Smart Solar Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Smart Solar Market was worth US$ 8,958.7 Mn and is expected to grow at a CAGR of 15.1% over the forecast period. The market is expected to hit US$ 36,559.3 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 12.6%, the market underwent significant growth.
The rapid growth in the number of consumers and their demand for solar panel products has driven the smart solar market globally, thereby increasing its potential. The implementation of smart solar solutions helps users to minimize their electricity expenses and increase the efficiency of solar components through real-time monitoring and communication.
THE GROWTH IN THE ROOF-FRIENDLY INSTALLATION FUELS MARKET GROWTH
Smart solar systems, as opposed to conventional solar systems, help reduce waste and make the best use of power. This function of smart solar systems promotes industrial development and lowers the price of energy production. As solar PV panels are used in solar power systems, they must be installed so they face the sun at all times. Mounting solar panels on rooftops is therefore recommended. Lightweight solar panels were developed to make installing solar panels on rooftops easier. Additionally, no holes had to be put in the rooftop to install them, and rainwater neither disturbs the racks nor collects in the panels.
GOVERNMENTAL REGULATIONS AND SUBSIDIES CREATE THE MARKET GROWTH OPPORTUNITIES
To boost the Smart Solar Market Outlook, many nations have provided incentives for installing Smart Solar systems in their domestic structures. Germany maintains a higher value in obtaining solar capacity, making it one of the top participants. Various Smart Solar sectors use different growth tactics to raise the market value, including mergers and acquisitions, partnerships, and collaborations. In contrast to the residential division, the commercial and industrial parts drive the market’s demand. This is a significant possibility for the value of the need for smart solar to increase.
HIGH COSTS AFFECT THE MARKET GROWTH
The expansion of the smart solar market is being hampered by the demand for greater starting expenses and higher maintenance costs. Smart solar systems, largely digital, can track the weather and use that information to project the solar system in agreement with requirements.
Data management problems and the need to replace devices are two problems impeding the market’s expansion. Solar power plants involve a large amount of land to be installed, but solar PV systems cannot be placed on the ground that is already developed, forested, or used for agriculture. The biggest barrier to the market’s expansion is unstable terrain because solar PV systems cannot be installed there.
Market Segments Covered in Report
By Region and Country:
Why is Asset Management projected to have the highest Pace?
The asset management segment held a dominant smart solar market share in 2021. The market is segmented based on service: asset management, network monitoring, remote metering, meter data management, and others. Technological innovation has led to additional functionality of meter data management to support more business processes through the utility value chain, such as customer billing, credit management, and meter asset management.
Why is the intelligrid segment expected to expand the fastest during the forecast period?
The intelligrid segment held a predominant share of the market. Intelligrid is a fully functional power delivery system incorporating sensors, communications, enhanced computational ability, and electronic control. It delivers reliable, digital-grade power to government initiatives for adopting non-conventional energy sources, along with the surging electricity tariffs and gas prices.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
As the industry grows in demand, it is imperative to invest in research and development efforts to propel market growth across the forecast period. The global pandemic has proven to be a formidable hurdle for several pharmaceutical companies, and most are rethinking their development strategies.
Some of the key developments that have taken place in the Smart Solar Market include the following:
A list of some of the key suppliers present in the market are:
Global Smart Solar Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Product, Solution, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 15.1%.
Increasing investments in the smart energy sector and falling solar PV costs are two of the key drivers propelling the market’s expansion.
Major global Smart Solar Market players are ABB, Itron Inc., Aeris, Solnet Group, Aclara Technologies LLC, General Electric, Huawei Technologies Co., Ltd, Siemens, Landis+Gyr, Schneider Electric, HCL Technologies
The North America region is anticipated to account for the largest market revenue share in the Global Smart Solar market.
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