Smart Solar Market Size

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.