Smart Solar Meters Segment is Expected to Dominate the Global Smart Solar Power Market
According to
TechSci Research report, “Global Smart Solar Power Market
- Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. Global Smart Solar Power is anticipated to project robust growth in the
forecast period with a CAGR of 10.26% through 2028. Smart solar power systems
are the automated and internet connected version of solar energy system. The
deployment of these devices is expected to help users minimize their
electricity expenses and increase solar panels efficiency through real time
monitoring and communication. The rising investment in the smart energy market
and the reduction of solar PV costs are some factors driving the market growth.
The rising investments in the smart energy market and the reduction in
solar PV costs are some of the factors that are projected to fuel the market
growth of smart solar industry. Smart solar systems are the enhanced version of
traditional solar energy systems. The deployment of smart solar solutions helps
users minimize their electricity expenses and increase solar components'
efficiency by real-time monitoring and communication. The United States (U.S.),
China, Germany, and Spain are the world's richest solar resources. In 2019, a
total of 116.9 GW of new solar photovoltaic projects were installed globally,
representing a 13% growth rate over the 103.7 GW additions the year before and
marking 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 rapid industrialization and decrease in fossil
fuel resources across the globe have led to increase in the demand for the
industrial utilization of solar panels. Increase in utilization of portable
electronic gadgets and are connected with internet of things have led to
increase in the need for the communication industry. The presence of demand and
need for backup energy services have led to the demand for solar panels in the
communication industry. The presence of low pure water resources in the Middle
East countries in LAMEA region has led to the increasing investment in
desalination plants. The increasing construction of desalination plants has a
positive impact on the demand for solar power generation. The presence of this
demand is expected to provide ample opportunities for the development of the
market.
Based on Region, North
America will dominate the market, In 2021, the solar industry generated more
than $33 billion of private investment in the American economy. According to
Electric Power Annual, solar power accounted for 3% of U.S. electricity
generation from all sources in 2020. In EIA Short-Term Energy Outlook, forecast
that solar will account for 5% of U.S. electricity generation in 2022. In total
U.S. power generation, solar energy accounts for 2% as of 2019 and 3% in 2020
to serve 16.4 million and 18 million average American homes respectively.
According to the United States National Renewable Energy Laboratory (NREL),
since 2010, there has been a 64%, 69%, and 82% reduction in the cost of
residential, commercial-rooftop, and utility-scale PV systems in the U.S.,
respectively.
Key market players in the Global
Smart Solar Power Market are following: -
- Huawei Technologies Co., Ltd
- Aclara Software
- Schneider Electric, Itron Inc.
- Landis+GYR AG
- Sensus USA Inc.
- HCL Technologies Ltd
- Echelon Corporation
- ABB Ltd, Siemens AG
- Silver Spring Networks INC.
- GE Energy
- CAlico Energy Services
- Urban Green Energy International
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“The smart solar
power market is driven by key factors propelling the global transition towards
sustainable energy. Increasing demand for renewable energy sources, fueled by
environmental concerns, acts as a primary driver. Technological advancements,
particularly in solar panels, energy storage, and smart grid integration,
enhance system efficiency and reliability. Government initiatives and
incentives, such as feed-in tariffs and renewable energy targets, stimulate
market growth. The integration of Internet of Things (IoT) devices facilitates
real-time monitoring and control, while data analytics optimizes system
performance. As corporate social responsibility gains prominence, businesses
are adopting smart solar solutions. The market's evolution is also spurred by
cost reductions in solar technology, making it economically competitive.
Overall, the smart solar power market is characterized by a confluence of
technological innovation, policy support, and a growing commitment to
sustainable energy practices.” 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 2018-2028 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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