Pune, India, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Smart Solar Market size is projected to grow from USD 8.52 billion in 2019 to USD 13.33 billion in 2027, at compound annual growth rate of 9.95%. This market growth is attributed to factors such as the growing acceptance of the Paris Climate Change Agreement by several countries globally and high demand for advanced smart solar systems in the forthcoming years. This comprehensive information published in latest report titled “Smart Solar Market Size, Share and COVID-19 Impact and Regional Forecast, 2020-2027” by Fortune Business Insights.
List of the Companies Operating in the Global Market for Smart Solar:
- ABB (Switzerland)
- Itron Inc. (U.S.)
- Aeris (U.S.)
- Solnet Group (Netherlands)
- Solar Data Systems, Inc. (U.S.)
- Aclara Technologies LLC (U.S.)
- General Electric (U.S.)
- Huawei Technologies Co., Ltd (China)
- Siemens (Germany)
- Landis+Gyr (Switzerland)
- Schneider Electric (France)
- HCL Technologies (India)
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 TO 2027 CAGR | 9.95% |
| 2027 Value Projection | USD 13.33 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 8.52 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 180 |
| Segments covered | Service, Device, Application, Region |
| Growth Drivers | Growing Installation of Solar Energy Grids to Propel Market Growth |
| High Demand for Smart Solar Technology to Drive Market Growth |
COVID-19 Impacts:
COVID-19 Impact: Disruption in Supply Chain Stall Large Solar Installation Project
The lockdown imposed by government agencies globally has led to drastic disruption in the supply chain of several industries. Amongst them, the global market for smart solar has suffered significantly owing to stalling of several large solar installation projects across the globe. However, an effective decision from the government, along with the cooperation of several companies is expected to boost the operations in the renewable energy field by adhering to the social distancing norms in the near future.
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Smart solar systems are modules that are integrated with DC power optimizer and aid in maximizing power levels across solar panels. Owing to their several benefits such as reduction in costs, efficient monitoring, and reliable communication, advanced solar is adopted by several economies globally.
Highlights of Report:
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies.
The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
Market Drivers:
Increasing Adoption of Paris Climate Change Agreement to Augment Growth
In 2015, the Paris Climate Change Agreement was formed that comprised several nations working under a common cause to combat climate change. It aimed to strengthen the response for climate change globally by ensuring that the world temperature will be below 2 degree Celsius as per the pre-industrial levels. The growing acceptance of the agreement by several nations to deal with the impact of climate change is expected to boost the demand for smart solar across the globe. Additionally, the growing focus on installing smart solar grids is likely to favor the global smart solar market growth during the forecast period.
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Regional Insights:
North America to Remain Dominant; Increasing Advanced Solar Projects to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global smart solar market in the forthcoming years. This dominance is attributable to the increasing number of advanced smart solar projects in the region. North America stood at USD 2.70 billion in 2019.
The market in Asia-Pacific is anticipated to experience an exponential growth backed by the growing number of smart city projects in the region between 2020 and 2027.
Competitive Landscape:
Major Companies Focus on Acquisition to Amplify Their Market Positions
The global smart solar market comprises small, medium, and large companies that are striving to maintain their presence. Additionally, the large companies are focusing on acquiring smaller companies to expand their smart solar systems portfolio and brighten their prospects in the fiercely competitive global marketplace.
Industry Development:
- January 2018 – Intron, Inc., a leading consulting services company, announced the acquisition of Silver Spring Networks, Inc. According to the company, the acquisition is aimed at strengthening its global position to deliver advanced technology solutions and further improve operational activities of the enterprises.
Smart Solar Market Segmentation:
By Service
- Asset Management
- Network Monitoring
- Meter Data Management
- Remote Metering
- Others
By Device
- Smart Solar Meters
- IntelliGrid
- Radio Frequency Identification (RFID)
By Application
- Residential
- Commercial & Industrial
- Utility
By Region
- North America (By Service, Device, Application, and Country)
- Europe (By Service, Device, Application, and Country)
- Asia Pacific (By Service, Device, Application, and Country)
- Middle East & Africa (By Service, Device, Application, and Country)
- Latin America (By Service, Device, Application, and Country)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Industrial Waste Management Market
5. Global Industrial Waste Management Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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