Solar power is the most viable energy resource used for power generation purposes. This technology is gaining wide acceptance all over the world. Now it has grown smart. The smart solar system can efficiently collect, store, and distribute electricity with no wastages. 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 Energy Systems Market is progressing continually due to increasing efforts promoting the adoption of renewable resources for the power generation.
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.
Additional factors such as the increasing adoption of green energy and the rising number of smart city projects, alongside, the growing investments being made in the smart grid are fostering the growth of the market. Increasing regulatory compliance and the surging number of solar energy projects are some of the factors impacting market growth positively.
Smart Solar Energy Systems Market Segmentation
The report is segmented into four key market dynamics to widen the scope of understanding,
By Solutions : Network Monitoring, Meter Data Management, Analytics, SCADA, and Remote Metering, among others.
By Services : Consulting and Demand Response.
By Application : Commercial, Industrial, and Residential.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Smart Solar Energy Systems Market: 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.
Global Smart Solar Market - Competitive Landscape
Several large and small players having regional and global presence form the competitive landscape in the market. These players compete on the quality, market reach, financial resources, and pricing, whereas, innovation, brand reinforcement, and mergers & acquisitions remain the prevalent trends for the leading players operating in the global Smart Solar market. The market will witness fierce competition due to the expected extensions in product & service and product innovations.
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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