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Global Smart Solar Market Overview
In the global smart solar market, the increasing demand for energy 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. This paves the way for more advanced monitoring equipment for managing the production, consumption, and transmission of the solar energy in order to increase overall efficiency.
Smart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real time. In order to reduce wastage and have optimum usage of energy along with monitor energy requirements, there is huge requirement of energy management solutions. Continuously updating information technology and electronics field advancement contribute toward the development of devices for renewable energy. These devices are used by existing solar energy solutions by enhancing their functional capabilities, such as monitoring and controlling. The smart solar market is segmented based on product solution, service, application, and region.
The smart solar market based on product is categorized into photovoltaic cell, invertor, generator, and others. Among all, the photovoltaic cell category holds prominent share in the market due to advancement in technologies, which help reduce the cost of photovoltaic cell. Moreover, companies using the triboelectric effect are developing hybrid photovoltaic cells that would be able to produce electricity during rainy weather as well, which will further bolster the market.
The smart solar market in terms of solution is categorized into network monitoring, meter data management, analytics, supervisory control and data acquisition (SCADA), remote metering, asset management, and others. Among all, the asset management category holds the considerable share in the market due to technological advancement and strict regulatory mandates across Europe and North America.
The market on the basis of service is categorized into consulting, demand response, and others. Among all, the demand response category holds the considerable share in the smart solar market, owing to increase in demand for energy. These services help reduce or shift consumer electricity usage during peak periods in response to time-based rates or other forms of financial incentives.
The market in terms of application is bifurcated into residential and commercial & industrial application. The commercial & industrial category holds the significant share in the smart solar market as the initial cost of deployment of smart solution and service is high, thereby limiting the application in investor-owned utilities. Further, in residential smart solar found less application due to budgetary constraint.
The smart solar market based on region is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC), and Middle East and Africa (MEA). Among all regions, North America accounts for substantial share in the market due to technological advancement and early adoption of solar solution and service in the region. APAC also holds significant share in the market due to the shift toward renewable energy source and government initiatives in China, India, Japan and other countries. For instance, Feed-in tariff scheme in Japan aids in the increased demand for smart solar in the region.
Smart Solar Market Dynamics
The rising investments in the smart energy solutions and the reduction in solar PV cost are some of the major factors projected to fuel the growth of the smart solar market in the future. In addition, the increasing support from government for solar energy projects and the rising environmental concern are expected to further drive the market. For instance, in the U.S., the investment tax credit (ITC), also known as the federal solar tax credit, in federal taxes allows the subsidy of 26% of the total solar energy system installation cost. The ITC applies subsidies to both residential and commercial systems, with no cap value.
The initial cost of deployment and high maintenance cost are some of the major factors restraining the growth of the smart solar market. Further, threat of cyber-attack along with device replacement also hinders the market growth.
Smart Solar Market Competitive Landscape
Some of the major companies operating in the smart solar market are Smart Solar Corporation, Siemens AG, ABB Ltd., GE Renewable Energy, Echelon Corporation, Schneider Electric SE, Trilliant Holdings Inc., Aclara Software Inc., Itron Inc., and HCL Technologies Limited.
The study provides the historical as well the forecast data for the global smart solar market. Major countries covered in this report are the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, South Korea, Brazil, Argentina, Saudi Arabia, and South Africa.
Smart Solar Market Size Breakdown by Segment
The Smart Solar Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Product
Based on Solution
Based on Service
Based on Application