The focus on renewable energy resources has risen considerably across the globe in the last few years. This is attributed to the depletion of fossil fuels, swift degradation of the environment, and surging energy crisis. The governments across the globe have been shifting the focus towards cleaner sources of energy, such as solar and wind, since they don’t cause as much pollution as is caused due to the use of fossil fuels.

Ascribed to all these factors, the adoption of solar energy has increased significantly all over the world. Now technological advancements are further occurring to make improve the solar energy output. Owing to this, the global smart solar market is projected to register substantial growth in the years to come. Smart solar modules are equipped with DC power optimizer and have power optimizers attached to them. These optimizers aid each panel operate at the maximum capacity, even if other panels are not performing as well.

For example, the investment tax credit in the U.S., which is also known as the federal solar tax credit in federal taxes, has allowed the subsidy of 26% of the total installation cost of solar energy system. PV cell, generator, and inverter are the major smart solar product types, among which, the demand for PV cell has been considerably high in the past. This is due to technological advancements that have aided in the reduction of the cost of PV cells.

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Smart solar technology finds applications in commercial & industrial and residential, between which, the demand for this technology was significantly high in the commercial & residential applications. The initial cost of smart solutions is high, which limits their application in investor-owned utilities. Geographically, North America is projected to emerge as a major smart solar market in the coming years, majorly because of technological advancements. The demand for the smart solar technology is also projected to rise in Asia-Pacific in the near future.

Hence, the market is growing due to the increasing investments for reducing cost of smart solar modules and rising focus on renewable energy.