Smart Solar Market - Forecast (2024 - 2030)
Smart Solar Market ?size is analyzed to grow at a CAGR of 15.5% during the forecast 2024-2030 to reach 41.56 Billion by 2030. Smart solar systems, which monitor and communicate in real-time, assist customers in lowering their electricity expenses and increasing the efficiency of the solar equipment. Traditional power generation systems rely heavily on non-renewable energy sources and cause significant pollution. Smart solar components are further classified as supervisory control and data acquisition (SCADA) systems, smart metering devices , and radio frequency identification (RFID). Transportation, agriculture, construction, and health care are just a few of the industries that use smart solar. Smart solar technology is applicable in a variety of sectors, which is likely to promote market growth over the forecast period due to rising solar energy demand. Increasing demand for Photovoltaic systems for residential applications will drive the demand for these products in the near future. Because of their low material costs, cadmium telluride and amorphous silicon cells are likely to generate new growth opportunities.?The smart solar market has been divided into asset management, network monitoring, meter data management, analytics, supervisory control and data acquisition (SCADA) , remote metering, and outage management based on the solution.
Smart Solar Market Report Report Coverage
The report: “Smart Solar Industry Outlook – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Smart Solar industry.
By Product: Photovoltaic Cells, Photovoltaic Panels, Inverters, Generators, Others.
By Device: Smart Solar Meters, Intelligrid, RFID.
By Solution: Asset Management, Network Monitoring, Meter Data Management, Analytics, Supervisory Control and Data Acquisition (SCADA), Remote Metering, and Outage Management.
By Application: Commercial and Residential (C&I), Residential.
By End-Use Industry: Government, Utilities, Healthcare, Construction, Education, Agriculture, Others.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
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Smart Solar Market Drivers
Governments throughout the world are searching for cost-effective solutions and are encouraging the public to switch to green solutions by providing subsidies, which is driving the adoption of smart solar solutions:
The ever-growing energy demand from residential and industrial end-users, combined with the depletion of natural resources, has necessitated the need to control energy use and transition to more efficient and cleaner energy-producing?sources. Governments throughout the world are searching for cost-effective solutions and are encouraging the public to switch to green solutions by providing subsidies, which is driving the adoption of smart solar solutions. MNRE, for example, has put in place a number of legislative initiatives to aid in the achievement of India's 2022 solar goals.?The National Tariff Policy has been amended to incorporate provisions for Renewable Generation Obligations and Renewable Purchase Obligations. The policy requires state-owned power distribution firms to purchase 8% of their energy from solar by 2022, and it requires thermal power plant owners to include a set percentage of renewable components in each new capacity installed. Furthermore, solar energy contributes significantly to lowering carbon emissions and guaranteeing a sustainable energy future. It can be utilized for cooling, heating, lighting, power generation, transportation, and even environmental cleanup. Global solar installed capacity was 227 GW in 2015, rising to 305 GW in 2016, primarily due to the United States and China.
Rising investments in smart energy solutions and lower solar PV costs are two significant reasons expected to drive the growth of the smart solar industry in the future:
Rising investments in smart energy solutions and lower solar PV costs are two significant reasons expected to drive the growth of the smart solar industry in the future. Furthermore, expanding government backing for solar energy projects, as well as raising environmental awareness, are likely to propel the industry even further. In the United States, for example, the investment tax credit (ITC), often known as the federal solar tax credit, enables a federal tax subsidy of 26 percent of the entire solar energy system installation cost. The ITC provides subsidies to both residential and commercial systems, with no cap on the amount of money that can be saved. The adoption of green and smart cities concepts is a significant driver of increased growth in the global smart solar market. The concept of smart cities is gaining traction among various global governments, and the primary need is to optimise resource utilisation. Smart cities make use of information and communication technology (ICT) and the internet in many aspects of development, including smart grids, smart buildings, smart lighting, and home automation. Sensors integrated in physical objects, home automation equipment such as smart lighting, thermostats, and so on will be impacted by smart solar in cities. This will result in improved waste management, traffic control, and the efficient use of renewable resources.
Smart Solar Market Challenges
The potential of cyber-attacks, as well as device replacement, hinder the market growth?
In growing regions such as MEA and Latin America, the adoption of colocation solutions and services is still in its early stages. As a result, the initial start-up cost prohibits many enterprises in these regions from implementing smart solar solutions and services. This is a major impediment to the expansion of the smart solar business. Some of the primary issues impeding the growth of the smart solar market are the high initial deployment cost and the high maintenance cost. Furthermore, the potential of cyber-attacks, as well as device replacement, hinder the market growth. Although the installation of solar panels would provide enormous long-term benefits, the initial expenses can be too high. It's much more difficult to estimate the total cost of installation without the assistance of manufacturing companies. Some countries have given rebates and tax incentives to encourage more individuals to install solar panels, but the cost might be prohibitively high unless some money is set aside for this purpose.
Smart Solar Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Smart Solar market. In 2021, the market of Smart Solar Market share has been fragmented by several companies. Smart Solar top 10 companies include
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