The Global Smart Solar Market is predicted to grow from US$ 17.31 billion in 2022 and is anticipated to reach a valuation of US$ 41.16 billion in 2028, growing with a CAGR of 15.90% over the foreseen period 2023-2028.
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 labour 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 labour 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 labour shortage as the current employment situation is in dire straits.
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, Protonix 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 foresee our power consumption while monitoring power needs, there is a requirement for power management solutions (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 costs escalated the risk of cyberattacks, and low conversion efficiency is 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 is predicted to complement the overall market expansion in the coming years. The growing need for energy management and robust smart grid deployment is 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 an 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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
15.90% |
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Segments Covered |
By Solution, Service, Application, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
ABB Group, GE Power, Itron Inc., Schneider Electric, Siemens AG, Echelon Corporation, Landis+GYR AG, Sensus USA Inc., Silver Spring Networks Inc., Urban Green Energy International, and Others. |
Market Segmentation:
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 a 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.
Market Regional Analysis:
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 are predicted to drive the expansion of the smart solar market in Asia-Pacific during the foreseen period. Furthermore, favourable 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 which is predicted to drive market expansion.
Market Key Players:
Some of the key players that offer smart solar solutions and services are
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