Smart Solar Market: Overview
- 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.
- The global smart solar market is expected to expand at a rapid pace throughout the forecast period. Rise in investments in the smart energy market and reduction in solar PV costs are some of the factors that are projected to fuel the market in the near future.
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Key Drivers and Restraints of Smart Solar Market
- 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.
- On the other hand, the requirement of high maintenance and investment costs, rise in risk of cyber-attacks, and low conversion efficiency are expected to restrict the global smart solar market. Additionally, several issues related to data management and device replacement are estimated to hamper the market. Nevertheless, increase in need for energy management and strong deployment of smart grids are estimated to boost the global smart solar market during the forecast period.
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Global Smart Solar Market: Segmentation
- The global smart solar market can be segmented based on solution, product, and application
- Based on solution, the smart solar market can be classified into network monitoring, meter data management, analytics, SCADA, remote metering, and asset management. The asset management segment is expected to dominate the smart solar market during the forecast period owing to technological advancement and strict regulatory mandates in regions such as North America and Europe.
- In terms of product, the smart solar market can be categorized into photovoltaic cells, photovoltaic panels, invertors, generators, and others. The photovoltaic cells segment held major share of the global market in 2020.
- In terms of application, the smart solar market can be divided into commercial, industrial, and residential. The commercial segment accounted for the major share if the global market in 2020.
Global Smart Solar Market: Regional Segmentation
- In terms of region, the global smart solar market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America is one of the key regions of the global smart solar market. The market in North America is expected to expand significantly in the next few years owing to the substantial rise in solar capacity and investments in the region. Growth in number of smart solar projects across North America is also estimated to boost the market in the region.
- Countries in Asia Pacific such as India and China are investing significantly in installation of solar energy. Therefore, Asia Pacific is the largest market and is further expected to register healthy growth in the next few years. Rise in deployment of integrated smart grid systems is estimated to boost the market in Asia Pacific during the forecast period. Favorable governmental policies and subsidies are likely to offer lucrative opportunities for key players operating in the market.
- Europe was one of the key regions of the global smart solar market in 2020. The region is expected to offer several opportunities to market players during the forecast period. Rise in demand for renewable energy in commercial and industrial segments is anticipated to drive the smart solar market in the region during the forecast period.
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COVID-19 Impact on Global Smart Solar Market
- The COVID-19 pandemic has adversely affected the global smart solar market. It is hampering economic growth in the world. The power sector has also been adversely impacted, with significant reduction in demand for energy around the world during lockdowns. However, recovery of demand for energy across the globe after lockdowns is likely to drive the market in the near future.
Key Players in Market
The global smart solar market has a highly competitive landscape. It is dominated by the presence of various prominent players across the globe. Market players are involved in developing solutions with better efficiency to gain higher market share. Prominent players operating in the smart solar market include:
- Siemens AG
- ABB Ltd
- Solarcity
- Itron Inc
- Vivint Solar
- Landis+Gyr Ag
- GE Renewable Energy
- Echelon Corporation
- Schneider Electric SE
- Smart Solar Ltd.
- Urban Green Energy Inc.
- Aclara Software Inc.
Global Smart Solar Market: Research Scope
Global Smart Solar Market, by Solution
- Asset Management
- Network Monitoring
- Meter Data Management
- Analytics
- SCADA
- Remote Metering
- Outage Management
Global Smart Solar Market, by Product
- Photovoltaic Cells
- Photovoltaic Panels
- Invertors
- Generators
- Others
Global Smart Solar Market, by Application
- Commercial
- Industrial
- Residential
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