Smart Solar Market Research Report – Global Forecast
till 2023
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. A detailed analysis report
of COVID-19
impact on Smart Solar Market is provided with the
report.
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
market is progressing continually due to increasing efforts promoting the
adoption of renewable resources for the power generation.
Industry Segmentation
The smart solar market 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.
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.
Global Smart Solar 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.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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