Dubai, UAE, July 11, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the global Smart Solar Market size is projected to grow to USD 19.76 billion by 2028, from USD 10.90 billion in 2021, recording a CAGR of 8.87% throughout the projection period of 2022-2028. Some of the factors that are anticipated to boost the growth of the market include rising investments and the reduction in solar PV costs.
Traditional solar energy systems have been improved by smart solar systems. Through real-time monitoring and communication, the adoption of smart solar solutions enables consumers to reduce their electricity costs while increasing the efficiency of solar components. Key countries with abundant solar resources are the United States (U.S.), China, Germany, and Spain. A new solar record was set in 2019 with the installation of 116.9 GW of new solar photovoltaic projects worldwide, a 13% increase from the 103.7 GW additions in the previous year.
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Competitive Landscape
The global smart solar market is highly fragmented in nature as a result of the presence of a considerable number of companies in developed as well as developing nations. Prominent businesses are focusing on effective growth strategies in order to strengthen their market position. Most companies adopt product development as a key strategy in their operations.
Leading market participants operating in the global smart solar market include:
- First Solar
- GE Energy
- SunPower
- ABB
- Echelon
- Schneider Electric
- Siemens
- Itron
- Landis+GYR
- Sensus USA
- Itron
- Solarcity
- Sunnova
- Urban Green Energy (UGE) International
- Vivint Solar
Market Segmentation by Type:
- Smart Solar Components
- Smart Solar Solutions
Smart Solar Components to Gain Traction for Evaluating Real-time Data
The smart solar components segment is expected to dominate the market during the forecast period. These components make monitoring and analyzing real-time data easier as well as increase yields, prevent downtime, avoid cuts, and improve ROI. Smart solar components, such as smart modules and inverters, have better functionality and communication capabilities than conventional solar panels.
Additionally, the setup and maintenance of solar systems can be streamlined by using smart solar components, which makes them more affordable and convenient to operate. Overall, the introduction of smart solar components can help improve the efficiency, reliability, and performance of solar systems, allowing customers to receive additional benefits on their solar power investment.
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Market Segmentation by Application:
- Residential
- Commercial
- Industrial
Rising Energy Demand in Industrial Applications to Promote Market Expansion
The industrial segment is likely to record substantial growth in the smart solar market throughout the projection period due to the rising energy consumption in several industries across the globe. An increasing number of companies have started to deploy solar plants in order to meet electricity demand and save operating expenses model (OPEX). On account of the escalating electricity requirements in the industrial sector, there has been a surge in the usage of smart devices for various industrial applications.
Furthermore, the industrial sector is adopting smart solar solutions at a faster rate than residential applications, mainly due to the high initial costs associated with setting up such systems and services. Their widespread use in investor-owned utilities is hampered as a result of these costs. The need for smart solar solutions is further fueled by the rising demand for electricity in industrial sectors.
Key Trend: Growing Acceptance of Paris Climate Change Agreement to Fuel Market Growth
The Paris Climate Change Agreement has garnered significant global support, with a growing number of nations committing to increasing the use of renewable energy sources for power generation. This collective effort is driving a sustainable shift towards a greener future. An increasing number of people are paying attention to solar energy as a cutting-edge strategy to combat climate change and lower greenhouse gas (GHG) emissions. This is expected to boost the growth of the market notably in the upcoming years.
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Increasing Deployment of Solar Energy Grids to Fuel Market Development
Power generation companies are actively focusing on switching to cleaner and environmentally friendly energy sources, driven by several environmental protection regulations worldwide. A considerable number of countries are working on expanding renewable energy generation in order to reduce reliance on fossil fuel-based conventional power generation. Solar energy is emerging as a crucial renewable energy source that can help with numerous global issues.
Constraints in Land Use and High Operational & Maintenance Costs to Impede Market Growth
Efficient production of solar energy necessitates a substantial land area, which can be hindered by technical and environmental factors, including the availability of solar radiation. As a result of the limited accessibility and land instability, deploying solar photovoltaic (PV) operations in populated regions, agricultural land, woods, wetlands, and water bodies is challenging. Smart solar systems have high maintenance expenses in addition to complex technology, which raises the cost of operation and maintenance. These factors are set to hamper the growth of the market for solar energy.
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Geographic Segmentation
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
- South America (Brazil, Argentina, Columbia, Rest of South America)
- The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Increasing Number of Smart Solar Projects in North America to Boost Market Revenue
North America is likely to experience significant growth through the study timeframe due to the increasing number of smart solar projects across the region. Additionally, the surging smart solar meter rollouts and the increasing grants and solar subsidies from the US government are likely to facilitate the regional market growth.
In North America, governments have been focusing on introducing incentives and policies, such as grants, subsidies, and tax credits to encourage the adoption of solar energy. The region is home to several leading companies in the solar industry, as well as research and innovation facilities dedicated to advancing solar technologies, which is ultimately supporting the growth of the regional market.
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Key Points from TOC:
1 Research Methodology and Statistical Scope
1.1 Market Definition and Statistical Scope of Smart Solar
1.2 Key Market Segments
1.2.1 Smart Solar Segment by Type
1.2.2 Smart Solar Segment by Application
1.3 Methodology & Sources of Information
1.3.1 Research Methodology
1.3.2 Research Process
1.3.3 Market Breakdown and Data Triangulation
1.3.4 Base Year
1.3.5 Report Assumptions & Caveats
2 Smart Solar Market Overview
2.1 Global Market Overview
2.1.1 Global Smart Solar Market Size (M USD) Estimates and Forecasts (2017-2028)
2.1.2 Global Smart Solar Sales Estimates and Forecasts (2017-2028)
2.2 Market Segment Executive Summary
2.3 Global Market Size by Region
3 Smart Solar Market Competitive Landscape
3.1 Global Smart Solar Sales by Manufacturers (2017-2022)
3.2 Global Smart Solar Revenue Market Share by Manufacturers (2017-2022)
3.3 Smart Solar Market Share by Company Type (Tier 1, Tier 2, and Tier 3)
3.4 Global Smart Solar Average Price by Manufacturers (2017-2022)
3.5 Manufacturers Smart Solar Sales Sites, Area Served, Product Type
3.6 Smart Solar Market Competitive Situation and Trends
3.6.1 Smart Solar Market Concentration Rate
3.6.2 Global 5 and 10 Largest Smart Solar Players Market Share by Revenue
3.6.3 Mergers & Acquisitions, Expansion
4 Smart Solar Industry Chain Analysis
4.1 Smart Solar Industry Chain Analysis
4.2 Market Overview and Market Concentration Analysis of Key Raw Materials
4.3 Midstream Market Analysis
4.4 Downstream Customer Analysis
5 The Development and Dynamics of Smart Solar Market
5.1 Key Development Trends
5.2 Driving Factors
5.3 Market Challenges
5.4 Market Restraints
5.5 Industry News
5.5.1 New Product Developments
5.5.2 Mergers & Acquisitions
5.5.3 Expansions
5.5.4 Collaboration/Supply Contracts
5.6 Industry Policies
6 Smart Solar Market Segmentation by Type
7 Smart Solar Market Segmentation by Application
8 Smart Solar Market Segmentation by Region
9 Key Companies Profiled
9.1 First Solar
9.1.1 First Solar Smart Solar Basic Information
9.1.2 First Solar Smart Solar Product Overview
9.1.3 First Solar Smart Solar Product Market Performance
9.1.4 First Solar Business Overview
9.1.5 First Solar Smart Solar SWOT Analysis
9.1.6 First Solar Recent Developments
9.2 GE Energy
9.2.1 GE Energy Smart Solar Basic Information
9.2.2 GE Energy Smart Solar Product Overview
9.2.3 GE Energy Smart Solar Product Market Performance
9.2.4 GE Energy Business Overview
9.2.5 GE Energy Smart Solar SWOT Analysis
9.2.6 GE Energy Recent Developments
9.3 SunPower
9.3.1 SunPower Smart Solar Basic Information
9.3.2 SunPower Smart Solar Product Overview
9.3.3 SunPower Smart Solar Product Market Performance
9.3.4 SunPower Business Overview
9.3.5 SunPower Smart Solar SWOT Analysis
9.3.6 SunPower Recent Developments
9.4 ABB
9.4.1 ABB Smart Solar Basic Information
9.4.2 ABB Smart Solar Product Overview
9.4.3 ABB Smart Solar Product Market Performance
9.4.4 ABB Business Overview
9.4.5 ABB Smart Solar SWOT Analysis
9.4.6 ABB Recent Developments
9.5 Echelon
9.5.1 Echelon Smart Solar Basic Information
9.5.2 Echelon Smart Solar Product Overview
9.5.3 Echelon Smart Solar Product Market Performance
9.5.4 Echelon Business Overview
9.5.5 Echelon Smart Solar SWOT Analysis
9.5.6 Echelon Recent Developments
…………..
10 Smart Solar Market Forecast by Region
11 Forecast Market by Type and by Application (2022-2028)
12 Conclusion and Key Findings
Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/smart-solar-market-report/41076
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