Smart Solar Market Report 2025

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The smart solar market size has grown rapidly in recent years. It will grow from $20.1 billion in 2024 to $23.52 billion in 2025 at a compound annual growth rate (CAGR) of 17%. The growth in the historic period can be attributed to increasing adoption of clean energy, demand for sustainable solutions, public awareness campaigns, awareness among consumers, and government subsidies on solar.

The smart solar market size is expected to see rapid growth in the next few years. It will grow to $40.53 billion in 2029 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to the increasing energy demand, policy support for decentralization, increasing investments in renewable energy projects, Increasing digitalization and adoption of IoT (Internet of Things) technologies, increasing electricity demand in urban areas. Major trends in the forecast period include advances in technology, energy storage solutions, smart inverters and power electronics, hairy-solar panels, smart Inverter technologies, solar-powered IoT (Internet of Things) devices.

The anticipated growth of the smart solar market is closely linked to the increasing adoption of green energy. Green energy denotes energy sourced from renewable and sustainable sources with minimal environmental impact. This shift towards green energy is propelled by the pressing need to address climate change and reduce reliance on finite fossil fuel resources. The adoption of green energy augments smart solar technology by optimizing energy production, storage, and distribution, thereby fostering efficient and sustainable renewable energy systems. For instance, data from the UK-based Department For Energy Security and Net Zero in December 2023 indicated that renewable electricity generation reached a record high of 30.1 terawatt-hours in the third quarter of 2023, reflecting a 6.8% increase compared to the same period in 2022. Consequently, the rising adoption of green energy is a key driver for the growth of the smart solar market.

Prominent companies within the smart solar market are strategically focusing on developing innovative solutions, such as smart photovoltaics, to enhance energy efficiency monitoring and integration with emerging technologies. These solutions leverage advanced technology to optimize energy production and improve grid integration. Smart solar applications employ intelligent systems for efficient monitoring, management, and utilization of solar energy. For example, in January 2024, Huawei Technologies Co. Ltd., a China-based technology company, introduced LUNA 2 to the Eastern Africa market, a sophisticated smart PV solution designed to enhance the efficiency, monitoring, and control of photovoltaic (PV) solar energy generation. This implementation allows homeowners to achieve autonomy from conventional power grids or significantly reduce reliance, shifting a substantial portion of energy consumption to solar power. Embracing such solutions not only promotes energy independence but also reduces dependence on centralized grid systems.

In August 2024, Rinnai Australia Pty Ltd, a Japan-based innovator and supplier of residential and commercial hot water, heating, and cooling solutions, acquired Smart Energy Group Pty Ltd for an undisclosed amount. This acquisition represents a significant advancement for both companies, allowing them to enhance their capabilities and offerings within the renewable energy sector. By incorporating Smart Energy's expertise in renewable energy, customer service, and high-quality solar PV systems with battery storage, Rinnai aims to better address the evolving needs of its customers while contributing positively to Australia's renewable energy goals. Smart Energy Group Pty Ltd, based in Australia, is a solar technology company that installs rooftop solar systems, batteries, and heat pumps across the country.

Major companies operating in the smart solar market are Huawei Technologies Co. Ltd., Tesla Inc., Siemens AG, LG Electronics Inc., Panasonic Corporation, Schneider Electric SE, ABB Ltd., LONGi Green Energy Technology Co. Ltd., Sharp Corporation, Delta Electronics Inc., Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Sungrow Power Supply Co. Ltd., SolarEdge Technologies Inc., First Solar Inc., Enphase Energy Inc., Sunrun Inc., SunPower Corporation, Sensus USA Inc., SMA Solar Technology AG, SolarCity Corporation, SolarWinds Corporation, Sunnova Energy International Inc., Vivint Solar Inc., ReneSola Ltd., Lumin Solar, Solaria Corporation, Hanwha Q Cells Co. Ltd.

North America was the largest region in the smart solar market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the smart solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart solar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The smart solar market consists of revenues earned by entities providing services such as installation and commissioning, and energy management services. The market value includes the value of related goods sold by the service provider or included within the service offering. The smart solar market also includes sales of solar charge controllers, racking and mounting systems, and performance monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Smart solar involves the integration of advanced digital and communication technologies into solar power systems with the aim of optimizing their efficiency, functionality, and overall performance. This encompasses the deployment of smart solar systems that furnish real-time data on energy production and consumption, safeguard the grid against over-voltage, and facilitate advanced grid functionality.

Key categories of smart solar products encompass photovoltaic cells, photovoltaic panels, inverters, generators, and other related components. A photovoltaic cell, for instance, is a semiconductor device that directly converts sunlight into electricity through photovoltaic effects. These cells are employed in solar panels, where multiple units are interconnected to generate electrical power from sunlight for diverse applications. Such applications include offering various services such as asset management, network monitoring, meter data management, remote metering, and others, catering to a wide range of end users, including commercial, industrial, and residential sectors.

The smart solar research report is one of a series of new reports that provides smart solar market statistics, including the smart solar industry's global market size, regional shares, competitors with an smart solar market share, detailed smart solar market segments, market trends and opportunities, and any further data you may need to thrive in the smart solar industry. This smart solar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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