Asia Pacific Smart Solar Market Size was valued at USD 16.9 Billion in 2022. The Smart Solar market industry is projected to grow from USD 19.2 Billion in 2023 to USD 55.83 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.20% during the forecast period (2024 - 2032). The increasing energy demand from both residential and industrial sectors, coupled with the depletion of natural resources, underscores the urgency of managing energy consumption and shifting towards more efficient and environmentally friendly energy sources are the main market drivers anticipated to propel the Smart Solar market in the Asia Pacific.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
According to the IEA, in 2023, China commissioned as much solar PV capacity as the entire world did in 2022, while its wind additions also increased by 66% year-on-year. China is expected to account for almost 60% of new renewable capacity expected to become operational globally by 2028. As the world's largest energy consumer, China aims to reduce its CO2 emissions to 5150 million tons by 2035 and 2600 million tons by 2050. Additionally, the Chinese government plans to raise the share of renewable energy in its energy mix to nearly 37% by 2035 and 58% by 2050. Therefore, the country's efforts to reduce CO2 levels and increase the proportion of renewables in the energy mix are expected to create growth opportunities for the market. China witnessed a growth of 54.9 GW in newly installed PV capacity in 2021, accounting for over 30% of global PV installations in the same year. Furthermore, as of May 2022, China's National Energy Administration (NEA) announced that nearly 108 GW of new solar capacity would be connected to the grid by the end of 2022, almost double the capacity additions in 2021.
The recent approval of the National Green Hydrogen Mission by the Indian government is a significant step toward making India a global hub for the production, utilization, and export of Green Hydrogen and its derivatives. Investments in this sector through the Foreign Venture Capital Investor (FVCI) route will also be explored. The adoption of green hydrogen has the potential to enable India to reduce CO2 emissions by 3.6 gigatonnes cumulatively between now and 2050 and decrease industrial coal imports by 95%. Thus, driving the Smart Solar market revenue.
The Asia Pacific Smart Solar market segmentation, based on Components includes Automation, Metering, Communication, IntelliGrid. The IntelliGrid segment dominated the market. Intelligrid represents a comprehensive power delivery system equipped with sensors, communication capabilities, advanced computational capacity, and electronic control. It ensures the provision of dependable, digitally optimized power to cater to the demands of a progressively digital society. Factors propelling this market include growing regulatory requirements, government initiatives promoting non-conventional energy sources, as well as rising electricity tariffs and gas prices.
The Asia Pacific Smart Solar market segmentation, based on End-User, includes Utility, Government and Public Affairs, Education, and Healthcare. The Government and Public Affairs Sector category generated the most income. Solar energy emerges as a financially viable and eco-friendly option for various commercial settings, including schools, hospitals, hotels, shopping centers, cinemas, institutions, factories, banks, government offices, corporate offices, and gas stations, among others. Commercial entities typically have higher energy demands compared to residential consumers, with electricity powering lighting systems, machinery, computers, and other energy-intensive equipment regularly.
Figure 1: Asia Pacific Smart Solar Market, by Component, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As the energy sector increasingly shifts its focus towards renewable sources, there is a notable surge in demand for solar solutions within China. For instance, China witnessed its renewable energy capacity soar to 1,213 GW in 2022, constituting 47.3% of the nation's total generation capacity. Similarly, countries like China and India are rapidly accelerating the deployment of renewable installations, including solar and wind power, to meet their climate targets. These advancements are anticipated to drive up the demand for intelligent solar solutions in these nations. For example, data from China's National Energy Administration (NEA) indicates that the country's installed solar capacity reached 360 GW by the end of October 2022, marking a 29% year-on-year increase. During the first ten months of 2022 alone, China added 58.2 GW cumulatively, with over 5.6 GW installed in October.
Figure 2: Asia Pacific Smart Solar Market Share By Country 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Leading market players are investing heavily in research and development to expand their product lines, which will help the Smart Solar market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Smart Solar industry must offer cost-effective items.
Major players in the Smart Solar market are attempting to increase market demand by investing in research and development operations including ABB, Itron Inc., Aeris, Solnet Group, Solar Data Systems, Inc., Aclara Technologies LLC, General Electric, Huawei Technologies Co., Ltd, Siemens, Landis+Gyr.
Asia Pacific Smart Solar Industry Developments
August 2021: Huawei, a leading Chinese telecommunications company, introduced an integrated solar energy solution tailored for households in Kenya, aligning with its commitment to achieving carbon neutrality within the country.
May 2019: ABB Ltd. unveiled its latest line of solar string combiner boxes during the Intersolar 2019 event, addressing the growing demand for enhanced safety and performance in solar photovoltaic systems. These combiner boxes play a crucial role in improving the safety of solar panels and the overall photovoltaic plant. ABB has implemented a comprehensive plug-and-play approach to mitigate overvoltage risks, a common cause of damage to electrical devices.
Asia Pacific Smart Solar Market Segmentation
Smart Solar Component Outlook
Smart Solar End User Outlook
Smart Solar Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 16.9 Billion |
| Market Size 2023 | USD 19.2 Billion |
| Market Size 2032 | USD 55.83 Billion |
| Compound Annual Growth Rate (CAGR) | 14.20% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, End-User, and Region |
| Region Covered | Asia Pacific |
| Countries Covered | China, Japan, India, Australia, South Korea, Indonesia, Thailand, Vietnam, Malaysia, Singapore, and Rest of Asia-Pacific |
| Key Companies Profiled | ABB, Itron Inc., Aeris, Solnet Group, Solar Data Systems, Inc., Aclara Technologies LLC, General Electric, Huawei Technologies Co., Ltd, Siemens, Landis+Gyr |
| Key Market Opportunities | ·        Rising investments in smart energy solutions ·        Rise in awareness among buyers regarding adverse environmental impacts of non-renewable source-based power |
| Key Market Dynamics | ·        Increased Demand for Renewable Energy Sources |
Frequently Asked Questions (FAQ) :
The Asia Pacific Smart Solar market size was valued at USD 19.2 Billion in 2023
The market is projected to grow at a CAGR of 14.20% during the forecast period, 2024-2032.
The key players in the market are ABB, Itron Inc., Aeris, Solnet Group, Solar Data Systems, Inc., Aclara Technologies LLC, General Electric, Huawei Technologies Co., Ltd, Siemens, and Landis+Gyr, among others
The IntelliGrid category dominated the market in 2023
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