Market Overview:

According to the latest report, the global smart solar market is expected to grow at a CAGR of 15.8%, with a value of USD 41.56 billion within the estimated the forecasting year of 2021-2027.

Smart solar systems are the enhanced version of the traditional solar energy systems. The deployment of smart solar solutions helps users minimize electricity expenses and increase the efficiency of the solar components through real-time monitoring and communications. The rising investments in the smart energy market and the reduction in solar PV costs are the same factors expected to drive the growth of the global market sectors.

Several environmental protection regulations across the world are enabling power generation enterprises to shift the cleaner and the eco-friendly energy sources. Leading nations around the world are highly focused on the increase of renewable energy power generation to reduce the dependence and demand of the global population on conventional power generation through fossil fuels. Solar energy is one of the major renewable energy sources to meet the several challenges that occur around the world. According to the solar power installation process, the cumulative installation of solar rose to more than 630 GW, as the world installed 116.9 GW of the new solar PV projects in 2019. With the 666777.1 GW of the installation process, several regions accounted for 55% of the new installations method. However, such remarkable yearly solar power capacity installation boosts the market globally. Such technology is nothing but the enhancement of the existing solar technology with improved component functionality and synchronizing with the presently available systems. The COVID-19 pandemic has affected numerous industries around the world. The governments across the world implemented strict lockdown measures and the social distancing standard to restrict the swift spread of the pandemic.

Market Segmentation:

According to the smart solar market report, the global market has been segmented into product, end-user application, solution and regional analysis. The smart solar market has been divided into five categories with the product section: photovoltaic cells, photovoltaic panels, inverters, generators, & other products. The end-user application section divides the entire market into three sections: commercial, industrial, and residential. In the solution section, the market is classified into asset management, network monitoring, meter data management, analytics, remote metering & outage management. According to the regional section, the market is divided into five sections like Asia-Pacific, Europe, North America, South America, and the Middle East & Africa.

Regional Analysis:

The smart solar market solutions are gaining momentum extensively in Asia-Pacific regions. Several nations in these regions consider the smart solar solution process as the middle out innovation growth. With the focus of the energy industries shifting toward renewable energy sources, the solar industry is witnessing the increased demand in the region, as favorable policies such as the FIT scheme in Japan have shown in recent years. The growing grid automation and the demand for responsible investment in Japan, South Korea and India are helping the industrial sectors to progress forward. The Chinese solar power industry has been the fastest-growing market for the last few years. China's growth can be expected from the government's Feed-In tariff policy, which has helped solar energy penetrate faster than expected earlier.

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Industrial News:

The improper electricity network has increased the demand for solar energy in a remote areas of the Africa and Latin America regions. In addition, the government incentives for solar panel installations have fueled the growth of the global market sectors.

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