Global smart solar market is estimated to grow at a CAGR of 16.2% during the forecast 2022-2030. Smart solar is widely being adopted in many of the industrial sector such as; government, utilities, healthcare, construction, education, Agriculture etc.The increasing demand of energy in various industries become one of the major factors for the growth of smart solar market. To fulfill the electricity demand of various industries and to reduce the operating cost of the factories has started to adopt the solar plants. In USA, commercial sector consumes more than 36% of the total electricity production similarly the industrial sector consumes more than 26% of the total electricity production. This increasing high demand of electricity in commercial and industrial sector increased the demand of smart solar products in commercial and industrial application.
The increasing demand of energy in various industries become one of the major factors for the growth of smart solar market. To fulfill the electricity demand of various industries and to reduce the operating cost of the factories has started to adopt the solar plants. In USA, commercial sector consumes more than 36% of the total electricity production similarly the industrial sector consumes more than 26% of the total electricity production. This increasing high demand of electricity in commercial and industrial sector increased the demand of smart solar products in commercial and industrial application. The lightning holds the largest share with 19% of the total US commercial sector electricity consumption. The commercial and industrial application segment is growing with a CAGR of 15.5% in 2021.
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Operational efficiency and risk mitigation needs for steady energy supply has increased the demand of Utilities in smart solar products. Operational efficiency of energy sector companies are determined by their capability to make a steady supply of energy in the cost effective manner possible. In order to increase operational efficiency, companies in energy sector rely largely upon effective management of their available resource. Effective utilization of resource involves the use of utility tools including devices and software’s that automatically regulate the available resource to meet the expected outcomes. For better operational efficiency, the company are using IoT technologies. In US use of automated software’s such as DGlux, Fusion EM and others for increasing efficiency, increasing satisfaction of the end users and minimizing product defects are now promoted by energy utility companies. American energy utility that have digitized the process have observed the 82% increase in their operational efficiency. The utilities segment is growing with a CAGR of 15.1% during forecast period.
North America is the clear leader in the global smart solar market. North America held around 15.4% revenue share in 2021. The growth in the North America market is mainly driven by the presence of the key market players such as SolarCity, Trilliant, etc. All such companies are in the continuous development for the new technology which is up lifting the growth in the North America market. The rising utilization of solar energy is one of the major factor which is driving the growth in the North America smart solar market. US held the largest market share and the growth influencer of the North America smart solar market. The rising consumption of the solar energy is key force which is boosting the growth in the US market. North America smart solar market is growing with a CAGR of 15.4% during forecast period.
Asia Pacific is the fastest growing country in the global smart solar market. Asia Pacific market is growing with a CAGR of 17.3% during forecast period. The growth in the Asia Pacific smart solar market is mainly influenced by the growing government support for the use of solar energy, increase in electricity tariffs in the region. The rising adoption of smart solar for the development of smart cities is boosting the growth of the Asia Pacific smart solar market. China held the largest market share of 24.36% (in APAC region) in 2021. The growing government support for the installation of new capacity of solar energy in China is boosting the growth in China smart solar market.
Global smart solar market is exceedingly consolidated, as it has huge number of companies globally. Globally, around more than 200+ small and big players are operating in these markets. Furthermore, these companies are competitive in nature. Some major companies involved in nanotechnology are; Toshiba, SolarCity, Vivint, GE Power and many others. All these contributefor more than XX% of the total market revenue. Majority of such companies are focusing toward the product launches in smart solar. Moreover, all key competitors are also focusing on acquiring startups and entering partnership agreement to sustain in the competitive market.
KEY MARKET MOVEMENTS
- Global smart solar market is estimated to grow at a CAGR of 16.2% during the forecast 2022-2030.
- The lightning holds the largest share with 19% of the total US commercial sector electricity consumption.
- The commercial and industrial application segment is growing with a CAGR of 15.5% in 2021.
- The utilities segment is growing with a CAGR of 15.1% during forecast period.
- North America is the clear leader in the global smart solar market.
- North America held around 15.4% revenue share in 2021.
- North America smart solar market is growing with a CAGR of 15.4% during forecast period.
- Asia Pacific market is growing with a CAGR of 17.3% during forecast period.
- China held the largest market share of 24.36% (in APAC region) in 2021.
- Global smart solar market is exceedingly consolidated, as it has huge number of companies globally.
- Some major companies involved in nanotechnology are; Toshiba, SolarCity, Vivint, GE Power and others.
