The smart solar global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Smart Solar Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The smart solar market size has grown rapidly in recent years. It will grow from $17.12 billion in 2023 to $20.10 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to increasing adoption of clean energy, demand for sustainable solutions, public awareness campaigns, awareness among consumers, and government subsidies on solar.
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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Scope Of Smart Solar Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Smart Solar Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the smart solar market are focusing on developing innovative solutions, such as smart photovoltaics, to enhance energy efficiency monitoring and integration with emerging technologies. These solutions leverage advanced technology to optimize energy production and enhance grid integration, while smart solar applications employ intelligent systems for efficient monitoring, management, and utilization of solar energy. For instance, in January 2024, Huawei Technologies Co. Ltd., a China-based technology company, launched LUNA 2.0 to the Eastern Africa market, a sophisticated smart PV solution meticulously crafted to enhance the efficiency, monitoring, and control of photovoltaic (PV) solar energy generation. Implementation empowers homeowners to attain complete autonomy from conventional power grids or markedly diminish reliance, shifting a substantial share of energy consumption to solar power. Embracing these solutions not only cultivates energy independence but also lessens dependence on centralized grid systems.
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
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
- Executive Summary
- Smart Solar Market Characteristics
- Smart Solar Market Trends And Strategies
- Smart Solar Market – Macro Economic Scenario
- Global Smart Solar Market Size and Growth
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- Global Smart Solar Market Competitive Dashboard
- Key Mergers And Acquisitions In The Smart Solar Market
- Smart Solar Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Smart Solar Market, Segmentation By Product, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Smart Solar Market, Segmentation By Service, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Smart Solar Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Huawei Technologies Co. Ltd. Financial Performance
Table 75: Tesla Inc. Financial Performance
Table 76: Siemens AG Financial Performance
Table 77: LG Electronics Inc. Financial Performance
Table 78: Panasonic Corporation Financial Performance
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