Press release
Global Smart Solar Market to Grow at an Estimated CAGR of 17% During the forecast Period 2021-2030
Renewable energy sources are natural energy resource that can be transformed over a relatively short period of time, making them efficiently vast sources of energy. Renewable energy includes solar, wind, and geothermal energy. It will signify the largest single source of electricity growth over the next five years, obsessed with falling costs and violent expansion in emerging countries. The share of renewable energy in global power generation is expected to grow to over 26% by 2023. Solar energy generation costs have turn down in most of the parts in the world due to continued technology progress. Most of the countries and regions now have the prospective to leapfrog to a development model of energy generation, because of increasingly affordable renewable power.
Smart solar is widely being adopted in many of the industrial sector such as; government, utilities, healthcare, construction, education, Agriculture etc. The Utilities segment holds the largest markets share with 32.5% in 2020. Construction market holds the largest CAGR with 17.5% during the forecast period. The increasing demand of energy in various industries become one of the major factors for the growth of smart solar market. In the USA, commercial sector consumes more than 36% of the total electricity production similarly the industrial sector consumes more than 26% of the total electricity production. This increasing high demand of electricity in commercial and industrial sector increased the demand of smart solar products in commercial and industrial application.
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Geographically, North America dominates global smart solar market with revenue share of 34.5% in 2020. Both countries in North America, USA and Canada are expected to witness significant demand in smart solar technologies for the forecasted. Increasing electricity tariff rates, increasing investments in renewable energy (solar PV specifically) would drive smart solar market in North America for the forecasted period. In last five years, North America solar industry has gained significant momentum, courtesy positive outlook of US economy. By 2025 North America Energy Market Association (NAEMA) anticipates market total solar PV energy generation to have market share of over 25%.
APAC region is the fastest growing market for global smart solar energy market with CAGR 17.3% during period 2021 to 2030. Increasing investments in solar energy, increasing tariff prices and government policies are the prime drivers of smart solar market in Asia Pacific for the forecasted period. China, India, Japan, Korea, Australia and Singapore are amongst the leading investment destination for smart solar market for the forecasted period.
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KEY MARKET MOVEMENTS
Global smart solar market is estimated to grow at a CAGR of 17% during the forecast period of 2021 to 2030.
The share of renewable energy in global power generation is expected to grow to over 26% by 2023.
The Utilities segment holds the largest markets share with 32.5% in 2020.
Construction market holds the largest CAGR with 17.5% during the forecast period.
Geographically, North America dominates global smart solar market with revenue share of 34.5% in 2020.
APAC region is the fastest-growing market for global smart solar energy market with CAGR 17.3% during period 2021 to 2030.
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