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Pulished Date February, 2021
ID: 11161
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Smart Solar Market – Segmented By Solution (Network Monitoring, Meter Data Management, Analytics, Supervisory Control and Data Acquisition (SCADA), Remote Metering, Asset Management, and Others), By Service (Consulting, Demand Response, and Others), By Application (Residential and Commercial & Industrial Application) Size, Share, Trends and Growth Analysis Report and Region - Industry Forecast | 2021 to 2026

Pulished: February, 2021
ID: 11161
Pages: 175

Smart Solar Market Value and Growth:

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.

Smart Solar Market Trends:

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.

Recent Developments in the Smart Solar Market:

  • Smart wearable manufacturer Garmin expanded its portfolio of solar powered smartwatches on Friday with the launch of Instinct Solar and Fenix ​​6 Pro Solar starting at Rs 42,090 in the Indian market.
  • Trina Solar Limited, a leading provider of total solar energy solutions, has launched a new smart photovoltaic solution, TrinaPro, at its worldwide headquarters in Changzhou, China.

Smart Solar Market Drivers:

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.

Smart Solar Market Restraints:

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.

Opportunities in the Smart Solar Market:

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.

Challenges in the Smart Solar Market:

Various issues related to data management and device replacement are believed to hamper market expansion.

Smart Solar Market Segmentation:

By solution:

  • Network Monitoring
  • Meter Data Management
  • Analytics
  • Supervisory Control And Data Acquisition (SCADA)
  • Remote Metering
  • Asset Management
  • Others

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.

By service:

  • Consulting
  • Call Response
  • Others

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.

By application:

  • Residential
  • Commercial & Industrial

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.

Smart Solar Market Regional Analysis:

The Smart Solar Market Report includes the segmentation of Regions:

  • North America 
  • Europe 
  • Asia Pacific
  • Latin America 
  • Middle East & Africa 

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.

Impact of Covid-19 on Smart Solar Market:

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.

Smart Solar Market Key Players:

Some of the key players that offer smart solar solutions and services are

 

1. Introduction                                 

                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                        

                                4.1.1 Drivers      

                                4.1.2 Restaints 

                                4.1.3 Opportunities        

                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         

                                5.1.2 Products/Service 

                                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

                                6.1.3 Analytics  

                                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                  

                                6.2.1 Residential              

                                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                          

                                6.3.1 Consulting               

                                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              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Solution             

                                7.2.3 By Application       

                                7.2.4 By Service

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 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              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 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              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 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              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                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           

                                8.1.2 Products/Service 

                                8.1.3 Financials 

                                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                                 

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Smart Solar Market By Region, From 2021-2026 ( USD Billion )
  2. Global Smart Solar Market By Solution, From 2021-2026 ( USD Billion )
  3. Global Network Monitoring Market By Region, From 2021-2026 ( USD Billion )
  4. Global Meter Data Management Market By Region, From 2021-2026 ( USD Billion )
  5. Global Analytics Market By Region, From 2021-2026 ( USD Billion )
  6. Global Supervisory Control And Data Acquisition (SCADA) Market By Region, From 2021-2026 ( USD Billion )
  7. Global Remote Metering Market By Region, From 2021-2026 ( USD Billion )
  8. Global Asset Management Market By Region, From 2021-2026 ( USD Billion )
  9. Global Smart Solar Market By Application, From 2021-2026 ( USD Billion )
  10. Global Residential Market By Region, From 2021-2026 ( USD Billion )
  11. Global Commercial & Industrial Market By Region, From 2021-2026 ( USD Billion )
  12. Global Smart Solar Market By Service, From 2021-2026 ( USD Billion )
  13. Global Consulting Market By Region, From 2021-2026 ( USD Billion )
  14. Global Call Response Market By Region, From 2021-2026 ( USD Billion )

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