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.

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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.

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 smart solar market based on region is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). Among all regions, North America accounts for substantial share in the market due to technological advancement and early adoption of solar solution and service in the region. APAC also holds significant share in the market due to the shift toward renewable energy source and government initiatives in China, India, Japan and other countries. For instance, Feed-in tariff scheme in Japan aids in the increased demand for smart solar in the region.