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Smart Solar Market Trends That Will Shape the Next Decade: Insights from Smart Solar Innovations Pioneering Solutions Shaping The Future And Revolutionizing The Market
Smart Solar Market
How Large Will the Smart Solar Market Size By 2025?
In recent times, the smart solar market scale has been expanding swiftly. The market is anticipated to rise from $20.1 billion in 2024 to $23.39 billion in 2025, showcasing a Compound Annual Growth Rate (CAGR) of 16.4%. The significant growth over the past years is credited to factors such as the increased acceptance of clean energy, the requirement for sustainable solutions, campaigns to improve public awareness, a growing sense of consciousness among consumers, and government incentives for solar power implementation.
How Big Is the Smart Solar Market Size Expected to Grow by 2029?
In the forthcoming years, a rapid expansion is anticipated in the smart solar market size. Its value is predicted to reach $40.01 billion by 2029, experiencing a compound annual growth rate (CAGR) of 14.4%. The projected advancement during this forecast period can be linked to growing energy requirements, policy encouragement for decentralization, elevated investment in renewable energy ventures, intensifying digitization and implementation of IoT (Internet of Things) solutions, as well as escalating urban electricity needs. The predominant upcoming market trends encompass technological breakthroughs, energy storage resolutions, smart inverters and power electronics, hairy solar panels, smart inverter technologies, and solar-powered IoT (Internet of Things) gadgets.
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Which Key Market Drivers Powering Smart Solar Market Expansion and Growth?
The rise in the usage of green energy is anticipated to stimulate the expansion of the smart solar market. Green energy involves energy sourced from renewable and sustainable resources that minimally affect the environment. This rise in green energy usage is propelled by the pressing necessity to combat climate change and lessen reliance on limited fossil fuel resources. The uptake of green energy bolsters smart solar technology by enhancing energy production, storage, and distribution, thereby promoting efficient and sustainable renewable energy systems. For example, as per the Department For Energy Security and Net Zero, a government department based in the UK, in December 2023, the renewable electricity generation hit a record peak of 30.1 terawatt-hours in the third quarter of 2023, registering a 6.8% surge compared to the same timeframe in 2022. As a result, the growing usage of green energy is fueling the expansion of the smart solar market.
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What Long-Term Trends Will Define the Future of the Smart Solar Market?
Key players in the smart solar market are emphasizing on creating revolutionary solutions, such as smart photovoltaics, to amplify energy efficiency monitoring and seamless integration with up-and-coming technologies. These solutions harness state-of-the-art technology to maximize energy production and augment grid integration. On the other hand, smart solar applications use cutting-edge systems for proficient monitoring, management, and effective use of solar energy. For example, in January 2024, Huawei Technologies Co. Ltd., a company based in China, introduced LUNA 2.0 in the Eastern Africa market. This is an advanced smart PV solution ingeniously designed to augment the efficiency, monitoring, and management of photovoltaic (PV) solar energy generation. Its implementation allows homeowners to achieve total independence from standard power grids or significantly reduce their dependence, thereby shifting a considerable part of their energy consumption to solar power. The adoption of these solutions not only promotes energy independence, but also reduces reliance on centralized grid systems.
What Are the Emerging Segments in 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Smart Solar Industry?
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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