Rising demand for smart technologies driving market growth.
FORT COLLINS, Colo., February 23, 2024 (Globe Newswire) — The smart solar market size was valued at USD 9.7 billion in 2022 and is expected to reach USD 22.3 billion by 2032, at a CAGR of 8.8%.
Smart Solar is a solar power generation system that utilizes IoT-based sensors, inverters, and smart meters to provide real-time system performance data. These solar panels differ from traditional solar panels because they store power from the sun's energy in a battery.
The increasing adoption of clean energy for electricity demand is a major factor driving the market. The Paris Convention on Climate Change, adopted by 195 countries, calls for deep cuts in emissions to keep global temperature rise to 1.5 degrees Celsius above pre-industrial levels. Therefore, there is a growing shift towards renewable energy sources to curb emissions. According to the International Energy Agency, by 2028, global renewable energy expansion is expected to be driven by low-cost solar and wind sources, with more than 25% of global electricity generation coming from solar sources. It is considered a thing. smart solar This system has a number of benefits, including power storage in batteries and increased output over traditional solar panels. In addition, these solar power systems have integrated sensors and software that monitor the health of the panels and provide feedback to the consumer about the solar energy system.
Government initiatives will also accelerate the transition to renewable energy sources and drive market growth. For example, in the United States, the Inflation Reduction Act (IRA) has allocated approximately US$7 billion to the Solar for All program. This program provides tax credits and incentives for building new solar energy sources or expanding existing solar energy sources for low-income communities. Similarly, in Europe, the REPowerEU scheme is promoting the adoption of solar power. Based on this plan, the European Commission adopted the EU Solar Energy Strategy and launched various initiatives, such as the European Solar Power Initiative and the EU Photovoltaic Industry Alliance, to accelerate the adoption of photovoltaic technologies. .
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Segmentation overview:
global smart solar market Divided into devices, services, applications, and regions. The smart solar market is segmented on the basis of services such as asset management, network monitoring, meter data management, remote metering, and outage management. Wealth management segment gained the largest market share in 2023. An effective asset management system is essential for your solar power system to operate optimally and meet your energy production goals.
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Smart Solar Market Report Highlights:
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North America is expected to account for a large market share in the coming years. This can be attributed to the strong technological growth in the region and the presence of major companies such as GE Energy, Itron Inc., SunPower Corporation, and Tesla Inc. Additionally, digitalization and increasing adoption of IoT-enabled devices are also driving market expansion.
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Notable players in the Smart Solar market report include ABB Ltd, Aclara Software, GE Energy, Huawei Technologies Co., Ltd, Urban Green Energy International, Itron Inc., SunPower Corporation, Tesla Inc., Schneider Electric, ADT, Landis+ Contains GYR. AG, Solnet Group, PowerFilm Solar, Inc., Calico Energy Services, Siemens AG, and HCL Technologies Ltd.
Industry trends and insights:
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Smart Solar Market Segmentation:
By device: Smart solar meter, IntelliGrid, RFID
By service: Asset management, network monitoring, meter data management, telemetry, power outage management, and more.
By application: Residential, Commercial, Utility.
By region: North America, Latin America, Europe, Asia Pacific, Middle East and Africa.
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