Press release
Smart Solar Solutions Market is projected to reach USD 21.5 billion by the end of 2023, growing at a CAGR of 16.13% during 2018-2023| Key Players - SIEMENS AG, ABB GROUP, GE RENEWABLE ENERGY, SCHNEIDER ELECTRIC, ECHELON, amongst others
Market AnalysisAsia-Pacific to Dominate the Market
Smart solar solutions are gaining momentum extensively in Asia-Pacific. Many nations in this region consider smart solar solutions as a middle-out innovation growth. With the focus of the energy industry shifting toward renewable energy sources, the solar industry is witnessing increased demand from this region. Growing grid automation and demand response investments in Japan, India, and South Korea are helping this industry progress forward.
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The ever-growing energy demand from residential and industrial end users and depleting natural resources have resulted in the need to control the energy consumption and switch to more efficient and cleaner energy generation source. Smart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real-time. Moreover, increasing power tariff and government subsidies on solar power are driving the smart solar solutions market. Solar energy plays a big part in reducing carbon emissions and ensuring a sustainable energy future. It can be used for cooling, heating, lighting, electrical power, transportation, and even environmental clean-up.
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Market Segments:
Smart Solar Solutions Market is segmented by:
1. Products: Photovoltaic (PV) Cells, Photovoltaic (PV) Panels, Invertors, Generators, Others
2. Solution: Power Plant, Residential, Commercial, Energy Storage, Industrial Off-Grid, Others
3. End-User Application: Commercial, Industrial, Residential
4. End-User Industry: Automotive, Agriculture, Government, Healthcare, Power & Utilities, Telecom, Others
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
•February 2018 - ABB expanded its solar inverter portfolio with the PVS-100/120 inverter and aims to reduce CAPEX and OPEX costs for installers and developers. It is suitable for both large-scale commercial and industrial ground mounted and rooftop applications.
•November 2017 - Schneider Electric Solar extended its Conext SmartGen inverter power ratings for greater flexibility and optimization of both small and large utility power plants.
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