Smart Solar Power Market: Renewable Energy Initiatives Boost Growth

Smart Solar Power Market - Increasing Demand for Renewable Energy and Government Initiatives and Incentives are the factors propelling the market growth

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.

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.

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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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