“Precipitous Growth Opportunity for Smart Solar: Surge in Demand for Renewable Energy Resources!”
Smart solar is equipment that helps consumers to reduce their electricity expenses besides increasing the efficiency of solar components by real-time monitoring and communication. The demand for renewable-based clean electricity is increasing swiftly across the globe. The government is motivating people regarding the use of green energy by taking several initiatives. All countries focusing on reducing the carbon content and adopting renewable energy sources with an aim of boosting this scenario has led to the creation of various initiatives and proposals. Furthermore, the increasing investment from the government and several key players in order to achieve a sustainable future with the use of clean energy is anticipated to augment the growth of the market.
Additionally, the investment for the first time in solar systems seems expensive for consumers. Thus, in the long run, the cost-benefit of using solar energy would be better than other sources of energy. These solar panels serve for around 10 to 15 years with minor service. Also, the maintenance cost of these panels is also low. Additionally, the deployment of smart solar solutions to such solar components will increase the efficiency of the components and also minimalize their electricity expenses. Thus, these are some of the major factors driving the smart solar market growth over the forecast period which drives from 2021-2028.
What Will Be The Market By 2028?
Our report on the smart solar market has covered the study of the latest development and investment in the market. In addition to this, our report includes market drivers, restraints, and opportunities along with COVID-19 impact analysis, market attractiveness analysis, and Porter’s five forces analysis.
Moreover, the report covers the value chain analysis, regulatory analysis, historical & descriptive analysis from the year, and forecasts & predictive analysis for the transformer oil market. The global smart solar market is valued at USD 8.10 billion in 2020 and is expected to reach USD 13.02 billion in 2028 and grow at a CAGR of 9.9% over the forecast period.
Some of the key players in the Smart Solar market include ABB Group, Sensus USA, Inc., GE Power, Schneider Electric, Siemens AG, Itron Inc., Echelon Corporation, Landis+GYR AG, Urban Green Energy (UGE) International, Silver Spring Networks Inc., among others.
North America is projected to dominate the smart solar market over the forecast period. The market growth is attributed to technological advancements and the early adoption of smart solar solutions and services in the region. Asia Pacific is projected to grow at the fastest Compound Annual Growth Rate (CAGR). The market growth in this region is attributed to the presence of emerging economies such as China, India, among others, along with their rising initiatives as well as investments regarding green energy.