Increase in grid automation, surge in investments in the countries such as India, Japan, and South Korea, and strict regulations imposed by governments leading rise in usage of solar power drive the growth of the global smart solar power market.
PORTLAND, Oregon, Oct. 6, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Smart Solar Power Market by Device (Smart Solar Meters, IntelliGrid, RFID), by Solution (Asset Management, Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, Outage Management), by Application (Commercial, Industrial, Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031.” According to the report, the global smart solar power industry generated $13.4 billion in 2021, and is estimated to reach $47.7 billion by 2031, manifesting a CAGR of 13.6% from 2022 to 2031.
Download Free Sample Report (340 Pages PDF with Insights, Charts, Tables, and Figures): https://www.alliedmarketresearch.com/request-sample/514
Prime determinants of growth
Increase in grid automation, surge in investments in the countries such as India, Japan, and South Korea, and strict regulations imposed by governments leading rise in usage of solar power drive the growth of the global smart solar power market. However, reduction in subsidies and complex structure of smart solar systems that creates issues with land selection for installation are factors that hinder the market growth. On the other hand, rapid innovation and developments in the internet technology and communication technology create new opportunities in the coming years.
Covid-19 Scenario
- Many governments across the world implemented lockdown restrictions during the Covid-19 pandemic to reduce rising number of infected cases. This, in turn, led to delay in installation of smart solar power panels in many projects. In addition, manufacturing activities of these panels were stopped partially or completely due to shortage of raw materials, supply chain disruptions, and unavailability of workforce.
- In July 2020, the Seychelles government informed that the construction activities of floating solar PV power plant were delayed due to lockdown restrictions. Solar project developers needed to face project delays.
- The situation is expected to change post-pandemic as there will a gradual surge in the construction activities for smart solar power plants with surge in demand for solar power. The governments of different developing and developed countries will invest massively in the development of solar power plants for lowering imports of fossil fuels, and other energy resources.
The smart solar meters segment to maintain its leadership position throughout the forecast period
Based on device, the smart solar meters segment accounted for the largest market share in 2021, contributing to more than half of the global smart solar …….