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Global smart solar power market
DUBLIN, March 26, 2024 (Globe Newswire) — The “Smart Solar Power Market – Global Industry Size, Share, Trends, Opportunities and Forecasts, 2018 to 2028” report has been added. ResearchAndMarkets.com Recruitment.
According to the latest industry insights, the global smart solar power market is valued at USD 12.81 billion in 2022, marking a significant surge. This market is projected to witness robust growth at an impressive compound annual growth rate (CAGR) during the forecast period. This growth trajectory can be attributed to the accelerating demand for renewable energy resources and technological advances in this field.
The introduction of automated, internet-connected smart solar power systems is revolutionizing the solar power industry. These sophisticated systems enable real-time monitoring and communication, significantly increasing the efficiency of solar panels and potentially reducing electricity bills for users around the world. Additionally, huge investments in the smart energy market and falling costs of photovoltaic (PV) solutions are driving market expansion.
Key factors influencing the dynamism of the smart solar power market
The surge in global markets is caused by several factors.
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Increasing demand for renewable energy: The urgency to combat climate change and reduce carbon emissions has made renewable energy, particularly solar power, the focus of sustainable energy procurement.
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Advances in technology: Innovations in photovoltaic materials, energy storage, smart grids, and IoT technologies are making solar energy systems more efficient, reliable, and intelligent.
A number of challenges also stand in the way, including:
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High initial cost: While the benefits of smart technology are clear in the long term, the upfront investment required for advanced monitoring systems and storage solutions can hinder market penetration, especially among small businesses and residential users.
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Solar power intermittent: The unpredictable nature of solar energy production requires advanced energy storage solutions and hybrid systems to ensure a stable power supply.
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Data security concerns: Smart solar systems rely on data exchange, so ensuring sensitive data is protected from cyber threats is paramount.
Emerging trends focus on IoT integration and energy storage
There are several trends that will shape the future of the smart solar power market.
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IoT and digitalization: IoT integration is changing the way solar power is managed by facilitating efficient data collection and real-time system monitoring.
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Energy storage solutions: Advances in energy storage technology are critical to stabilizing the inherently fluctuating supply of solar power.
In terms of market segmentation, the smart solar meter segment is predicted to dominate given its key role in real-time data prediction and performance optimization. Geographically, North America is expected to maintain its dominance in the market during the forecast period, driven by large investments, supportive regulatory framework, and closely followed Asia-Pacific region.
Market insights by region and device
At the regional level:
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North America: Dominating the global market, solar power is an increasing share of the U.S. electricity generation mix.
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Asia Pacific: Rapid expansion is expected due to increased deployment of solar power in China, India, and other emerging countries.
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Europe: Technological advances and solid renewable energy targets drive the market.
By device, smart solar meters are leading the market, offering long-term stability and economic benefits, further contributing to the expansion of the global market.
The extensive analysis of the Smart Solar Power market elucidates key dynamics, segmental insights, and regional analysis, enriching the conversation on sustainable energy solutions. The industry’s growth story is complemented by encouraging technological breakthroughs of market participants and stakeholders alike to jointly pursue a greener future.
The market insights gained from the report highlight the strategic trajectory and vibrant status of the global Smart Solar Power market and reflect the industry on the precipice of transformative growth and innovation.
key attributes
|
report attributes |
detail |
|
number of pages |
185 |
|
Forecast period |
2022-2028 |
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Estimated market value in 2022 (USD) |
$12.81 billion |
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Projected market value to 2028 (USD) |
$27.43 billion |
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compound annual growth rate |
13.3% |
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Target area |
global |
Some of the companies mentioned in this report include:
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Huawei Technologies Co., Ltd.
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aclara software
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Schneider Electric, Itron Inc.
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Landis+GYR AG
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Census USA Inc.
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HCL Technologies Co., Ltd.
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Echelon Co., Ltd.
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ABB Ltd, Siemens AG
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Silver Spring Networks Co., Ltd.
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GE Energy
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calico energy service
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Urban Green Energy International
For more information on this report, please visit https://www.researchandmarkets.com/r/xnwciy.
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide the latest data on international and regional markets, key industries, top companies, new products and latest trends.
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