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Smart Solar Market worth USD 41.56 billion by 2027, registering a CAGR of 15.8% – Report by Market Research Future (MRFR)

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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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Key Players

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.

Industry Updates

May 2021- Vale S.A. has selected Nextracker to supply smart solar trackers for the Sol de Cerrado solar project in Minas Gerais, Brazil. 

Alluring Features that Boost Market Growth

As per the latest MRFR report, there are numerous factors that are propelling the global smart solar market share.


Browse In-depth Market Research Report (111 pages) on Smart Solar

https://www.marketresearchfuture.com/reports/smart-solar-market-7522


Drivers

High Demand for Smart Solar Technology to Boost Smart Solar Market

The high demand for smart solar technology is predicted to boost smart solar market growth over the forecast period. This technology is the improvement of existing technology with enhanced functionality of components and synchronizing with the currently available systems. It offers low maintainability, optimized performance, operational efficiencies, and improved functionality. Smart solar technology allows real-time monitoring, communication efficiency, and analytics that allows them in delivering improved operational performance and control. Hence, the growing need for non-conventional efficient energy management solutions across the globe will offer surplus opportunities for smart solar solutions & service providers.

Opportunities

Growing Investments in Smart Grids to offer Robust Opportunities

The growing investments in smart grid are likely to offer robust growth opportunities to the market over the forecast period.  Various environmental protection regulations worldwide are allowing power generation enterprises in shifting eco-friendly and cleaner energy resources. Major countries across the globe are highly focused to increase renewable energy power generation for reducing their reliance on conventional power generation via fossil fuels. Solar energy is a chief renewable energy source having the ability of meeting most of the world’s challenges.

Besides, the use of blockchain and artificial intelligence in solar energy are the latest smart solar market trends

Restraints

High Maintenance Cost to act as Market Restraints

The high investment and maintenance costs, low conversion efficiency, and the growing risk of cyber-attacks are likely to limit the smart solar market revenue over the forecast period.

Challenges

Data Management Issues to act as key Market Challenge

Several issues associated with data management and device replacement may impede the global smart solar market value over the forecast period.


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Market Segmentation

The intelligrid device segment will lead the market over the forecast period. The growing regulatory compliances and initiatives by the government to adopt non-conventional energy sources coupled with surging gas prices and electricity tariffs are adding to the growth of the segment.

  • By Solution

The asset management segment will dominate the market over the forecast period for strict regulatory mandates in Europe and North America, and technological advances.

  • By Service

By service, the smart solar market is segmented into support and maintenance services, demand response services, system integration and deployment services, and consulting services.

  • By Application

The commercial and industrial application segment is predicted to spearhead the market over the forecast period.

  • By End Use

By end use, the utilities segment will have the lions share in the market over the forecast period for several ongoing utility-scale solar projects being in the pipeline across the world.

Regional Takeaway

APAC to Remain Forerunner in Smart Solar Market

The APAC region is predicted to remain forerunner in the market over the forecast period. The integration of information flow and communication technology in commercial buildings and households, huge technological spending, penetration of component and meter manufacturing in Japan, India, and China, increasing government support for solar energy use, increasing number of smart city projects, and increase in electricity tariffs are adding to the smart solar market growth in the region. Besides, high solar irradiance levels, low manufacturing cost of components, high carbon emission reduction targets by India and China, and growing need for energy consumption, are also adding market growth.

Segmentation of Market covered in the research:

Information by Solutions (Meter Data Management, Network Monitoring, Analytics, SCADA, Remote Metering), Services (Consulting, Demand Response), Application (Commercial, Industrial, Residential), and Region


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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

Appian Named a Leader in the 2024 Gartner® Magic Quadrant™ for Process Mining Platforms Report

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LONDON, May 3, 2024 /PRNewswire/ — Appian (Nasdaq: APPN) today announced it has been named a Leader by Gartner in its 2024 Magic Quadrant for Process Mining Platforms report. The report evaluated 18 vendors and their product offerings. For more information, download a complimentary copy of the Gartner Process Mining 2024 report. 

Gartner defines Process Mining platforms as tools that deliver visibility and insights to technology innovation leaders that enable smart decision making and strong performance on an organisation’s critical priorities. Features that make Appian a leader in Process Mining, include:
Faster data prep that eliminates complex transformation with always-ready data from multiple sources.Automated process analysis and intelligent recommendations for where and how to take action.A low-code experience for measuring, monitoring, and optimising process performance—all within one platform.”We believe that Appian’s recognition in the Gartner Process Mining Platforms Magic Quadrant underscores our dedication to process excellence. Through Process HQ, we integrate data fabric, process mining, machine learning, and generative AI to streamline manual data prep, enabling businesses to gain insights swiftly and implement improvements easily,” said Michael Beckley, CTO and Founder of Appian. “Our unified approach merges Process Mining with AI-driven process automation, setting a new standard for efficiency and intelligence.”
Business users need greater visibility into the full breadth of their enterprise data and processes in order to maximise operational efficiency and strategic decision-making. By combining the latest technologies in data fabric, process mining, machine learning, and generative AI, Process HQ helps monitor and improve every business process built on Appian. Process HQ makes it easy to reduce costs, risks, and delays, improve compliance, and drive better business outcomes, without the need for costly and time-consuming data collection efforts.
Appian is now an industry leader across its value proposition to Design, Automate, and Optimise the most complex business processes. In addition to today’s announcement, Appian was named a Leader in the 2023 Gartner® Magic Quadrant™ for Enterprise Low-Code Application Platforms report, and was ranked #1 for the Business Workflow Automation with Integration Use Case in the 2023 Gartner® Critical Capabilities for Enterprise Low-Code Application Platforms (LCAP) report.
To access the report and to learn more about Appian’s positioning, visit https://ap.pn/3y2ClZy. Register for our upcoming webinar Process Intelligence Made Easy: The Key to Better Business Decisions on June 20, 2024 at 12pm EST to discover how Process HQ can improve business processes.
Gartner disclaimerGartner does not endorse any vendor, product or service depicted in our research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner and Magic Quadrant is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
About Appian
Appian is a software company that automates business processes. The Appian AI Process Platform includes everything you need to design, automate, and optimise even the most complex processes, from start to finish. The world’s most innovative organisations trust Appian to improve their workflows, unify data, and optimise operations—resulting in better growth and superior customer experiences. For more information, visit appian.com. [Nasdaq: APPN]
Follow Appian: LinkedIn, X, and X (UK).
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Artificial Intelligence

Innodisk Introduces iCAP Air: Advancing Air Quality Management through Autonomous Decision-Making

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TAIPEI, May 3, 2024 /PRNewswire/ — Innodisk, a global leader in AI solutions, has taken a pivotal step forward in environmental sustainability with the launch of its latest innovation, the “iCAP Air” air quality management solution. This solution empowers businesses worldwide to enhance air quality, sustainability, and human health. Additionally, business can benefit from monthly AI-generated air quality data report, providing valuable insights for informed decision-making.

Leveraging its expertise in edge computing and software and hardware integration, along with the expertise of its subsidiary Sysinno in air quality detection, Innodisk has achieved the development of the “iCAP Air” air quality management solution. This solution integrates advanced technology, including the innovative “iAeris7” air quality detector from Sysinno, to deliver accuracy in detecting temperature, humidity, fine suspended particles (PM2.5), suspended particles (PM10), carbon dioxide (CO2), formaldehyde and total volatile organic compounds (TVOC). It can also be customized to detect NO2, SO2, CO, NH3, and other air factors. At the same time, the iAeris7 device is known for its reliability, patented technology, and various international certifications, including those from SGS and FCC/CE/RoHS/NCC/BSMI.
The solution also includes the “iCAP Air Server,” designed to manage large-scale deployment and data from up to 100 air quality detectors, ensuring seamless integration and efficient operation, even in complex environments. Additionally, iCAP Air provides a user-friendly air quality management platform, enabling organizations to monitor air quality in real-time via a mobile app or internet browser, receive automatic alerts, and optimize air purification or exhaust ventilation system.
iCAP Air is a comprehensive solution that simplifies air quality management for users. It is tailored for medium to large-sized sites or densely populated, enclosed spaces such as medical institutions, smart manufacturing facilities, public transportation hubs, indoor parking facilities, and department stores. Innodisk’s “iCAP Air” air quality management solution represents a milestone for all businesses committed to leveraging technology for the greater good of air quality and society.
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Artificial Intelligence

Bitrue expands Bitcoin Runes Offerings with GPTV Listing and Staking Options

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VICTORIA, Seychelles, May 3, 2024 /PRNewswire/ — Leading digital asset exchange Bitrue continues its community-driven approach with the listing of a new Bitcoin Runes token, GPTV•AI•PEPE•KING (GPTV). This follows the recent addition of several other Bitcoin Runes tokens to the platform, including SATOSHI•NAKAMOTO (SATOSHI), LOBO•THE•WOLF•PUP (LOBO), RSIC•GENESIS•RUNE (RSIC), and DOG•GO•TO•THE•MOON (DOG). Trading for the GPTV/USDT pair commenced on April 30th, 2024.

What is GPTV?
GPTV is the native token of AI PEPE KING, a project claiming to be the “largest AI Meme Community” with a presence on both the Polygon (AIPEPE) and Bitcoin Runes (GPTV) blockchains. Notably, AI PEPE KING secured a $10 million investment to develop AI-powered customer service tools leveraging the ChatGPT technology. Additionally, they are building a “Dream Lottery” system. Revenue generated from these products is earmarked for buybacks and burns of both AIPEPE and GPTV tokens, potentially influencing their long-term value.
Staking Opportunities with Attractive Yields
Bitrue is also offering users staking opportunities for those holding BTR, AIPEPE, RSIC, or DOG tokens. By staking their holdings, users can earn rewards in GPTV, with estimated annual percentage yield (APY) varying on the staked token, with BTR offering 22.15%, AIPEPE at 23.18%, RSIC boasting a higher 31.37%, and DOG coming in at 23.62%. These yields present a potentially lucrative opportunity for users to grow their cryptocurrency holdings, but also come with financial risk and the potential for investment to return much lower yields.
Bitrue’s Focus on Community Engagement
The listing of these Bitcoin Runes tokens is a testament to Bitrue’s commitment to its user base. The decision to add these tokens stemmed from a community poll conducted through an X poll on Bitrue’s X account. This highlights the exchange’s dedication to incorporating community feedback into its decision-making process, fostering a sense of collaboration and shared interest.
With the addition of GPTV and the introduction of staking opportunities, Bitrue continues to expand its offerings for users interested in the burgeoning world of Bitcoin Runes tokens. The exchange’s focus on community engagement further strengthens its position as a platform that prioritizes user input and satisfaction.
About Bitrue
Launched in July 2018, Bitrue is a diversified digital asset exchange that supports trading, loans and investments. Bitrue aims to utilize blockchain technology to bring financial opportunities to everybody regardless of their location or financial position. With offices in Asia and Europe, the business continues to develop new features at a rapid speed to fully service the new wave of the digital economy. More information is available at Bitrue’s website.
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