USD 47.7 Billion Smart Solar Power Market Analysis by Competitors and Regional Growth by 2031 | Allied Market Research
Advancement in Technology Foreseen to Drive the Global Smart Solar Power Market from 2021 to 2031
WILMINGTON, DELAWARE, UNITED STATES, April 11, 2024 /EINPresswire.com/ -- Solar energy is one of the most efficient ways of generating power because solar energy is renewable energy and offers a big contribution in reducing carbon emissions thereby ensuring a sustainable energy future. Solar energy can be utilized for heating, cooling, lighting, transportation, and various other applications; this varied utilization of solar energy also tends to raise the demand for smart solar systems. The smart solar power market size was valued at $13.4 billion in 2021, and the smart solar power industry is estimated to reach $47.7 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ : https://www.alliedmarketresearch.com/request-sample/514
Owing to the technical advancements and abundance of solar energy, industries, and commercial facilities utilize smart solar systems to reduce their electricity costs. The growing grid automation and increased investments in countries like Japan, India, and South Korea have hugely impacted the market growth. In addition to that, the strict regulation imposed by governments of the countries has created awareness concerning smart solar systems and their benefits.
Smart solar is increasing globally due to increasing Information and Communications Technology (ICT) integration across different verticals, especially in developing regions. North America is projected to dominate the market during the forecast period due to technological advancements and early adoption of smart solar solutions and services in the region. The Asia-Pacific market is expected to grow at the highest CAGR between 2022 and 2031. The primary driving forces for this growth are huge technological spending and penetration of meter and component manufacturing industries in countries such as China, India, and Japan.
๐๐๐ญ ๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ @ https://www.alliedmarketresearch.com/request-for-customization/514
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
The Smart Solar Power industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
๐๐จ๐ฆ๐ ๐จ๐ ๐ญ๐ก๐ ๐ฆ๐๐ฃ๐จ๐ซ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฆ๐๐ซ๐ญ ๐๐จ๐ฅ๐๐ซ ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐,
GE Energy
Aclara Software
Silver Spring Networks INC.
Itron Inc.
CAlico Energy Services
Huawei Technologies Co., Ltd
Schneider Electric, Echelon Corporation
Urban Green Energy International
HCL Technologies Ltd
Sensus USA Inc.
Landis+GYR AG
ABB Ltd, Siemens AG
Solar systems require solar panels and other pieces of equipment for efficient operation. However, smart solar systems require additional responsive pieces of equipment coupled with complex technology. This complex structure of the smart solar systems acts as a primary challenge for the smart solar power market opportunities. Land selection can be challenging as issues related to environmental and technological difficulties restrict the system installation. Though solar energy is available abundantly, they are intermittent and variable and hence, cannot be dispatched to the distributed systems. In addition, developed countries have reduced the subsidies for installing smart solar systems, these are some factors that hinder the smart solar power market growth.
The global smart solar power market forecast is segmented based on device, solution, application, and region.
Based on the device, it is segmented into smart solar meters, intelligent, and RFID. Based on the solution, the market is segmented into asset management, network monitoring, meter data management, analytics, SCADA, remote monitoring, and outage management. Based on application, the market is segmented into commercial, industrial, and residential. Furthermore, the industrial segment is bifurcated into government, healthcare, construction, and others.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest smart solar power market share, followed by Europe and Asia-Pacific.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/514
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ:
- North America is expected to exhibit a CAGR of 13.2% during 2022-2031.
- As per global smart solar power market analysis, by device, the smart solar meter segment accounted for the largest share in 2021.
- By solution, the asset management segment was the leading segment in 2021.
- By application, the industrial segment had the largest market share in 2021.
๐๐ซ๐๐ง๐๐ข๐ง๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ง๐๐ซ๐ ๐ฒ ๐๐ง๐ ๐๐จ๐ฐ๐๐ซ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
๐. ๐๐ฉ๐๐๐-๐๐๐ฌ๐๐ ๐๐จ๐ฅ๐๐ซ ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐ค๐๐ญ - https://www.globenewswire.com/news-release/2021/10/12/2312246/0/en/Global-Space-Based-Solar-Power-Market-To-Reach-902-2-Million-by-2030-Allied-Market-Research.html
๐. ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ข๐๐ฅ ๐๐จ๐ฅ๐๐ซ ๐๐๐ง๐๐ซ๐๐ญ๐จ๐ซ ๐๐๐ซ๐ค๐๐ญ - https://www.prnewswire.com/news-releases/industrial-solar-generator-market-to-reach-907-0-mn-globally-by-2030-at-16-9-cagr-allied-market-research-301461040.html
๐. ๐๐จ๐ง๐๐๐ง๐ญ๐ซ๐๐ญ๐๐ ๐๐จ๐ฅ๐๐ซ ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐ค๐๐ญ - https://www.prnewswire.com/news-releases/concentrated-solar-power-market-to-reach-8-04-billion-globally-by-2026-at-10-3-cagr-allied-market-research-300887345.html
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