The global smart solar market is predicted to grow from $ 6.92 billion in 2021 to $ 13.52 billion in 2026, at a compound annual expansion rate (CAGR) of 15.9% over the foreseen period.
The implementation of smart solar solutions helps users to minimize their electricity costs and increase the efficiency of solar components through real-time monitoring and communication. Solar energy refers to the technology that collects sunlight and uses it for various purposes such as generating electricity, heating, desalinating sea water, etc. Smart solar power is an advanced form of the traditional solar power system.
With the escalating adoption of green energy initiatives and smart cities, the call for smart solar solutions has escalated dramatically in all countries. Regulatory mandates in North America, Europe and China are also driving this market. For the foreseen period, the smart solar market is predicted to grow at a moderate pace. Today, North America is the largest market for smart solar services.
The global smart solar market is in its early stages as there is a high call for energy management solutions and monitoring devices across various verticals. The report presents the different services and solutions that technology provides. Mechanized meters, monitoring platforms, and use in analytics and computing are the main drivers of the smart solar market. Companies operating in this highly competitive market adopt product launches as a development strategy to gain a competitive advantage. Companies like HCL and GE Energy are launching innovative products like solar smart mobile phones, protronix power boxes, etc. The worldwide smart solar market is supposed to grow steadily over the foreseen period. The escalating investments in the smart energy market and the reduction in the cost of solar PV are some of the factors that are predicted to drive the expansion of the market in the near future. Escalating energy call associated with the depletion of natural energy resources is likely to drive the market during the foreseen period. To control and foreseen our power consumption while monitoring power needs, there is a requirement for power management solution (devices) in the worldwide market. Advances in information technology and electronics are predicted to contribute to these renewable device developments. These devices are employed by existing solar energy solutions by enhancing their functional capabilities associated with monitoring and control capabilities. The smart solar market includes various services related to call response management and smart metering.
On the other hand, the requirement of high maintenance and investment cost, escalated risk of cyberattacks, and low conversion efficiency are supposed to limit the expansion of the worldwide smart solar market in the coming years.
The substantial increase in solar energy installation and consumption and escalated investment in smart grid technologies are some of the key factors that are predicted to stimulate the expansion of the worldwide smart solar energy market over the next few years. Additionally, growing government support for solar power projects and growing concern for the environment are predicted to complement the overall market expansion in the coming years. The growing need for energy management and robust smart grid deployment are predicted to strengthen the worldwide smart solar market during the foreseen period. Also, the solution is also useful for efficient energy management and offers innovative ways to monitor energy call. Customer concerns about non-renewable energy are translating into escalated call for green energy, especially solar energy, which in turn is likely to drive the market for years to come. In addition, technological innovations, positive social factors, and electricity rates are factors that are predicted to positively affect worldwide market expansion during the conjecture period.
Various issues related to data management and device replacement are believed to hamper market expansion.
Among all of them, the asset management category has a considerable market share due to technological advancements and strict regulatory mandates in Europe and North America.
Among all, the call response category has the considerable share of the smart solar market, due to the increase in energy call. These services help reduce or displace consumers' electricity use during peak periods in response to time-based rates or other forms of financial incentives.
The commercial and industrial category has the largest share of the smart solar market because the initial cost of implementing the smart solution and service is high, limiting the application in investor-owned utilities. Also, in the residential sector, smart solar energy has found fewer applications due to budget constraints.
The Smart Solar Market Report includes the segmentation of Regions:
North America is predicted to see solid expansion in the coming years and represent a massive share of the worldwide market. The strong expansion in this region can be attributed to the substantial increase in solar capacity and escalated investment. Additionally, the expansion in the number of planned smart solar projects in North America is predicted to accelerate market expansion in the coming years. Additionally, the Asia Pacific region is predicted to post healthy expansion in the coming years. The development and escalating deployment of integrated smart grid systems is predicted to drive the expansion of the smart solar market in Asia-Pacific during the foreseen period. Furthermore, favorable government policies and subsidies are predicted to provide potential expansion opportunities for the major players operating in the market. North America dominates the worldwide smart solar market due to technological advancements and the huge solar industry.
North America was followed by Europe and Asia-Pacific. In Asia-Pacific, the market is predicted to record the highest revenue share due to the huge call for solar applications, along with the development of government initiatives to boost the market for renewable energy, especially solar energy. The Middle East, Africa and Central and South America are predicted to show healthy market expansion in the coming years. Developing countries are predicted to focus on major concerns related to solar panel installation that are predicted to drive market expansion.
The world economy is in shock due to the measures implemented in all countries to ensure the containment of the COVID-19 pandemic. Lockdowns and restrictions in the wake of the pandemic have silenced economies around the world, disrupting supply chains, delaying projects and creating a labor shortage. The containment of financial activities is forcing the Indian business community to find itself in uncharted territory; the solar sector has not been spared from this unprecedented crisis of modern times. One of the main catalysts for the government's attempt to reach the clean energy goal; the solar segment remained high and dry. Like any industry, the solar industry will face a series of short- and long-term repercussions from contagion. The solar industry will have its share of the immediate challenges of COVID-19, such as labor shortages, compliance with social distancing, lack of parts and equipment, and smart user spending. Social distancing is assumed to be the norm for a few months; public transport, especially trains and buses, will take a long time to start. This will create a labor shortage as the current employment situation is in dire straits.
Some of the key players that offer smart solar solutions and services are
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Smart Solar Market, By Solution
6.1.1 Network Monitoring
6.1.2 Meter Data Management
6.1.4 Supervisory Control And Data Acquisition (SCADA)
6.1.5 Remote Metering
6.1.6 Asset Management
6.1.7 Market Size Estimations & Forecasts (2021-2026)
6.1.8 Y-o-Y Growth Rate Analysis
6.1.9 Market Attractiveness Index
6.2 Smart Solar Market, By Application
6.2.2 Commercial & Industrial
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Smart Solar Market, By Service
6.3.2 Call Response
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Solution
7.2.3 By Application
7.2.4 By Service
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Solution
7.3.3 By Application
7.3.4 By Service
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Solution
7.4.3 By Application
7.4.4 By Service
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Solution
7.5.3 By Application
7.5.4 By Service
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Solution
7.6.3 By Application
7.6.4 By Service
8. Key Player Analysis
8.1 ABB Group
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 GE Power
8.3 Itron Inc
8.4 Schneider Electric
8.5 Siemens AG
8.6 Echelon Corporation
8.7 Landis+GYR AG
8.8 Sensus USA Inc.
8.9 Silver Spring Networks Inc.
8.10 Urban Green Energy International
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures