The
global smart solar market is estimated to expand at ~15.50% CAGR during the
forecast period. Smart
solar facilitates various advantages to the end-use segments which install
solar panels. For instance, smart solar geolocates the end-user site and
provides a personal recommendation. Also, it helps the end users to save up to
70% of their electricity bills. Moreover, there are various kinds of solutions
being provided by some of the key players including ground mounted solutions,
roof top solutions, and off-grid systems, among others. 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.
Increasing adoption of green
energy and the emergence of smart cities, a substantial rise in solar energy
installation, and growing investments in smart grid are some of the major
drivers of the smart solar market. In addition, increasing regulatory compliance
and increasing number of solar energy projects are some of the factors driving
the smart solar market. Smart buildings and home automation systems are some of
key application areas that are witnessing a strong growth rate. Buildings are
getting smarter and have embedded the technologies, including smart solar.
Segmentation
The smart
solar market analysis has been segmented based on solution as asset
management, network monitoring, analytics, supervisory control and data
acquisition, remote metering, outage management, and meter data management.
Among these solutions, asset management is the largest segment in the smart
solar market due to the technological advancements and stringent regulatory
mandates across North America and Europe. However, meter data management is
expected to grow at the highest growth rate within the same segment due to the
growing roll-outs of smart meters and smart grids.
Leading Players
The key players
of global smart solar market are ABB (switzerland), GE Power (us), Itron Inc.
(us), Schneider Electric (France), Echelon Corporation (US), Silver Spring
Networks Inc. (US), Landis+GYR AG (switzerland), Sensus USA, Inc. (US), and
Urban Green Energy (UGE) International (US).
Regional Analysis
Region wise,
Asia-Pacific held the largest market share of the global smart solar market in
2017. It is estimated that North America would be the largest market during the
forecast period. The increasing investment in smart solar in North America is
due to the information flow and communication technology (ICT) integration,
across end-use segments, especially households and commercial buildings.
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