According to Market Research Future (MRFR), the global smart solar market would register a striking double-digit CAGR over 15.50% throughout the forecast period (2017 to 2023). Growing dependence on renewable energy resources, especially solar power and a substantial rise in solar energy installation is driving the demand in the 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.
Major Players:
Players leading the smart solar market include GE Power (US), ABB (Switzerland), Itron Inc. (US), Echelon Corporation (US), Schneider Electric (France), Silver Spring Networks Inc. (US), Sensus USA, Inc. (US), Landis+GYR AG (Switzerland), and Urban Green Energy (UGE) International (US), among others.
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Solar power is witnessing an evolutionary change in the recent times. The growing demand for clean energy, is being catered by many renewable resources including solar power. This increase in the growing demand in the solar panel installation would require a proper system that would provide energy efficiency. Smart solar is a relatively a newer concept that uses the information and communication technologies to improve the efficiency of urban systems, involving solar power.
Smart solar maximizes the productivity of the system as a whole, matching supply to time and demand, and more. With smart solar and a grid connection, most of the solar energy is utilized, mitigating the inefficiencies of solar panels. In addition to enhancing the efficiency of solar power use, smart solar facilitates various other advantages as well. For instance, smart solar can geolocate the end-user's site and provides a personal recommendation. Also, it helps the end-users to save up to 70% of their electricity bills. The global smart solar market is progressing continually due to increasing efforts promoting the adoption of renewable resources for the power generation.
Geographical Analysis
The Asia Pacific would retain its dominance over the global smart solar market throughout the forecast period. Factors, such as the increasing number of application areas in smart buildings and home automation systems, are witnessing a huge rise. The proliferation of green buildings and smart buildings, across the region, and significant advances in the related technologies such as embedded technologies are some of the key driving forces behind the growth of the regional market.
Increasing smart city projects and infrastructure developments projects across the region foster market growth. Simultaneously, well-spread awareness towards advantages of smart solar in the region provides impetus to the growth of the market. Furthermore, increasing implementations of smart solar-driven by improving economic conditions across the region, substantiate the regional market growth.
Europe and North America are too lucrative markets for smart solar on the global front. Technological advancements and the presence of prominent market players influence the market growth in these regions. Stringent regulatory mandates in North America and Europe are providing a considerable impetus to the growth of the smart solar market in these regions.
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