Innovative ideas are transforming solar power
The size of the worldwide smart solar market is anticipated to increase significantly between 2020 and 2027, with a CAGR of 9.95 percent, to reach USD 13.33 billion. The expansion is a result of more nations across the world ratifying the Paris Climate Change Agreement.
Through real-time monitoring and communication, the adoption of smart solar solutions enables consumers to reduce their power costs and boost the effectiveness of solar components. The goal of the smart solar market study is to estimate the market’s size and potential for future expansion across several market categories, including solutions, services, applications, verticals, and geographies. The study uses 2019 as its base year, and the forecast period for market size is from 2020 to 2027. The demand for smart solar solutions has increased significantly across all nations as a result of the growing acceptance of green energy and smart city projects. market is also being driven by regulatory requirements in China, Europe, and North America. The smart solar market is anticipated to expand gradually over the course of the projected period.
Adoption of the Paris Climate Change Agreement should increase to boost growth
In order to address climate change, a number of countries came together in 2015 to create the Paris Climate Change Agreement. By guaranteeing that the global temperature will be below 2 degrees Celsius relative to pre-industrial levels, it hoped to enhance the response to climate change on a global scale. Global demand for smart solar is anticipated to increase as more countries adopt the accord to address the effects of climate change. Additionally, throughout the forecast period, the installation of smart solar grids is projected to get more attention, which would benefit the growth of the worldwide smart solar market.
In 2019, the utility sector has a 41.9 percent market share.
- According to application, the utilities sector had a market share of roughly 41.9 percent in 2019 and is projected to rise significantly over the next several years.
- This may be attributed to elements like the rise in utility-scale solar projects, which encourage the use of renewable energy sources all over the world.
Impact analysis for COVID-19:
Worldwide, the COVID-19 pandemic has had an impact on a number of businesses. To slow the pandemic’s rapid spread, governments all across the world put in place stringent lockdown regulations and social segregation standards. During the early phases of the pandemic, manufacturing facilities all around the world were shut down. Additionally, the economic downturn that followed the pandemic may cause a large delay in the commercialization of the renewable energy sector. The backbone of technology providers, small and medium-sized businesses, have seen a sharp decline in income since the pandemic’s debut in 2020. As a result of the supply chain interruptions, market participants faced several difficulties. However, when additional supplies come online in the second half of 2022, things will get better. COVID-19’s effects on the market.
Smart solar systems are modules that have a DC power optimizer incorporated into them and help to increase power output across solar panels.
What is Covered in the Report?
The market research provides a thorough analysis of the potential, risks, and growth drivers and constraints that the industry will experience throughout the forecast period.
Our research analysts used a variety of approaches to gather information from the opinions of knowledgeable people in the field. The competitive environment provides more in-depth information on the methods firms will use to cling onto market dominance between 2020 and 2027, including product launches, partnerships, mergers and acquisitions, and collaborations.
North America will continue to rule, and more advanced solar projects will help the economy grow.
North America is anticipated to continue to dominate and keep the top spot in the worldwide Smart Solar Market Size during the ensuing years. This domination is caused by the expansion of sophisticated smart solar installations in the area. In 2019, North America brought in USD 2.70 billion.
Between 2020 and 2027, it is predicted that the market in Asia-Pacific would develop exponentially, supported by the region’s increasing number of smart city initiatives.
Major Businesses Prioritize Acquisitions to Strengthen Their Market Positions
Small, medium-sized, and large businesses are competing to stay relevant in the worldwide smart solar market size. in order to diversify their portfolio of smart solar systems and improve their chances in the intensely competitive worldwide market, huge corporations are concentrating on purchasing smaller businesses.
2018 January – A well-known provider of consultancy services, Itron, Inc., recently announced the purchase of Silver Spring Networks, Inc.
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)
The study offers important details on:
- market size at present
- market predictions
- Market possibilities
- important movers and constraints
- legislative situation
- commercial trend
- launches/approvals of new products
- marketing and advertising campaigns
- Pricing research
- competitive environment
Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Smart Solar Market Size
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Global Smart Solar Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Asset Management
- Network Monitoring
- Meter Data Management
- Remote Metering
- Market Analysis, Insights and Forecast – By Device
- Smart Solar Meters
- Radio-frequency Identification (RFID)
- Market Analysis, Insights and Forecast – By Application
- Commercial & Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa