The global Smart Solar market is projected to reach $47.7billion by 2031, growing at a CAGR of 13.6%
.jpg
"The Global Smart Solar Market 2021-2031 (USD Billion)")
The global smart solar market is predicted to boost over the upcoming forecast period. The rising energy demand along with the depletion of natural energy resources is expected to drive the market over the forecast period. The smart solar solution market includes various services which are related to demand response management and smart metering. Customers' concern related to nonrenewable energy is resulting into augmenting green energy demand especially solar energy which in turn is expected to drive market in the coming years. High-cost involvement and product inefficiency are some factors that are expected to hinder market growth. Smart solar solutions help customers reduce their electricity costs and increase the efficiency of solar equipment by monitoring and communicating in real-time. Substantial rise in solar energy installation and consumption; and hike in investments that in smart grid technologies are some of the key factors that are projected to drive the global smart solar market in the next few years. Additionally, increase in governmental support for solar energy projects and rise in environmental concerns are anticipated to boost the market in the next few years.
This can be ascribed to the rising energy demand coupled with the depletion of natural energy resources. It offers new opportunities for key players operating in the global smart solar market. Besides, the use of blockchain and artificial intelligence in solar energy are the latest smart solar market trends.
However, high investment and maintenance cost, and low conversion efficiency are hampering the market growth. Furthermore, Evolving Solar Industry, increasing environmental awareness and technological evolution is likely to provide lucrative development opportunities for the smart solar market in the forthcoming years.
Smart Solar Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | $47.7billion |
| Growth Rate | CAGR of 13.6 % during 2022-2031 |
| Segment Covered | Product, Solution, Service, Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Smart Solar Corporation, Siemens AG, ABB Ltd., GE Renewable Energy, Echelon Corporation, Schneider Electric SE, Trilliant Holdings Inc., Aclara Software Inc., Itron Inc., and HCL Technologies Limited. |
Key Segments of the Global Smart Solar Market
Solution Overview, 2021-2028 (USD Million)
- Asset Management
- Network Monitoring
- Meter Data Management
- Analytics
- SCADA
- Remote Monitoring
- Outage Management
Service Overview, 2021-2028 (USD Million)
- Consulting
- System Integration and Services
- Support & Maintenance
- Demand Response
Application Overview, 2021-2028 (USD Million)
- Government
- Utility
- Healthcare
- Construction
- Agriculture
- Education
- Others
Regional Overview, 2021-2028 (USD Million)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- GCC
- Rest of Middle East and Africa
- South America
- Brazil
- Mexico
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global smart solar market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global smart solar market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the smart solar market industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on Devices, Solution, Services, and Application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Smart Solar market market. The report will benefit Every stakeholder involved in the smart solar market.
- Managers within the smart solar market industry looking to publish recent and forecasted statistics about the global smart solar market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global smart solar market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The global smart solar market is expected to hit over $47.7billion 2031 and projected to grow at a CAGR of 13.6% over the forecast period.
The applications of the smart solar market is Government, Utility, Healthcare, Construction, Agriculture, Education & Others
The top manufacturers of smart solar Market are Smart Solar Corporation, Siemens AG, ABB Ltd., GE Renewable Energy, Echelon Corporation, Schneider Electric SE, Trilliant Holdings Inc., Aclara Software Inc., Itron Inc., and HCL Technologies Limited.
The Asia-Pacific region is predicted to have the greatest market share in 2020
The report sample for smart solar Market report can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
The growing investments in smart grid are likely to offer robust growth opportunities to the market over the forecast period. Various environmental protection regulations worldwide are allowing power generation enterprises in shifting eco-friendly and cleaner energy resources. Major countries across the globe are highly focused to increase renewable energy power generation for reducing their reliance on conventional power generation via fossil fuels. Solar energy is a chief renewable energy source having the ability of meeting most of the world’s challenges.
Smart solar solutions help customers reduce their electricity costs and increase the efficiency of solar equipment by monitoring and communicating in real-time. The traditional power generation techniques primarily depend on non-renewable energy sources and lead to heavy pollution
Substantial rise in solar energy installation and consumption; and hike in investments that in smart grid technologies are some of the key factors that are projected to drive the global smart solar market in the next few years. Additionally, increase in governmental support for solar energy projects and rise in environmental concerns are anticipated to boost the market in the next few years.
However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Solution Segment
In terms of the service, the market is categorized into asset management, network monitoring, meter data management, analytics, SCADA, remote metering, and outage management. The asset management segment is dominating the solar market during the forecast period. The growth in this segment is driven by the technological advancement and stringent regulatory mandates.
Service Segment
In terms of the service, the market is categorized into consulting, system integration and Services, support & maintenance, and demand response.
Application Segment
Based on the application, the market is segmented into government, utility, healthcare, construction, education, agriculture, and others. The market for the utility segment will have the maximum share in the market over the forecast period due to several ongoing utility-scale solar projects being in the pipeline across the world
North America is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the smart solar market in this region is mostly ascribed to the rising number of smart solar projects and increasing grants and solar subsidies from the U.S. government. However, the Asia Pacific region is likely due to the rising government support for using solar energy use and growing number of smart cities project. The domination of this region is largely ascribed to the large number of growing ecenomies.
.png "Asia-Pacific Smart Solar Market, 2021-2028 (USD Million)")
The major players of the global smart solar market are 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, SunPower Corporation, Aclara Technologies LLC, HCL Technology Ltd., Eaton, and UGE International Ltd Renowned companies are offering new and modern smart solar solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic Smart Solar Meter to remain competitive in the global market.