Fort Collins, Colorado, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The Smart Solar Market size is valued at USD 9.7 Billion in 2022 and is anticipated 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 data on the system’s performance. These solar panels are different from traditional solar panels as the former stores the power from solar energy in batteries.
The increasing adoption of clean energy for power needs is a major factor driving the market. The Paris International Treaty for Climate Change, adopted by 195 countries, requires a substantial reduction in the emissions for the global temperature increase to maintain at 1.5°C above pre-industrial levels. Thus, the shift towards renewable energy sources is increasing to contain emissions. According to the International Energy Agency, by 2028, global renewable energy expansion is expected to be driven by solar and wind sources due to their lower generation costs, with more than 25% of global electricity generation shared being attributed to solar sources. Smart solar systems have various benefits, including power storage in a battery and an increase in output than traditional solar panels. Furthermore, these solar systems have integrated sensors and software that monitor the panels' health and provide the consumer feedback about their solar energy systems.
Government initiatives also encourage a shift towards renewable energy sources, augmenting the market growth. For instance, in the U.S., the Inflation Reduction Act (IRA) has allocated around USD 7 billion for the Solar for All program. This program provides tax credits and incentives for building new solar energy sources or expanding the existing ones for low-income communities. Similarly, in Europe, the REPowerEU plan promotes solar power adoption. Under the plan, the EU Commission adopted an EU solar energy strategy, which launched various initiatives such as the European Solar Rooftops Initiative and the EU Solar PV Industry Alliance to accelerate the deployment of solar technologies.
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Segmentation Overview:
The global smart solar market has been segmented into device, service, application, and region. The smart solar market has been segmented based on services: asset management, network monitoring, meter data management, remote metering, and outage management. The asset management segment held the largest market share in 2023. Effective asset management systems are critical in ensuring solar power systems perform optimally and meet their energy generation targets.
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Smart Solar Market Report Highlights:
- The global smart solar market growth is anticipated at a CAGR of 8.8% by 2032.
- The growing demand for highly efficient solar energy sources due to growing electricity needs is a major factor driving the market growth.
- North America will likely account for a significant market share in the forthcoming years. This can be attributed to the robust technological growth and the presence of major players such as GE Energy, Itron Inc., SunPower Corporation, and Tesla Inc. in this region. Furthermore, the increasing adoption of digitization and IoT-enabled devices is also propelling market expansion.
- Some prominent 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+GYR AG, Solnet Group, PowerFilm Solar, Inc., Calico Energy Services, Siemens AG, and HCL Technologies Ltd.
Industry Trends and Insights:
- In 2023, Smart Solar Technologies and Solar Steel signed a 90 MW solar tracker project in Turkiye.
- Spearmint Energy has secured USD 47.5 million from Manulife for (battery energy storage system) BESS project.
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Smart Solar Market Segmentation:
By Device: Smart solar meters, IntelliGrid, and RFID
By Service: Asset Management, network monitoring, meter data management, remote metering, outage management, Others.
By Application: Residential, commercial, utility.
By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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