Smart Solar Market Size Worth USD 13.33 Billion, Globally, by 2027 at 9.95% CAGR
Fortune Business Insights
6 min read
Fortune Business Insights
The global smart solar market size to grow from USD 8.52 billion in 2019 to USD 13.33 billion by 2027, growing at CAGR of 9.95% during forecast period. Factors such as the increasing government support for renewable energy, decreasing costs of solar technology, and growing awareness and demand for sustainable energy solutions driving the growth of smart solar industry globally.
Pune, India, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The global smart solar market size was valued USD 8.52 billion in 2019. The global market size is expected gain momentum by reaching USD 13.33 billion by 2027, growing at CAGR of 9.95% during forecast period of 2022 to 2027. This information is provided by Fortune Business Insights, in its report, titled, “Smart Solar Market, 2022-2027.”
According to analyst, the solar energy being more affordable and accessible to residential and commercial sectors is also a key factor in the growth of the smart solar market.
Industry Development:
January 2018 – Itron, Inc, a leading consulting services company, announced the acquisition of Silver Spring Networks, Inc. According to the company, the acquisition is aimed at strengthening its global position to deliver advanced technology solutions and further improve operational activities of the enterprises.
November 2020 - Statkraft, Europe’s largest producer of renewable energy, has signed an agreement to acquire the solar pioneer, Solarcentury. This acquisition is in line with the company’s strategy to ramp up as wind and solar developer and become one of the leading renewable energy companies globally.
Growing Installation of Solar Energy Grids to Propel Market Growth
High Demand for Smart Solar Technology to Drive Market Growth
Drivers & Restraints:
Increasing Adoption of Paris Climate Change Agreement to Augment Growth
In 2015, the Paris Climate Change Agreement was formed that comprised several nations working under a common cause to combat climate change. It aimed to strengthen the response for climate change globally by ensuring that the world temperature will be below 2 degree Celsius as per the pre-industrial levels. The growing acceptance of the agreement by several nations to deal with the impact of climate change is expected to boost the demand for smart solar across the globe. Additionally, the growing focus on installing smart solar grids is likely to favor the global smart solar market growth during the forecast period.
COVID-19 Impact:
Disruption in Supply Chain Stall Large Solar Installation Project
The lockdown imposed by government agencies globally has led to drastic disruption in the supply chain of several industries. Amongst them, the global market for smart solar has suffered significantly owing to stalling of several large solar installation projects across the globe. However, an effective decision from the government, along with the cooperation of several companies is expected to boost the operations in the renewable energy field by adhering to the social distancing norms in the near future.
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
SEGMENTATION
Utility Segment Held 41.9% Market Share in 2019
The utility segment, based on application, held a market share of about 41.9% in 2019 and is expected to showcase a significant growth in the forthcoming years. This is ascribable to factors such as the growing number of utility-scale solar projects to promote the adoption of renewable energy sources across the globe.
REGIONAL INSIGHTS
North America to Remain Dominant; Increasing Advanced Solar Projects to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global smart solar market in the forthcoming years. This dominance is attributable to the increasing number of advanced smart solar projects in the region. North America stood at USD 2.70 billion in 2019.
The market in Asia-Pacific is anticipated to experience an exponential growth backed by the growing number of smart city projects in the region between 2020 and 2027.
Major Companies Focus on Acquisition to Amplify Their Market Positions
The global smart solar market comprises small, medium, and large companies that are striving to maintain their presence. Additionally, the large companies are focusing on acquiring smaller companies to expand their smart solar systems portfolio and brighten their prospects in the fiercely competitive global marketplace.
List of the Companies Operating in the Global Market for Smart Solar:
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