Market Scenario, Increasing dependence on renewable energy resources, especially solar power is expected to drive the demand for smart solar, which would help enhance the efficiency of solar power use. Smart solar facilitates various advantages to the end-use segments, which install solar panels. For instance, smart solar geolocates the end-use site and provides a personal recommendation. Also, it helps the end users save up to 70% of their electricity bills. Moreover, there are various kinds of solutions being provided by some of the key players, including ground-mounted solutions, rooftop solutions, and off-grid systems. , Increasing adoption of green energy and the emergence of smart cities, a substantial rise in solar energy installation, and growing investments being made in smart grid are some of the major drivers, driving the smart solar market. In addition, increasing regulatory compliance, and increasing number of solar energy projects are some of the factors driving the smart solar market. Smart buildings and home automation systems are some of key application areas that are witnessing a strong growth rate. Buildings are getting smarter and have embedded the technologies, including smart solar. Smart solar, as a technology helps end users make decisions about how the building should operate more efficiently. , The global smart solar market is projected to grow at a high rate during the forecast period, mainly due to the regulatory mandates across the globe, especially North America, Europe, and Asia-Pacific. For instance, Hawaii’s redesign of utility incentives provides a model for how utilities can benefit from solar growth. Also, Virginia’s major utility initiated the first step toward significant solar procurement in accordance with new state law. All these factors are likely to drive the smart solar market., Global smart solar market has been segmented based on device, solution, service, application, and end-user. On the basis of solution, asset management sub-segment is expected to be the largest sub-segment within the smart solar market. This largest market size of this sub-segment is due to the technological advancement and stringent regulatory mandates across North Amer

Market Scenario

Increasing dependence on renewable energy resources, especially solar power is expected to drive the demand for smart solar, which would help enhance the efficiency of solar power use. Smart solar facilitates various advantages to the end-use segments, which install solar panels. For instance, smart solar geolocates the end-use site and provides a personal recommendation. Also, it helps the end users save up to 70% of their electricity bills. Moreover, there are various kinds of solutions being provided by some of the key players, including ground-mounted solutions, rooftop solutions, and off-grid systems.

Increasing adoption of green energy and the emergence of smart cities, a substantial rise in solar energy installation, and growing investments being made in smart grid are some of the major drivers, driving the smart solar market. In addition, increasing regulatory compliance, and increasing number of solar energy projects are some of the factors driving the smart solar market. Smart buildings and home automation systems are some of key application areas that are witnessing a strong growth rate. Buildings are getting smarter and have embedded the technologies, including smart solar. Smart solar, as a technology helps end users make decisions about how the building should operate more efficiently.

The global smart solar market is projected to grow at a high rate during the forecast period, mainly due to the regulatory mandates across the globe, especially North America, Europe, and Asia-Pacific. For instance, Hawaii’s redesign of utility incentives provides a model for how utilities can benefit from solar growth. Also, Virginia’s major utility initiated the first step toward significant solar procurement in accordance with new state law. All these factors are likely to drive the smart solar market.

Global smart solar market has been segmented based on device, solution, service, application, and end-user. On the basis of solution, asset management sub-segment is expected to be the largest sub-segment within the smart solar market. This largest market size of this sub-segment is due to the technological advancement and stringent regulatory mandates across North America and Europe. However, meter data management is expected to grow at the highest growth rate within the same segment due to the growing roll-outs of smart meters and smart grids.

The global smart solar market is expected to grow at ~15.50% CAGR during the forecast period.

Market Segmentation

Global Smart Solar Market

Global smart solar market is expected to witness a high growth rate during the forecast period owing to increasing efforts being made by emerging economies in adopting the renewable resources in the power generation. Solar power is one of the most prominent energy resources used for power generation purposes. For instance, a Japanese company, named as Smart Solar Corp. set up a 2.6 MW PV plant in Kumamoto in 2018. The plant comprises 8,277 solar panels and is estimated to offset 1.55 million tonnes of carbon dioxide, annually. These kinds of solar plants would require a proper smart system to manage all these solar panels, driving the market for smart solar in the emerging economies.

Key Players

The key players of global smart solar market are 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), and Urban Green Energy (UGE) International (US).

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