Press release
Smart Solar Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends
Smart Solar Market
According to The Business Research Company's, The smart solar market size has grown rapidly in recent years. It will grow from Customise$17.12 billion in 2023 to $20.10 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. Customise 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 Customise$35.54 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. Customise 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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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.Customise
Smart Solar Market 2024 Key Insights:
• The Smart Solar Market is expected to grow to $35.54 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• CustomiseRising Green Energy Adoption Fueling Smart Solar Market ExpansionCustomise
• CustomiseSmart Solar Innovations Pioneering Solutions Shaping The Future And Revolutionizing The MarketCustomise
• CustomiseNorth AmericaCustomise was the largest region in the smart solar market in 2023. CustomiseAsia-PacificCustomise 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.
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