Smart Solar Market

The global Smart Solar Market is valued at USD 13.1 Billion in 2022 and is projected to reach a value of USD 24.4 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 9.30% between 2023 and 2030.

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Global urbanization has increased resource demand, driving Smart Solar industry to develop new methods of extracting energy in the face of depleting natural resources. Market expansion is fueled by government subsidies and improved conversion efficiency. Through real-time monitoring and communication, Smart Solar solutions reduce electricity costs and improve component performance. Due to resource constraints, conventional power generation, which relies on polluting non-renewable sources, must turn to renewable energy alternatives. For instance, Provisions for renewable generation obligations (RGOs) and renewable purchasing obligations (RPOs) have been added to the National Tariff Policy (NTP). By 2022, 8% of the energy used by state-owned power distribution companies must come from solar sources.

• The need for efficient and greener energy sources is driven by increasing energy demands, depleting resources, and environmental concerns. Governments all over the world provide incentives for the use of renewable energy sources like solar and wind power, which is boosting the market for Smart Solar.
• North America generated more than 35.20% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• RFID segment accounted for the largest market growth. It contributed over 37.8% of the total revenue share in 2022 due to its widespread adoption in solar panel tracking, system monitoring, and data-driven optimization, driving enhanced efficiency and performance across Smart Solar installations
• Asset Management segment revealed the most significant market growth, contributing more than 34.5% of the total revenue share in 2022
• Commercial segment accounts for largest revenue of 42.5% in 2022

Economic Insights

The Smart Solar market has seen significant economic growth during forecast period. Solar panel prices have dropped significantly over the past ten years, roughly by 89%, and this has been a key factor in their increased acceptance. Additionally, the worldwide Smart Solar industry supports innovation and economic growth by providing jobs for nearly 260,000 people. This promising economic future places the Smart Solar industry in a leading position in the global search for cost-effective and clean energy solutions. All throughout the world, governments are looking for cost-effective solutions. By providing incentives and switching to environmentally friendly alternatives, they are motivating the public to use intelligent solar technology. For instance, to help India reach its 2022 solar ambitions, the Ministry of New and Renewable Energy (MNRE) implemented a number of regulatory measures.

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Top Market Trends

• Rising demand for solar energy: Concerns about climate change and the rising price of fossil fuels are driving a significant increase in the demand for solar energy worldwide. The market for Smart Solar systems is expanding because they can make solar energy more accessible and effective.
• Advances in technology: Solar technology has made great strides in recent years, making solar panels more effective and more accessible.
• Increasing popularity of home energy management systems: Home energy management systems (HEMS) can aid both commercial and residential users in reducing their energy costs. HEMS can be combined with Smart Solar systems to offer a more complete energy management solution.
• Energy Storage Solutions: Smart Solar installations are progressively integrating energy storage technology, such as batteries. These systems enable extra energy produced during the day to be stored and used during times of high demand or at night, enhancing grid stability.
• Smart inverters and power electronics: The efficiency of solar energy systems is increased through the use of cutting-edge inverters and power electronics. These gadgets make it possible to control energy flows, grid interactions, and dynamic environmental modifications better.

Market Segmentation

Smart Solar The global Smart Solar market can be categorized into Device, Solution, Application, Region. The Smart Solar market can be categorized into Smart Solar Meters, IntelliGrid, RFID based on Device. The Smart Solar market can be categorized into Asset Management, Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, Outage Management based on Solution. The Smart Solar market can be categorized into Commercial, Industrial, Residential based on Application. The Smart Solar market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Device

RFID holds the largest share

The RFID sector would account for largest market share for Smart Solar due to the growing adoption of RFID technology in solar energy applications, which makes it easier to track the location of solar panels and monitor system efficiency. The affordability of RFID tags, which demonstrate economic viability for tracking and monitoring solar systems, is a crucial factor. Further adding to its appeal is the scalability of RFID technology, which makes it possible to track and monitor huge solar panel arrays with ease.

Based on Solution

Asset Management will dominate the market during Forecast Period

In terms of solution, the asset management sector dominates the market for the Smart Solar market because effective monitoring and management of solar assets is becoming more and more important as the number of solar systems rises. Asset management tools can be used to monitor solar system performance, spot possible issues, and streamline operations. The expansion of data availability A lot of data produced by Smart Solar systems can be used to enhance asset management. Asset management tools can be used to gather, store, and analyze this data to learn more about how well solar systems work.

Based on Application

Commercial will account for largest market share

Commercial will dominate the Smart Solar market in 2022 due to the growing need for renewable energy options in commercial structures. As a result of their high energy usage, Smart Solar systems are in high demand as a way to reduce reliance on fossil fuels and improve environmental sustainability. The price of solar panels has been steadily falling, making solar energy more affordable for businesses, fueling this expansion even further.

Based on Region

North America will lead the market

North America is expected to dominate the market for Smart Solar due to the growing desire for renewable energy options, particularly solar energy, brought on by expanding concerns about climate change and the rising expense of using fossil fuels. The trajectory is strengthened by the constant decline in solar panel costs, which makes solar energy more affordable for both enterprises and homeowners in North America. As many regional governments offer incentives to encourage the use of solar panels, government incentives serve as a powerful motivator. These incentives are essential for reducing up-front costs, increasing affordability, and accelerating the growth of the Smart Solar business in North America.

Competitive Landscape

The global Smart Solar market is fragmented, including a diverse array of the presence of several key players, surges with rapid technological adoption. Strategic collaborations, mergers, acquisitions, and a relentless drive toward sustainability further fuel the landscape, reshaping the future of Smart Solar technologies.

The players in the global Smart Solar market include Schneider Electric, HCL Technologies Ltd, Itron Inc., Silver Spring Networks INC., Siemens AG, Huawei Technologies Co., Ltd, Landis+GYR AG, GE Energy, Urban Green Energy International, Echelon Corporation, ABB Ltd, CAlico Energy Services, Sensus USA Inc., Aclara Software among others.

Recent Market Developments

• January 2023: To achieve its Project Zero goal and lessen the environmental impact of burning fossil fuels, Lonestar Cell Mobile Telecommunications Network) announced the installation of Smart Solar-hybrid generators at significant locations across the country. In an effort to reduce carbon emissions and promote business sustainability, the corporation started Project Zero to help Liberia combat climate change.
• September 2022: A supplier of solar energy products called Renogy recently unveiled REGO, the first fully integrated Smart Solar power system for off-grid habitation. The REGO Series solutions are a true plug-and-play power system where all components function together effortlessly, saving customers time and stress. They are specifically designed for novices, do-it-yourselfers, and experienced solar users.

Segmentation of the Global Smart Solar Market