The smart solar market size is expected to see rapid growth in the next few years. It will grow to $35.54 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to the increasing energy demand, policy support for decentralization, increasing investments in renewable energy projects, Increasing digitalization and adoption of IoT (Internet of Things) technologies, increasing electricity demand in urban areas. Major trends in the forecast period include advances in technology, energy storage solutions, smart inverters and power electronics, hairy-solar panels, smart Inverter technologies, solar-powered IoT (Internet of Things) devices.
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Segmentation & Regional Insights
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
North America was the largest region in the smart solar market in 2023. 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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Major Driver Impacting Market Growth
The increasing adoption of green energy is expected to propel the growth of the smart solar market going forward. Green energy refers to energy derived from renewable and sustainable sources that have minimal impact on the environment. The increasing adoption of green energy is driven by the urgent need to mitigate climate change and reduce dependence on finite fossil fuel resources. Green energy adoption enhances smart solar technology by optimizing energy production, storage, and distribution, fostering efficient and sustainable renewable energy systems. For instance, in December 2023, according to the Department For Energy Security and Net Zero, a UK-based government department, in the third quarter of 2023, renewable electricity generation reached a record high of 30.1 terawatt-hours, marking a 6.8% increase compared to the same period in 2022. Therefore, the increasing adoption of green energy is driving the growth of the smart solar market.
Key Industry Players
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.
The smart solar market report table of contents includes:
1. Executive Summary
2. Smart Solar Market Characteristics
3. Smart Solar Market Trends And Strategies
4. Smart Solar Market – Macro Economic Scenario
5. Global Smart Solar Market Size and Growth
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31. Smart Solar Market Other Major And Innovative Companies
32. Global Smart Solar Market Competitive Benchmarking
33. Global Smart Solar Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Smart Solar Market
35. Smart Solar Market Future Outlook and Potential Analysis
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