January 05, 2022 13:35 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 05, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the global smart solar market finds that increasing adoption of green energy is expediting market growth. Primarily driven by emergence of smart cities, the total global smart solar market is estimated to reach USD 24.99 billion by 2028, up from USD 9.13 billion in 2020, at a compound annual growth rate (CAGR) of 13.42%.
Furthermore, the increasing environmental awareness and technological evolution is also anticipated to augment the growth of the global smart solar market, states Vantage Market Research, in a report, titled “Smart Solar Market Size by Product (Photovoltaic Cells, Photovoltaic Panels, Invertors, Generators, and Others), by Solution (Asset Management, Network Monitoring, Meter Data Management, and Remote Metering), by End-User Application (Commercial, Industrial, and Residential), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028).”
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Increasing Demand for Solar Systems by Utility, Residential and Commercial Sectors
Solar systems are becoming very useful in both the small-scale and large-scale power generation applications in utility segment. The factors that are responsible for the growth of the product in the utility segment include ease of use and installation and the reduction in its prices. The solar systems are widely used in a variety of applications in the utility segment such as PV panels that are installed on building fronts, powering precise devices, solar energy roof tops, power generation plants and utility scale solar PV farms, among others. These shifts are driving the demand of solar systems in utility sector. Furthermore, the increasing urbanization and purchasing power of the consumers is also expected to support the growth of the market. As the urban population is been increasing, it has led the global smart solar market to engraved a position for itself. Moreover, the rising awareness about clean energy usage is also projected to drive the residential solar system installation. Opting for solar systems for homes and commercial institutions is helpful in reducing the harmful CO2 emissions to a great extent. The increase in implementation of solar systems in various sectors is driving the demand for smart solar market in the years to come.
Increase in Technological Advancement to Stimulate the Market Growth
The growing technological developments are anticipated to augment the growth of the smart solar market during the forecast period. The smart solar system provides operational competences, improved functionality, and increase in productivity, optimized performance, and low maintainability. Furthermore, with the implementation of IoT the distributed solar energy resources can be remotely operated, monitored, and controlled. It also helps in delivering improved performance and control on the systems. Additionally, RFID tags can also be used on solar panels in order to track them and identify it throughout its useful life. Thus, the increasing demand for efficient, sustainable and non-conventional energy management solutions is expected to create huge opportunities for smart solar solutions and service providers across the globe in the years to come.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the power plant industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The report on Smart Solar Market highlights:
Important questions answered in this report:
Asia Pacific Dominates the Global Smart Solar Market
Asia Pacific has dominated the global smart solar market with 48.69% of the share of the total market in 2020 and is likely to continue the same trend during the forecast period. This is attributable to the increasing percentage of constructions in both residential and non-residential sectors in the region. Furthermore, the increasing awareness about use of renewable energy sources and energy conservation along with rapid urbanization and industrialization is also expected to support the regional growth of the market.
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North America and Europe are also likely to witness substantial growth in the Smart Solar Market during the forecast period. This is attributable to the enhance product penetration in the developed economies of the region such as the U.S. and UK. Additionally, the increasing technological advancements and penetration of smart devices is also expected to support the growth of the smart solar market in near future.
List of Prominent Players in the Smart Solar Market:
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October, 2020: Siemens’ Smart Infrastructure (SI) along with Macquarie’s Green Investment Group (GIG), and Financial Services (SFS) groups announced the formation of Calibrant Energy that offers comprehensive onsite Energy as a Service (EaaS) solutions at no up-front cost for its customers.
Browse market data Tables and Figures spread through Pages and in-depth TOC on “Smart Solar Market by Product (Photovoltaic Cells, Photovoltaic Panels, Invertors, Generators, Others), by Solution (Asset Management, Network Monitoring, Meter Data Management, Remote Metering), by End-User Application (Commercial, Industrial, Residential), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/smart-solar-market-300055
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