Press release
Smart Solar Market Growth, Size, Trends, Scope, Key Players, Competitive Analysis And Forecast 2024-2033
Smart Solar Market Growth
Smart Solar Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $35.54 Bn In 2028 At A CAGR Of 15.3%
The smart solar market size has grown rapidly in recent years. It will grow from $17.12 billion in 2023 to $20.10 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to increasing adoption of clean energy, demand for sustainable solutions, public awareness campaigns, awareness among consumers, and government subsidies on solar.
The smart solar market size is expected to see rapid growth in the next few years. It will grow to $35.54 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to the increasing energy demand, policy support for decentralization, increasing investments in renewable energy projects, Increasing digitalization and adoption of IoT (Internet of Things) technologies, increasing electricity demand in urban areas. Major trends in the forecast period include advances in technology, energy storage solutions, smart inverters and power electronics, hairy-solar panels, smart Inverter technologies, solar-powered IoT (Internet of Things) devices.
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Smart Solar Market Major Segments
The smart solar market covered in this report is segmented -
1) By Product: Photovoltaic Cells, Photovoltaic Panels, Inverters, Generators, Other Products
2) By Service: Asset Management, Network Monitoring, Meter Data Management, Remote Metering, Other Services
3) By End-User: Commercial, Industrial, Residential
Key Driver - Rising Green Energy Adoption Fueling Smart Solar Market Expansion
The increasing adoption of green energy is expected to propel the growth of the smart solar market going forward. Green energy refers to energy derived from renewable and sustainable sources that have minimal impact on the environment. The increasing adoption of green energy is driven by the urgent need to mitigate climate change and reduce dependence on finite fossil fuel resources. Green energy adoption enhances smart solar technology by optimizing energy production, storage, and distribution, fostering efficient and sustainable renewable energy systems. For instance, in December 2023, according to the Department For Energy Security and Net Zero, a UK-based government department, in the third quarter of 2023, renewable electricity generation reached a record high of 30.1 terawatt-hours, marking a 6.8% increase compared to the same period in 2022. Therefore, the increasing adoption of green energy is driving the growth of the smart solar market.
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Prominent Trend - Smart Solar Innovations Pioneering Solutions Shaping The Future And Revolutionizing The Market
Major companies operating in the smart solar market are focusing on developing innovative solutions, such as smart photovoltaics, to enhance energy efficiency monitoring and integration with emerging technologies. These solutions leverage advanced technology to optimize energy production and enhance grid integration, while smart solar applications employ intelligent systems for efficient monitoring, management, and utilization of solar energy. For instance, in January 2024, Huawei Technologies Co. Ltd., a China-based technology company, launched LUNA 2.0 to the Eastern Africa market, a sophisticated smart PV solution meticulously crafted to enhance the efficiency, monitoring, and control of photovoltaic (PV) solar energy generation. Implementation empowers homeowners to attain complete autonomy from conventional power grids or markedly diminish reliance, shifting a substantial share of energy consumption to solar power. Embracing these solutions not only cultivates energy independence but also lessens dependence on centralized grid systems.
Smart Solar Market Players
Major companies operating in the smart solar market are Huawei Technologies Co. Ltd., Tesla Inc., Siemens AG, LG Electronics Inc., Panasonic Corporation, Schneider Electric SE, ABB Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Delta Electronics Inc., Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., First Solar Inc., Enphase Energy Inc., Sunrun Inc., SunPower Corporation, Sensus USA Inc., SMA Solar Technology AG, SolarCity Corporation, SolarWinds Corporation, Sunnova Energy International Inc., Vivint Solar Inc., ReneSola Ltd., Lumin Solar, Solaria Corporation, Hanwha Q Cells Co. Ltd.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the smart solar market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Smart Solar Market Report Structure
3. Smart Solar Market Trends And Strategies
4. Smart Solar Market - Macro Economic Scenario
5. Smart Solar Market Size And Growth
…..
27. Smart Solar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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