The global smart solar power market is experiencing a significant surge, valued at USD 12.81 billion in 2022 and projected to grow at a CAGR of 13.36% through 2028. This growth is fueled by the increasing demand for renewable energy sources and advancements in technology within the sector. Smart solar power systems, with their automation and internet connectivity, are transforming the solar industry by enabling real-time monitoring and communication, enhancing panel efficiency, and potentially reducing electricity costs worldwide. Investments in the smart energy market, along with decreasing solar PV costs, are driving market expansion. Key drivers include the rising demand for renewable energy and technological innovations in photovoltaic materials, energy storage, smart grid, and IoT technologies. However, challenges such as high initial costs remain obstacles to widespread adoption.
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