Smart Solar Power is anticipated to project robust growth in the forecast period with a CAGR of 10.26% through 2029
According to
TechSci Research report, “Global Smart Solar Power Market
- Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”. Global Smart Solar Power is anticipated to project robust growth in the
forecast period with a CAGR of 10.26% through 2029. Smart solar power systems represent an automated and
internet-connected iteration of traditional solar energy systems. Implementing
these devices is anticipated to assist users in reducing electricity expenses
and enhancing the efficiency of solar panels through real-time monitoring and
communication. Factors such as increasing investments in the smart energy
sector and declining costs of solar PV contribute to driving market growth.
Increasing investments in the smart energy sector and the
decreasing costs of solar photovoltaic (PV) technologies are anticipated to
drive growth in the smart solar industry. Smart solar systems represent an
advanced iteration of traditional solar energy setups. Implementing smart solar
solutions enables users to lower their electricity expenses and enhance the
efficiency of solar components through real-time monitoring and communication.
The United States (U.S.), China, Germany, and Spain possess some of the world's
most abundant solar resources. In 2019, a total of 116.9 GW of new solar
photovoltaic projects were globally installed, marking a 13% growth rate
compared to the previous year's 103.7 GW additions and setting a new solar
record.
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Figures spread through 188 Pages and an in-depth TOC on " Global Smart Solar Power Market.”
Based on Application, Industrial
segment is expected to hold the largest share of Smart Solar Power market
during the forecast period, The surge in industrialization worldwide, coupled with
dwindling fossil fuel reserves, has spurred a heightened demand for industrial
adoption of solar panels. Moreover, the proliferation of portable electronic
devices connected to the Internet of Things has intensified the necessity
within the communication industry. This growing need for backup energy services
has consequently driven the demand for solar panels in this sector.
Additionally, the scarcity of freshwater resources in Middle Eastern countries within
the LAMEA region has prompted significant investments in desalination plants.
As the construction of these plants escalates, there is a corresponding
positive impact on the demand for solar power generation. Anticipated continued
demand in these areas is poised to offer abundant opportunities for market
development.
Based on Region, North
America will dominate the market, Private
investment in the American economy from the solar industry exceeded $33
billion. According to the Electric Power Annual, solar power contributed 3% to
U.S. electricity generation across all sources in 2020. The EIA Short-Term
Energy Outlook forecasts that by 2022, solar energy will represent 5% of U.S.
electricity generation. In terms of total U.S. power generation, solar energy
accounted for 2% in 2019 and increased to 3% in 2020, sufficient to power
approximately 16.4 million and 18 million average American households,
respectively. The United States National Renewable Energy Laboratory (NREL)
reports significant reductions in the cost of residential, commercial-rooftop,
and utility-scale PV systems since 2010, with decreases of 64%, 69%, and 82%,
respectively.
Key market players in the Global
Smart Solar Power Market are following: -
- Huawei Technologies Co., Ltd
- Aclara Software Inc.
- Schneider Electric,
Itron Inc.
- Sensus USA Inc.
- HCL Technologies Ltd
- Echelon Corporation
- ABB Ltd
- Siemens AG
- Silver Spring Networks
INC.
- CAlico Energy Services
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“The smart solar power market is
primarily driven by factors steering the global shift towards sustainable
energy practices. A significant driver is the escalating demand for renewable
energy sources, spurred by mounting environmental concerns. Advancements in
technology, particularly in solar panels, energy storage, and smart grid
integration, play a crucial role in enhancing system efficiency and
dependability. Government initiatives and incentives, such as feed-in tariffs
and renewable energy objectives, further propel market expansion. The
integration of Internet of Things (IoT) devices enables real-time monitoring
and management, while data analytics optimizes system efficiency. With
increasing emphasis on corporate social responsibility, businesses are
increasingly embracing smart solar solutions. Additionally, the market benefits
from cost reductions in solar technology, rendering it more economically
competitive. In essence, the smart solar power market thrives on a synergy of
technological innovation, supportive policies, and a growing commitment to
sustainable energy adoption.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
Smart Solar Power Market
– Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by
Device (Smart Solar Meters, IntelliGrid, RFID), by Application (Commercial,
Industrial, Residential), By Region, By Competition 2019-2029 has evaluated
the future growth potential of Global Smart Solar Power Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities present in the Global Smart Solar Power Market.
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