A 'smart' solar system is a PV solar system that analyses a home's energy use and solar energy production. Smart solar entails more than just monitoring; it also entails taking control of energy usage habits and behaviour, as well as viewing the big picture.
A large increase in solar energy installation and consumption, as well as increased expenditures in smart grid technology, are some of the key factors that are predicted to drive the worldwide smart solar market forward in the coming years. Furthermore, increased government support for solar energy projects, as well as rising environmental concerns, are likely to bolster the total market's growth in the coming years.
In the global market, energy management solutions (devices) are required to control and forecast our energy use as well as monitor our energy requirements. Advances in information technology and electronics are expected to contribute in the creation of these environmentally friendly products. These devices are used to improve the functionality of existing solar energy systems while also monitoring and maintaining them. The market for smart solar systems encompasses a wide range of demand response and smart metering services. In addition, the system facilitates effective energy management and introduces novel energy demand monitoring techniques. Smart solar energy systems have replaced traditional solar energy systems.
On the other hand, the global smart solar market's growth is expected to be limited in the next years due to high maintenance and investment costs, as well as the increasing risk of cyber-attacks and low conversion efficiency. Furthermore, the industry's progress is projected to be hampered by a number of issues related to data management and device replacement. Nonetheless, the global smart solar market is likely to develop in the next years due to rising need for energy management and wider adoption of smart grids.
The report also emphasizes several distinctiveness of the global smart solar industry by valuing the market from value chain breakdown. Moreover, the report encompasses numerous qualitative features of the smart solar industry which comprises market restraints, drivers, as well as key industry opportunities. Furthermore, the report offers an inclusive evaluation of the company profiling along with the market rivalry of local and global vendors.
The smart solar market has tough competition among the new emerging and pre-established market vendors. Besides, the smart solar industry vendors are trying to capture the prospective markets to grab a competitive advantage over the remaining industry vendors. To capture the market, market players are forming agreements, acquiring other companies & startups, mergers & acquisitions, partnerships & collaboration, and escalating their business existence.
The market is divided into commercial, industrial, and residential segments based on the application. Due to the high initial cost of establishing smart solar solutions and services, which limits their use in investor-owned utilities, commercial applications are gaining pace quicker than residential applications. Despite the fact that traditional solar solutions have a good penetration in the residential segment, home consumers are hesitant to participate in smart solar solutions due to budgetary restrictions.
Among other things, the Asia-Pacific region is predicted to have the greatest market share in 2020. Smart solar systems are becoming increasingly popular in Asia-Pacific. Many countries in this region perceive smart solar solutions as a middle-out innovation growth opportunity. The solar business is seeing substantial demand as the energy industry shifts its focus to renewable energy sources, as indicated by recent favourable laws such as Japan's FIT plan. Growing investments in grid automation and demand response in Japan, India, and South Korea are helping to propel this industry forward. The Chinese solar power sector has been the fastest developing for the previous several years.
The major players of the global Smart solar market are Silver Spring Networks, INC, GE Energy, Echelon, Smart Solar Solutions LLC, Intergraph, Aclara Software, Calico Energy Services, Sun Power, Trilliant, INC, Schneider Electric, Urban Green Energy, Cooper Industries, Landis Gyrag, ABB, HCL Technologies, Sensus, BPL Global LTD, Itron, INC, and Siemens. Renowned companies are offering new and modern Smart solar software solutions. In addition, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.
Segment Overview of Global Smart Solar Market
Component Overview, 2019-2028 (USD Billion)
- Asset Management
- Network Monitoring
- Meter Data Management
- Remote Metering
- Outage Management
- Integration and Deployment
- Support and Maintenance
Product Component Overview, 2019-2028 (USD Billion)
- Smart Solar Meters
- Photovoltaic Panels
Application Overview, 2019-2028 (USD Billion)
Regional Overview, 2019-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America