Press release
Smart Solar Market Growth Accelerates: Strategic Forecast Predicts $40.53 Billion by 2029
Smart Solar Market
What Will the Smart Solar Industry Market Size Be by 2025?
The market size of smart solar has experienced swift expansion in the recent past. It is projected to increase from a worth of $20.1 billion in 2024 up to $23.52 billion in 2025, equating to a compound annual growth rate (CAGR) of 17.0%. The previous period's growth can be credited to a rise in the acceptance of green energy, need for sustainable approaches, public enlightenment initiatives, consumer awareness, and governmental financial support for solar.
What's the Long-Term Growth Forecast for the Smart Solar Market Size Through 2029?
In the ensuing years, a rapid expansion is forecasted for the smart solar market, projected to reach an estimated value of $40.53 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 14.6%. This surge in the prediction period is principally ascribed to an escalating energy requirement, policy backing for decentralization, escalating investments in renewable energy schemes, enhanced digitalization and the uptake of IoT (Internet of Things) technologies, along with growing electricity needs in urban regions. Expected trends during the forecast period include technology advancements, energy storage solutions, power electronics and smart inverters, hairy-solar panels, sophisticated inverter technologies, and IoT devices powered by solar energy.
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What Are the Key Growth Drivers Fueling the Smart Solar Market Expansion?
The growth of the smart solar market is anticipated to be driven by the escalating acceptance of green energy. Green energy, characterized by its minimal environmental impact, is sourced from renewable and sustainable supplies. The growing adoption of this energy form is primarily motivated by the pressing need to combat climate change and lessen reliance on limited fossil fuel resources. Green energy usage enriches smart solar technology by ensuring optimal energy creation, storage, and distribution, thereby promoting efficient, sustainable renewable energy systems. For instance, the Department For Energy Security and Net Zero, a UK government department, reported that in the third quarter of 2023, renewable electricity production achieved an unprecedented high of 30.1 terawatt-hours. This figure marks a 6.8% increase in comparison to the corresponding period in 2022. Consequently, the escalating acceptance of green energy is fueling the expansion of the smart solar market.
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What Are the Key Trends Driving Smart Solar Market Growth?
The smart solar market is seeing considerable innovation from significant companies, the focus being development of pioneering solutions such as smart photovoltaics. These advancements in technology maximize energy output and improve integration with the power grid. Smart solar technology utilizes intelligence systems to effectively monitor, manage, and use solar power. For example, Huawei Technologies Co. Ltd., a technology corporation based in China, introduced its LUNA 2.0 to the Eastern Africa market in January 2024. This high-grade smart PV system was designed meticulously to upgrade efficiency, monitoring, and control of PV solar energy generation. This implementation enables property owners to either become entirely independent from traditional power grids or significantly reduce dependency, shifting a large portion of their energy use to solar power. Adopting these solutions promotes energy self-reliance and reduces the need for centralized grid systems.
How Is the Smart Solar Market Segmented?
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 Companies Are Leading the Charge in Smart Solar Market Innovation?
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.
Which Regions Are Leading the Global Smart Solar Market in Revenue?
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.
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