Smart Solar Market Overview
According to a research survey conducted by ChemView Consulting, in 2022, the Global Smart Solar Market was worth US$ 8,958.7 Mn and is expected to grow at a CAGR of 5.8% over the forecast period. The market is expected to hit US$ 36,559.3 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 12.6%, the market underwent significant growth.
The Smart Solar market is rapidly expanding due to the growing demand for Smart Solar. Rapid growth in the number of consumers and their need for solar panel products has driven the smart solar market globally, thereby increasing its potential. The implementation of smart solar solutions helps users to minimize their electricity expenses and increase the efficiency of solar components through real-time monitoring and communication.
ChemView Consulting has analyzed that the smart solar market is growing because projects for installing solar energy grids drive the whole process. Individual components of a solar system will be controlled by devices that can communicate over the internet.
The main factors contributing to the increased smart solar system as it provides various features like it allows users to monitor solar energy production and performance from anywhere in the world by using the internet or mobile phone connectivity and allowing users to control devices in the home particularly to optimize the production of solar energy.
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Segments Covered in Report
By Product:
- Photovoltaic Cells
- Photovoltaic Panels
- Investors
- Generators
- Other Products
By Solution:
- Asset Management
- Network Monitoring
- Meter Data Management
- Analytics
- Remote Metering
- Outage Management
By End-Use:
- Commercial
- Industrial
- Residential
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Smart Solar Market
- Based on the Solution, the Asset Management segment accounts for 40.0% of the global Smart Solar Market share.
- Based on the product, the Investors segment will dominate at a significant CAGR from 2022 to 2032. This segment accounted for 60.0% of revenue share in 2021.
- North America is projected to dominate the Smart Solar market with a market share of 34.7% during the forecast period due to high consumption from the region’s stringent end-use industries
Competition Summary
Key companies covered in the market study are ABB, Itron Inc., Aeris, Solnet Group, Aclara Technologies LLC, General Electric, Huawei Technologies Co., Ltd, Siemens, Landis+Gyr, Schneider Electric, HCL Technologies
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Report Key Highlights
- Detailed information on factors that will assist Global Smart Solar’s growth during the next ten years
- Assessment of the historical and current Global Smart Solar Market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
- The growth of the market across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa
- Segment-wise, country-wise, and region-wise market analysis
- Key drivers, restraints, opportunities, and key emerging trends impacting market growth
- Predictions on critical supply, demand, and technological trends and changes in consumer behavior
- Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
- Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
- Covid-19 impact on the market and how to navigate
- Strategic market analysis and recommendations on crucial winning strategies
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving worldwide Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy, and Packaging clients. 70% of the largest Forbes 1000 enterprises are our clients. We serve global clients across leading & niche market segments across Chemicals & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging. ChemView Consulting serves clients in approximately 100 countries, with its office in the U.S. and delivery centers in India.
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