New York, June 28, 2021 (GLOBE NEWSWIRE) — Smart Solar Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Smart Solar Market Research Report, Solutions, Services, Application and Region – Forecast till 2027” , the market is projected to be worth USD 41.56 billion by 2027, registering a CAGR of 15.8% during the forecast period (2021 – 2027).the market was valued at USD 13.1 billion in 2020.
Impact of COVID-19 Pandemic on Smart Solar Industry
The impact of the COVID-19 crisis on different business sectors like hospitality, aviation, manufacturing, and others has been unprecedented and explicit. The restrictions and lockdown resulting from the outbreak has severely impacted economies across the world, creating huge labor shortage, delay in projects, and disruption in supply chains. The renewable sector in several countries across the globe is dependent mostly on imports from other regions, particularly China. About 80% modules and solar cells in India get imported from China along with other equipment such as raw materials, prefabricated structures, and inverters. Solar project developers in India are concerned regarding delay of products following the slowdown of manufacturing in China due to government-imposed lockdowns. The leading solar equipment suppliers have experienced production delays owing to the pandemic resulting in a huge backlog to fulfill orders. For instance, the Seychelles government in July 2020 confirmed that there will be a delay in the solar PV power plant's construction due to concerns regarding the global pandemic.
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Eminent players profiled in the global smart solar market report include
- ABB (Switzerland)
- GE Power (us)
- Itron Inc. (us)
- Schneider Electric (France)
- Echelon Corporation (US)
- Silver Spring Networks Inc. (US)
- Landis+GYR AG (Switzerland)
- Sensus USA Inc. (US)
- Urban Green Energy (UGE) International (US)
Key players have incorporated several strategies to stay ahead in the competition such as R&D activities, partnerships, collaborations, and more.
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