New York, US, Dec. 13, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Smart Solar Market Research Report: Information by Solutions, Region, Services, and Application– Global Forecast till 2030”, the global smart solar market is anticipated to bolster considerably during the review timeframe from 2022 to 2030 at a healthy growth rate of approximately 15.8%. According to the research, the market was valued at USD 13.1 billion in 2020.
Smart Solar Market Overview:
Smart solar solutions assist users in lowering their electricity expenses and boost the efficiency of solar components by communicating and monitoring in real-time. The inclination has been towards utilizing conventional power generation techniques, but they rely on many non-renewable energy sources and are liable for air pollution. The restricted supply of these resources has prompted the requirement for renewable energy sources. Furthermore, the growing power tariffs and government subsidies on solar power boost the smart solar solutions market. 2017 was one of the most historic years for the solar power sector since more solar PV capacities were deployed across the globe than any other power generation technology. The implementation of solar capacity was more than nuclear and fossil fuels combined. The installment of smart solar solutions assists users in reducing their electricity expenses and boosts the efficiency of solar components with real-time communication and monitoring.
Smart Solar Market Competitive Analysis
The catalog for the prominent participants across the global smart solar market includes players such as:
- ABB (Switzerland)
- Aclara Technologies LLC (U.S.)
- Itron Inc. (U.S.)
- General Electric (U.S.)
- Aeris (U.S.)
- Huawei Technologies (China)
- Solnet Group (Netherlands)
- Siemens (Germany)
- Solar Data Systems, Inc. (U.S.)
- HCL Technologies (India)
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Trends such as the boosting adoption of smart cities and green energy initiatives, followed by the demand for smart solar solutions, have expanded enormously across all the countries. Supervisory authorities across China, Europe, and North America also boost the market's growth over the review era. Smart solar systems refer to solar devices capable of communicating over the internet. Unlike traditional solar systems, they can be controlled with computers or smartphones. Smart Solar systems enable the user to monitor the solar performance and production of the device from remote places. These characteristics make conventional solar systems smart. Several major characteristics of smart solar systems boost the market's growth, and these systems enable the user to understand the quantity of energy generated. It also offers visibility to the utilization that assists the user in maximizing or minimizing energy production accordingly. Without optimizing and monitoring the generated solar energy, a massive volume of solar energy is wasted or not used correctly.
Smart Solar Market Report Scope:
| Report Metrics | Details |
| CAGR during 2022-2030 | 15.8% |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Evolving solar industry Increasing environmental awareness and technological evolution |
| Key Market Drivers | Increasing adoption of green energy and the emergence of smart cities Regulatory compliance |
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COVID-19 Impact of Smart Solar Market
The global smart solar market has recently faced several unexpected challenges, given the emergence of global health hazards in the form of COVID-19. The market witnessed a major fall in demand, given the partial or complete lockdowns across several regions worldwide. On the other hand, with global activities returning to normal, the global market of smart solar is predicted to grow considerably during the assessment timeframe.
Market USP Covered
Smart Solar Market Drivers
The global smart solar market has displayed tremendous expansion in the last few years compared to conventional solar systems, and smart solar systems assist in lowering wastage and using power in the best way possible. The characteristic of smart solar systems assists industrial growth and lowers the costs needed for energy production. Residential and industrial end-users demand more energy for their commercial and industrial activities. Since natural energy resources are diminishing by overuse, controlling energy consumption and switching to cleaner and more efficient energy sources is important. In addition, various nations around the globe are offering subsidies for deploying smart solar systems in their households to encourage the smart solar market outlook.
Market Restraints
On the other hand, factors such as higher maintenance costs, a requirement for higher initial costs, and issues regarding data management are likely to limit the market's performance.
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Smart Solar Market Regional Analysis
The global smart solar market is analyzed across five major geographies: Latin America, Asia-Pacific, North America, the Middle East & Africa, and Europe.
The MRFR analysis reports imply that the Asia-Pacific region is likely to hold the top spot across the global smart solar market over the coming years. the growth of the regional market is attributed to the factors such as increased policy control and intensive cost-effectiveness.
Smart Solar Market Segment Analysis
Among all the services, the consulting services segment is anticipated to hold the top position across the global smart solar market during the evaluation period. . The growth of the segment is mainly credited to the growing popularity of alternative and renewable energy sources. Furthermore, the increasing number of solar energy-generated projects and the advent of smart cities in developed countries will likely catalyze the segment's growth over the coming years.
Among all the solutions, the meter data management segment is anticipated to ensure the top spot across the global smart solar market over the coming years, given the ability to support more company operations and technological development.
Among all the components, the supervisory control and data acquisition system segment will likely dominate the global market over the coming years.
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Among all the components, the commercial & industrial segment is predicted to hold the largest market share over the assessment period. The long-term benefits of the use and increased life span boost the segment's growth.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
