Smart Solar Market size was over USD 17.96 billion in 2023 and is projected to reach USD 122.29 billion by the end of 2036, growing at around 15.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of smart solar is evaluated at USD 20.24 billion.
The growth of the smart solar market can be attributed to the increasing adoption of green energy, growing emergence of smart cities in developing countries, and rising urban population across the world. As per the data provided by the World Bank, the total urban population in 2020 was 56.15 percent of the total world population, which grew up from 54.824 percent in the year 2017. Along with these, deployment of smart solar systems is extremely efficient in minimizing electricity expenses and improving the effectiveness of solar components by real time monitoring. This is considered to be a crucial factor expected to drive market growth in the upcoming years. Furthermore, growing emphasis of organizations associated with utilizing alternative resources for energy extraction in order to address the issue of depletion of natural resources, is projected to offer lucrative opportunities for market growth in the near future.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
15.9% |
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Base Year Market Size (2023) |
USD 17.96 billion |
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Forecast Year Market Size (2036) |
USD 122.29 billion |
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Regional Scope |
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The smart solar market is segmented by solutions into network monitoring, meter data management, analytics, SCADA, remote metering, and asset management, out of which, the asset management segment is anticipated to hold the largest share in the global smart solar market on account of the increasing technological advancements in the energy sector, and rising roll-outs of smart meters and smart grids in developed nations. Additionally, on the basis of application, the commercial and industrial segment is predicted to grab the largest market share during the forecast period, which can be credited to the high adoption of smart solar systems and increase in electricity production in this sector.
Our in-depth analysis of the global market includes the following segments
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By Product |
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By Solutions |
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By Services
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By Application
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On the basis of geographical analysis, the global smart solar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is anticipated to dominate majority revenue share by 2036, propelled by increasing number of smart city initiatives, growing support of government to use solar energy and rising electricity tariffs in the region. In addition, high carbon emissions in Asia are also expected to propel the demand for smart solar systems in the region in the near future.
North America Market Analysis
Moreover, the smart solar market in North America is projected to occupy the largest share during the forecast period owing to the escalating number of smart solar projects, growing grants and solar subsidies from the United States government, and strong presence of major market players in the region.
March 2, 2020- ABB, Ltd. completed the divestment of its solar inverter business to an Italian company FIMER SpA. The aim of this transaction is to improve ABB’s business portfolio and enhance the opportunities for smart solar inverter business under FIMER.
Author Credits: Dhruv Bhatia
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