Global Smart Solar Market was valued at US$ 8.6Bn in 2019 and is expected to reach US$ 27.3 Bn by 2027, at a CAGR of 15.53% during a forecast period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Increasing energy demand coupled with the natural energy resources depletion is expected to drive the global smart solar market during the forecast period. In order to control and estimate our energy consumption along with monitor energy requirements, there is an energy management solution requirement in the global market. Information technology and electronics field advancement are likely to contribute towards these renewable device developments. These devices are used by existing solar energy solution by increasing their functional capabilities coupled with monitoring and control capabilities. The smart solar solution includes many services which are related to demand response management and smart metering.
Emerging economies emerges with increasing economic conditions and greater investment in infrastructure are acting as key opportunities for the global smart solar market. High initial cost involved in the installation of smart solar components or opting for solution or services related to smart solar devices is among the major challenges faced by the key player in the smart solar market globally.
Commercial and Industrial segment is dominating the market for smart solar owing to increasing demand for electricity in the commercial and industrial sector has increased the demand for smart solar products in commercial and industrial application. The domestic application is the second-largest application for the global smart solar market. The growing population and economy of many countries have pushed the demand for electricity in domestic use.
Solution segment accounted for about 70% of the total market share and dominated the industry. Solar generation is mostly supported by a SCADA system that can be driven from a remote terminal unit (RTU) or a programmable logic controller (PLC). The advances in demand response and automation techniques will fuel the growth of the market in solution segment.
North America holds one of the largest market shares in the smart solar market. High technical early adoption key trends for improving efficiency and high awareness among end users in the North American region has driven the growth of the smart solar market. The Asia Pacific is one of the fastest growing smart solar markets and offers a profitable opportunity for many solutions vendors, owing to growing awareness, a high government initiative for using non-conventional sources.
The US is estimated to occupy nearly 4% share in the global solar import market. Lack of domestic manufacturing capacity is limiting the market share of the US for smart solar technology market. However, countries, for instance, Japan, India, Chile, France, China, Turkey, Brazil, Mexico and El Salvador are the largest solar export market and are predictable to bring new business opportunities for smart solar technology market during the forecast period.
Key Development: In February 2018, ABB expanded its solar inverter portfolio with the PVS-100/120 inverter and goals to reduce CAPEX and OPEX costs for installers and developers. It is proper for both large-scale commercial and industrial ground mounted and rooftop applications.
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Scope of Global Smart Solar Market
Global Smart Solar Market, By Device
• Smart Solar Meters
o AMR Meters
o AMI Meters
• IntelliGrid
• RFID
Global Smart Solar Market, By Solution
• Asset Management
• Network Monitoring
• Meter Data Management
• Analytics
• Supervisory Control and Data Acquisition (SCADA)
• Remote Metering
• Outage Management
Global Smart Solar Market, By Service
• Consulting Services
• System Integration and Deployment Services
• Support and Maintenance Services
• Demand Response Services
Global Smart Solar Market, By Application
• Commercial and Industrial
• Residential
Global Smart Solar Market, By Industry Sector
• Government
• Utilities
• Healthcare
• Construction
• Education
• Agriculture
• Others
Global Smart Solar Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Key Players operating in Global Smart Solar Market
• GE Energy
• IBM Corporation
• Google Inc.
• Microsoft
• Oracle
• Intel
• ABB Ltd.
• Echelon Corporation
• Schneider Electric
• HCL Technologies
• Siemens AG
• Sensus USA Inc.
• Silver Spring Networks Inc.
• Landis+GYR AG
• Solarcity
• Itron Inc.
• Sunnova
• Sun Power
• Urban Green Energy (UGE) International
• Calico Energy Services
• Aclara Technologies LLC
• Smart Solar Solutions LLC
• Intergraph
• Vivint Solar
• Trina Solar
• JA Solar
• Yingli
• Suntech
• Jinko Solar
• Canadian Solar
• Hanwha Q-Cells
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