints associated with renewable energy resources, including modeling and optimization techniques that could offer viable solutions to the future challenges faced by the renewable energy production systems. This paper has summarized the result of this study with a focus on the significance of modeling and optimization techniques in energy conservation to highlight the untapped potential for leveraging renewable energy resources in industrial applications. This paper also examined a few case studies from various regions of the world, demonstrating the promising opportunities for research in the modeling and optimization of renewable energy management systems.