Smart Solar Market (By Services: Demand Response Services, Consultation Services, System Integration and Deployment Services, Support and Maintenance Services; By Components: Commercial & Industrial (C&I), Residential; By Solutions: Asset Management, Network Monitoring, Meter Data Management, Remote Metering, Others; By Components: Supervisory Control and Data Acquisition (SCADA) Systems, Smart Metering Devices, Radio Frequency Identification (RFID)) - Global Industry Analysis, Market Size, Opportunities and Forecast 2020 - 2027

Category : Energy and Power | Delivery Format : PDF | Status: Published | Pages : 190

The market for smart solar is expected to grow at a CAGR of around 15.8% from 2020 to 2027 and expected to reach the market value of around US$ 38,988.8 Mn by 2027.

A 'smart' solar system is a photovoltaic (PV) solar system that shows energy consumption and solar energy production. Additionally, it also controls the big picture of energy consumption patterns and habits. Smart solar is an enhanced solar technology that helps in minimizing electricity expenses by increasing the efficiency of solar components by real-time monitoring and communication.

Market Dynamics

The increasing adoption of green energy and the emergence of smart city projects especially in developing economies are driving the market growth. The high electricity tariffs and regulatory compliance are further boosting the demand and usage of smart solar in the global market. Technological innovations, hike in investments for the installation of green energy solutions by the major institutions across the globe particularly in emerging economies are further bolstering the market value. Furthermore, the evolving solar industry coupled with increasing environmental awareness and technological evolution is likely to create potential opportunities over the forecast period from 2020 to 2027.

On the other hand, high initial cost and reducing subsidies are likely to hinder the growth to an extent over the forecast timeframe from 2020 to 2027.

Segment Instance

Commercial & Industrial segment is leading the market with maximum revenue share

On the basis of Components, smart solar is having potential demand and usage in the commercial & industrial segment which is supporting its dominating share in terms of revenue in the global market. The long term benefits associated with the usage of smart solar in terms of reduced electricity cost and increased life span of components with effective monitoring is driving the segmental market value.  Moreover, the segment is also expected to experience the fastest growth with a major CAGR (%) over the forecast timeframe from 2020 to 2027.

North America accounted for the maximum revenue share in the smart solar market

In 2019, North America registered a major revenue share and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The major economies of the region including the US and Canada are the major contributors to the regional market growth. The presence of advanced technology providers as well as awareness among people about the benefits of smart solar installation is further bolstering the regional market growth.

Asia Pacific is projected to experience fastest growth with major CAGR (%) during the forecast timeframe

Asia Pacific region is anticipated to exhibit major growth (%) throughout the forecast timeframe from 2020 to 2027. The ongoing development and rising awareness about environment-friendly alternatives like solar power in the major economies of the region are supporting the regional market growth. The favorable government support for smart solar solutions in the smart city projects is further bolstering the regional market value.

Key Market Players

The players profiled in the report include ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Applications, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC, Sun Power, Trilliant, Inc, and Urban Green Energy.

Market Segmentation

Market By Services

Demand Response Services

Consultation Services

System Integration and Deployment Services

Support and Maintenance Services

Market By Components

Commercial & Industrial (C&I)

Residential

Market By Solutions

Asset Management

Network Monitoring

Meter Data Management

Remote Metering

Others

Market By Components

Supervisory Control and Data Acquisition (SCADA) Systems

Smart Metering Devices

Radio Frequency Identification (RFID)

Market By Geography

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa


Frequently Asked Questions

The market for smart solar is expected to reach a market value of around US$ 38,988.8 Mn by 2027.

The smart solar market is expected to grow at a CAGR of around 15.8% from 2020 to 2027.

Commercial & Industrial is the leading segment by application in the smart solar market

The increasing adoption of green energy and the emergence of smart cities projects, high electricity tariffs and regulatory compliance, rising awareness about smart solar technology are some of the major factors driving the market growth.

ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Applications, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC, Sun Power, Trilliant, Inc, and Urban Green Energy are the prominent players in the market.

North America held the maximum market revenue share in the smart solar market

Asia Pacific is expected to be the fastest growing market over the forecast period

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