Smart Solar Market Growth, Demand, Trends, Size, Share, and Future Scope
The surging need for clean and renewable energy in the industrial and residential sectors is massively pushing up the demand for monitoring and tracking the consumption, production, and transmission of solar energy to improve the overall efficiency. Due to this factor, the adoption of smart solar solutions is soaring rapidly across the world as these solutions play a major role in reducing the electricity expenditure and increasing the efficiency of the components used for producing solar power. This is achieved by the real-time monitoring of these devices.
Besides monitoring the solar panels, the smart solar solutions also help in reducing energy wastage, which, in turn, assist in attaining optimum usage of solar energy. In addition to this, these solutions enhance the functional capabilities and characteristics of the solar devices. Furthermore, the increasing production of solar power panels and other devices, on account of the rapid advancements in the electronics and information technology (IT) sectors, is boosting the demand for these smart solutions all over the globe.
Apart from the advancements in the IT and electronics sectors, the surging initiatives being taken by the governments of various countries are also fueling the rise in the sales of solar power panels. For example, the U.S. government recently launched the investment tax credit (ITC) or the federal solar tax credit for promoting the adoption of solar panels in the country. Under this tax credit, the citizens of the country are provided a subsidy of 26% of the total cost of installing a solar energy system from the federal taxes.
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The other major factor contributing toward the rising sales of solar power devices is the declining costs of the photovoltaic (PV) panels throughout the world. Hence, with the growing usage of solar energy and the increasing adoption of smart solar solutions, the global smart solar market will exhibit tremendous growth in the future years. These solutions are widely incorporated in generators, invertors, and photovoltaic cells. Amongst these, the integration of these solutions is currently being observed to be the highest in photovoltaic cells, due to the rapid technological advancements and the subsequent reduction in the prices of these cells.
The major application areas of the smart solar solutions are the commercial and industrial and residential sectors. Out of these, the adoption of these solutions is presently being observed to be the highest in the commercial and industrial sector. This is credited to the fact that the smart solar solutions and services have very high costs of deployment and are thus not extensively used in residential applications. Moreover, the high costs of these solutions make them unaffordable for many residential applications.
Across the globe, the North American smart solar market is currently the most lucrative, as per the findings of the market research company, P&S Intelligence. This is primarily attributed to the rapid technological advancements and the early integration of smart solar solutions and services in this region. Apart from North America, the Asia-Pacific (APAC) region is also observing large-scale usage of these services, on account of the rising popularity of renewable energy in the region and the increasing government initiatives being taken in the various APAC countries such as India, Japan, and China for encouraging the adoption of solar energy.
Therefore, it is clear from the above paragraphs that the demand for smart solar solutions will surge across the world in the coming years, mainly because of the growing adoption of solar energy in the commercial, industrial, and residential sectors throughout the globe.