Smart Solar Power Market to Reach $47.7 Bn, Globally, by 2031 at 13.6% CAGR: Allied Market Research
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.
- 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.
- 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.
- This, in turn, led to delay in installation of smart solar power panels in many projects.
- 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.