Press release
Smart Solar Market Size Projected To Reach $40.53 Billion By 2034 With A Cagr Of 14.6%
Smart Solar Market
What Is the Projected Growth of the Smart Solar Market?
In recent times, there has been a rapid escalation in the size of the smart solar market. The market, which was valued at $20.1 billion in 2024, is projected to rise to $23.52 billion in 2025, reflecting a compound annual growth rate (CAGR) of 17.0%. The historical period's expansion can be credited to factors including the surge in the acceptance of clean energy, demand for eco-friendly solutions, public promotion campaigns, consumer awareness, and governmental solar subsidies.
Over the next few years, the smart solar market size is projected to undergo rapid expansion. The market is anticipated to surge to $40.53 billion by 2029, growing at a compound annual growth rate (CAGR) of 14.6%. This momentum in the projection period could be spurred by the increasing energy demands and policy backing for decentralization, escalation of investments in renewable energy projects, an upward trend in digitalization and adoption of IoT (Internet of Things). The surge in power requirements in urban locales is also a factor in this. Major trends that could influence this projection period consist of advancements in technology, solutions for energy storage, evolution in smart inverters and power electronics, novel hairy-solar panels and smart inverter technologies, along with the expanding reach of solar-powered IoT (Internet of Things) devices.
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What Are the Different Smart Solar Market 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
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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What Are the Primary Drivers Shaping the Smart Solar Market?
The smart solar market is poised for growth due to the rising utilization of green energy. This type of energy originates from renewable and eco-friendly sources that contribute minimally to environmental harm. The escalation in green energy use arises from the critical necessity to alleviate climate change and minimize reliance on limited fossil fuel assets. The adoption of green energy aids the evolution of smart solar technology by enhancing energy production, storage, and distribution capabilities, thereby cultivating efficient and sustainable renewable energy structures. For instance, the Department For Energy Security and Net Zero, a governmental department in the UK, reported in December 2023 that renewable electricity production hit a new high of 30.1 terawatt-hours in the third quarter of that year, showing a 6.8% increment contrasted to the same period the previous year. Thus, the expanding utilization of green energy is spurring the development of the smart solar market.
Which Companies Are Leading in 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 Trends Are Expected to Dominate the Smart Solar Market in the Next 5 Years?
Leading corporations in the smart solar market are concentrating their efforts on introducing pioneering solutions such as intelligent photovoltaics to augment energy efficiency monitoring and incorporation of nascent technologies. These breakthroughs employ state-of-the-art technology to maximize energy generation and bolster grid integration. At the same time, smart solar applications take advantage of smart systems for effective surveillance, administration, and exploitation of solar energy. For example, Huawei Technologies Co. Ltd., a China-based tech company, brought LUNA 2.0 - an intricate smart PV solution precision-engineered to boost the efficiency, monitoring, and control of photovoltaic (PV) solar energy generation - to the Eastern Africa market in January 2024. Utilization of such solutions gives homeowners the power to achieve full independence from traditional power grids or notably reduce dependence, thereby shifting a significant portion of energy usage to solar power. Adoption of these solutions not only fosters energy autonomy but also mitigates reliance on centralized grid systems.
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What Are the Top Revenue-Generating Geographies in 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Solar Market?
2. What is the CAGR expected in the Smart Solar Market?
3. What Are the Key Innovations Transforming the Smart Solar Industry?
4. Which Region Is Leading the Smart Solar Market?
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