Press release
Global Smart Solar Market to Reach $40.53 Billion by 2029, Growing at 14.6% CAGR
Smart Solar Market Size
The smart solar market has seen rapid growth in recent years. It will increase from $20.1 billion in 2024 to $23.52 billion in 2025, at a compound annual growth rate (CAGR) of 17.0%. This growth is driven by the increasing adoption of clean energy, demand for sustainable solutions, public awareness campaigns, growing consumer awareness, and government subsidies for solar energy.
The smart solar market is projected to experience rapid growth in the coming years, expanding to $40.53 billion by 2029 at a compound annual growth rate (CAGR) of 14.6%. This growth is driven by increasing energy demands, support for decentralized energy, more investments in renewable energy, rising digitalization, and the adoption of IoT technologies, particularly in urban areas. Key trends during this period include advancements in energy storage, smart inverters, power electronics, and solar-powered IoT devices.
What Factors Are Fueling Growth in the Smart Solar Market?
The rising adoption of green energy is anticipated to drive the expansion of the smart solar market in the future. Green energy is generated from renewable and sustainable sources that have minimal environmental impact. The shift towards green energy is primarily fueled by the urgent need to combat climate change and reduce reliance on limited fossil fuel resources. Implementing green energy supports smart solar technologies by improving energy generation, storage, and distribution, fostering more efficient and sustainable renewable energy systems. For example, in December 2023, the Department for Energy Security and Net Zero, a UK-based government agency, reported that renewable electricity production reached a record 30.1 terawatt-hours in the third quarter of 2023, reflecting a 6.8% rise compared to the same period in 2022. Consequently, the increasing adoption of green energy is fueling the growth of the smart solar market.
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Which Leading Companies Are Shaping the Growth of the Smart Solar Market?
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.
What Are the Major Trends Shaping the Smart Solar Market?
Companies operating in the smart solar market are developing innovative solutions like smart photovoltaics to enhance energy efficiency monitoring and integration with emerging technologies. These advancements use intelligent systems to optimize solar energy production and grid integration. For instance, in January 2024, Huawei Technologies Co. Ltd., a China-based technology company, introduced LUNA 2.0 in the Eastern Africa market, a sophisticated smart PV solution aimed at improving the efficiency, monitoring, and control of photovoltaic (PV) solar power generation. This solution enables homeowners to achieve greater energy independence, significantly reducing reliance on traditional power grids while increasing solar energy consumption. The adoption of these smart solutions fosters energy self-sufficiency and minimizes dependence on centralized grid systems.
What Are the Key Segments of the Smart Solar Market?
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
Subsegments:
1) By Photovoltaic Cells: Monocrystalline Photovoltaic Cells, Polycrystalline Photovoltaic Cells, Thin-film Photovoltaic Cells
2) By Photovoltaic Panels: Monocrystalline Solar Panels, Polycrystalline Solar Panels, Bifacial Solar Panels, Thin-film Solar Panels
3) By Inverters: String Inverters, Central Inverters, Microinverters, Hybrid Inverters
4) By Generators: Solar Diesel Hybrid Generators, Solar PV Generator Systems
5) By Other Products: Solar Batteries (Energy Storage Systems), Solar Charge Controllers, Solar Power Optimizers, Solar Tracking Systems
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Which Region Dominates the Smart Solar Market?
North America was the largest region in the smart solar market in 2024. 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.
What Is Covered In The Smart Solar Global Market Report?
- Market Size Analysis: Analyze the Smart Solar Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Smart Solar Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Smart Solar Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Smart Solar Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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