Smart Solar System Market Size - By Product (Inverters, PV Panels and others), By End Use (commercial & industrial, residential and utility), Regional Outlook & Forecast, 2024 – 2032

Smart Solar System Market Size

Smart Solar System Market was valued at USD 13 billion in 2023 and is anticipated to grow at a CAGR of 12% from 2024 to 2032. It refers to a solar photovoltaic (PV) installation that incorporates advanced monitoring, control, and communication technologies to optimize energy production, enhance efficiency, and provide intelligent management capabilities. These systems typically include components such as smart inverters, monitoring devices, and communication interfaces that enable real-time data collection, analysis, and remote control.
 

Rising investments in the advancements of solar PV technology, particularly in inverters, and monitoring systems with improved efficiency and reliability are set to influence product adoption. Moreover, growing environmental concerns, coupled with stringent government regulations and targets for reducing carbon emissions are propelling the solar industry thereby stimulating the product penetration.
 

Rising integration of smart systems with smart grids and energy management platforms to enable bi-directional communication between solar installations and the grid, facilitating grid stability, demand response, and optimal energy distribution will augment the industry growth. The convergence of solar technology with Internet of Things (IoT) and digitalization trends is driving innovation thereby boosting the industry scenario.
 

Smart Solar System Market Trends

Increasing demand for renewable energy devices offering sustainable energy solutions that contribute to carbon footprint reduction and energy independence thereby augmenting the business landscape. Increasing awareness of the vulnerabilities of centralized energy grids to disruptions, such as natural disasters or grid failures, is driving product demand equipped with backup power capabilities. Furthermore, growing consumer awareness of environmental sustainability and the benefit of renewable energy is set to foster the industry growth.
 

Smart Solar System Market Analysis

Based on product, the PV panels are anticipated to cross over USD 19 billion by 2032 on account of increasing improvements in panel efficiency, durability, and performance under various environmental conditions. Rising investments in developing advanced technology including bifacial panels, PERC (passivated emitter rear cell) technology, and half-cut cell configurations complement the product adoption. Increasing adoption of PV technology in residential rooftops, commercial buildings, and industrial facilities to reduce electricity bills, achieve energy independence, and enhance property value is fostering the business landscape.
 

Based on end use, the commercial & industrial segment is set to grow at a CAGR of over 14% through 2032. Rising demand for solutions that enable businesses to generate renewable energy on-site, reducing their reliance on grid-supplied electricity and mitigating exposure to volatile energy prices are driving the product adoption. Growing corporate commitments to sustainability and CSR initiatives to reduce their carbon footprint, mitigate environmental impact, and enhance their reputation as socially responsible organizations are impacting the business statistics.
 

Asia Pacific smart solar system market is estimated to surpass USD 13.4 billion by 2032. Rising urbanization and industrialization in countries, including China, India, Japan, and Australia, led to increased energy consumption and grid infrastructure challenges thereby fostering industry growth. Growing government policies and incentives promoting renewable energy adoption, encouraging businesses and homeowners to invest in solar PV installations thereby boosting product demand. Furthermore, rising demand for off-grid and mini-grid solar installations to provide reliable electricity to remote communities and rural areas where grid connectivity is limited or unreliable are additional factors bolstering business statistics.
 

In the U.S. declining costs of solar PV components, including panels, inverters, and installation in line with rising federal investment tax credits (ITC), state-level incentives, and net metering policies to support solar installation are fostering product penetration. Furthermore, increasing desire for energy independence and resilience against power outages and growing investments in technological innovation in smart inverters, energy management systems, and grid integration solutions drive market growth.
 

Smart Solar System Market Share

Eminent players are heavily investing in research and development (R&D) to innovate and improve the efficiency, performance, and reliability of smart solar systems. This includes advancements in solar PV technology, energy storage solutions, smart inverters, and energy management software. Furthermore, companies are collaborating with other technology providers, utility companies, government agencies, and research institutions to help key players leverage complementary strengths and expand their market reach.
 

Smart Solar System Market Companies

Eminent players operating in the smart solar system industry are:

• ABB
• Enphase Energy
• Huawei Technologies Co., Ltd
• JinkoSolar Holding Co., Ltd
• Lumina Smart
• Schneider Electric
• SMA Solar Technology AG
• Smart Commercial Solar
• Smart Solar Corporation
• Smart Solar Energy
• Smart Solar Global
• SolarEdge Technologies Inc
• Span.io, Inc
• Sungrow Power Supply
• Trina Solar Co., Ltd
• Tesla
   

Smart Solar System Industry News

• In April 2024, Samsung Electronics Co., Ltd. announced a new service integration with Tesla, to be showcased at CES 2024. This integration connects SmartThings Energy with Tesla products, including Solar Inverters, Wall Connector charging solutions, Powerwall home batteries, and electric vehicles (EVs). Enabled by Tesla’s open APIs, this collaboration enhances SmartThings Energy’s connectivity, contributing to Samsung’s goal of providing more convenient and seamless home experiences for consumers.
   
• In April 2024, Schneider Electric has introduced a modular solution for integrating smart panel features into standard home electrical systems. With Square D Control Relays and the Schneider Energy Monitor, this system offers app-based control, simplified installation, and cost-effectiveness compared to traditional smart panel solutions. This advancement aims to enhance accessibility to smart home energy management for homeowners across the country.
   

This smart solar system market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “(USD Billion)” from 2021 to 2032, for the following segments:

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Market, By Product

• Inverters
• PV Panels
• Others

Market, End Use

• Commercial & Industrial
• Residential
• Utility

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina