Smart Solar Market Size Will Garner USD 62,279 Million by
BERLIN, Aug. 30, 2022 (GLOBE NEWSWIRE) — BERLIN, August 30, 2022 (GLOBE NEWSWIRE) – The Smart Solar Market is expected to grow at a CAGR of around 15.8% from 2022 to 2030 and expected to reach the market value of around USD 62,279 Million by 2030.
Smart Solar Market Report Key Highlights
- Global smart solar market size was USD 16,877 million in 2021 and expected to grow at CAGR of 15.8% from 2022 to 2030
- North America smart solar market is expected to lead with more than 35% market share
- Asia Pacific smart solar market is expected to grow at fastest CAGR during the forecast period from 2022 to 2030
- Among solutions, asset management occupied more than 31% of total market share
- Strict regulatory guidelines and technological advancements in North America and Europe fuels the smart solar industry
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|Market||Smart Solar Market|
|Smart Solar Market Size 2021||USD 16,877 Million|
|Smart Solar Market Forecast 2030||USD 62,279 Million|
|Smart Solar Market CAGR During 2022 – 2030||15.8%|
|Smart Solar Market Analysis Period||2018 – 2030|
|Smart Solar Market Base Year||2021|
|Smart Solar Market Forecast Data||2022 – 2030|
|Segments Covered||By Services, By Components, By Solutions, By Components And By Geography|
|Smart Solar Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Applications, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC, Sun Power, Trilliant, Inc, and Urban Green Energy.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
A growing number of projects for the installation of solar energy grids drive the smart solar market revenue. The term smart is used with the solar system to describe the devices that can communicate over the internet. The smart solar system provides various features like it allows users to monitor solar energy production and performance from anywhere in the world by using the internet or mobile phone connectivity, and allows users to control devices in the home particularly to optimize the production of solar energy, and smart solar system provides visibility and insights into energy production and consumption that allows user to both decreases overall energy consumption and maximize the value of the solar investment.
Recent smart solar market trends that are bolstering industry expansion include the emergence of smart cities and the increasing acceptance of green energy. However, high beginning costs and reduced subsidies are two reasons affecting smart solar market share. Furthermore, increased environmental awareness and the evolution of the solar industry are some of the major factors that are projected to generate various growth chances for the market between 2022 and 2030.
Some of the Key Highlights Regarding the Smart Solar Industry Include
• The Greater Visakhapatnam Municipal Corporation (GVMC) of India is set to install a smart solar flower at VMRDA Park (Vuda Park). The new installation is planned within the ongoing renovation works in 2020 with the sanctioned fund of around Rs 40lakh. The smart flower works on a similar mechanism as the sunflower and it’s a ground-mounted solar system that follows the sun all day.
• Mestron Holdings Bhd. is collaborating with Samdo Smart Solar and has signed a joint venture agreement in December 2020. The strategic move is aiming to jointly undertake engineering, procurement, construction, and commissioning (EPCC) services for six solar power systems for telecommunication towers in Malaysia.
• A start-up founded by researchers at the University of Exeter has won funding from the Sustainable Innovation Fund in December 2020. The funding is intended to explore the use of solar wall technology across rail networks. The UK has over 20,000 miles of narrow rail corridors and over 10,000 building assets within the country’s rail infrastructure. According to the researchers, it’s an opportunity to use solar walls for delivering renewable energy for the electrification of transport in near future.
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COVID-19 Impact on the Global Smart Solar Market Value
COVID-19 had a negative influence on the smart solar business due to the rigorous lockdowns and social distance implemented to contain the virus’s propagation. The COVID-19 pandemic crisis has had a significant influence on various industrial sectors in terms of production, sales, and revenue. Due to COVID-19, major solar equipment providers have also experienced production delays, resulting in a significant backlog for completing orders. The Chinese market was badly impacted by frequent lockdowns and supply chain disruptions. More than 80% of solar cells, modules, and other important raw materials used in solar power are imported into China. With the onset of the coronavirus pandemic, production units were shut down, and supply chain management was severely hampered, resulting in a major reduction in supply and demand for smart solar. As a result, the COVID-19 epidemic hampered the smart solar market size.
Smart Solar Market Segmentation
The global smart solar market is segmented based on services, applications, solutions, components, and geography. Based on services, the market is divided into demand response services, consultation services, system integration, deployment services, support, and maintenance services. Smart solar has applications across the commercial & industrial (C&I) and residential sectors.
Based on solutions, the market is bifurcated into asset management, network monitoring, meter data management, remote metering, and others. By components, the smart solar market is divided into supervisory control and data acquisition (SCADA) systems, smart metering devices, and radio frequency identification (RFID).
Smart Solar Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa are the regional categorizations of the Smart Solar industry. In 2021, North America held the major share (%) in the smart solar market, and the region is also estimated to continue with dominance during the estimated period. The increasing cost of electricity, whereas the rising focus on the usage of green energy is supporting the growth of regional market value. The major developed economies of the region US and Canada are the major contributors to the regional market growth. Major US cities including Los Angeles, San Diego, Honolulu, Phoenix, Albuquerque, San Jose, Burlington, and San Antonio are rapidly turning to solar to meet their energy needs. Additionally, the cities have doubled their installed solar photovoltaic (PV) capacity since 2013.
Asia Pacific is projected to exhibit the fastest growth with a major CAGR (%) over the forecast period in the smart solar market. The fastest growth is expected to be led by major economies of the region including Japan, China, Australia, and India. In Australia, more than 1.5 million solar homes are taking advantage of smart technology at a relatively low installation cost.
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Smart Solar Market Players
Some prominent smart solar companies covered in the industry include ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Technologies, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC, Sun Power, Trilliant, Inc, and Urban Green Energy.
Smart Solar companies have announced mergers and acquisitions, partnerships & collaborations, and new product development to uplift their position in the smart solar industry. Major players are also moving into new regions with their advanced technologies for gaining a competitive advantage as well as for helping more regions to meet their sustainable energy goals.
Questions Answered By This Report
- What was the market size of Smart Solar Market in 2021?
- What will be the CAGR of Smart Solar Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Smart Solar Market?
- Which region held the largest share in Smart Solar Market in 2021?
- What are the key market drivers of Smart Solar Market?
- Who is the largest end user of Smart Solar Market?
- What will be the Smart Solar Market value in 2030?
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