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.
Global smart solar market is
expected to witness a high growth rate during the forecast period owing to
increasing efforts being made by emerging economies in adopting the renewable
resources in the power generation.
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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Solar
power is witnessing an evolutionary change in the recent times. The growing
demand for clean energy, is being catered by many renewable resources including
solar power. This increase in the growing demand in the solar panel
installation would require a proper system that would provide energy
efficiency. 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.
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.
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.
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