The global smart solar market size is likely to project a CAGR of nearly 14.6% during the forecast years 2021-2028. Smart solar market is driven by the increasing adoption of the green house and the emergence of smart cities. The adoption of smart solar solution is driven by the growing number of regulatory compliance by the government and depletion of natural energy sources.
The present and future smart solar market progress is summarized to conclude the attractiveness of the entire market. Also, prime factors that influence the smart solar market opportunities during the forecast year are factors such as rising environmental awareness among the people and increasing acceptance of Paris climate change by several countries around the globe are the key factor driving the market growth for smart solar market.
Also, the growing energy demand from residential and industrial end users and depleting natural resources have resulted in the need to control the energy consumption and switch to more efficient and cleaner energy generation source. Furthermore, the initiative taken by the governments around the world for cost-effective solutions and are encouraging the public by giving subsidies, shifting to green solutions is likely to provide lucrative development opportunities for the smart solar market in the forthcoming years.
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.
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.
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.
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 services and solutions and to remain competitive in the global market.
Segment Overview of Smart Solar Market
Solution Overview, 2021-2028 (USD Million)
• Asset Management
• Network Monitoring
• Meter Data Management
• Remote Monitoring
• Outage Management
Service Overview, 2021-2028 (USD Million)
• System Integration and Deployment
• Support & Maintenance
• Demand Response
Application Overview, 2021-2028 (USD Million)
Regional Overview, 2021-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America