Smart
Solar Market Analysis:
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.
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.
Global
Smart Solar Market - Segmentation
The
report is segmented into four key market dynamics to widen the scope of
understanding,
By
Solutions : Network
Monitoring, Meter Data Management, Analytics, SCADA, and Remote Metering, among
others.
By
Services : Consulting and
Demand Response.
By
Application : Commercial, Industrial, and
Residential.
By
Regions : Asia Pacific,
North America, Europe, and the Rest-of-the-World.
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.
Competitive
Landscape
Several
large and small players having regional and global presence form the
competitive landscape in the market.
These players compete on the quality, market reach, financial resources,
and pricing, whereas, innovation, brand reinforcement, and mergers &
acquisitions remain the prevalent trends for the leading players operating in
the global Smart Solar market. The market will witness fierce competition due
to the expected extensions in product & service and product innovations.
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.
Related
Reports:
