The Global Smart Solar Market Size accounted for USD 16,877 Million in 2021 and is estimated to achieve a market size of USD 62,279 Million by 2030 growing at a CAGR of 15.8% from 2022 to 2030. The growing demand for renewable and alternative energy sources is significantly driving the smart solar market value. Furthermore, an increase in investments in the smart energy industry and a decrease in solar PV costs are two variables that are expected to drive the smart solar market growth in the coming years.
Smart Solar Market Report Key Highlights
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.
Global Smart Solar Market Dynamics
Smart Solar Market Report Coverage
|Market||Smart Solar Market|
|Smart Solar Market Size 2021||USD 3,985 Million|
|Smart Solar Market Forecast 2030||USD 62,279 Million|
|Smart Solar Market CAGR During 2022 - 2030||15.8%|
|Smart Solar Market Analysis Period||2018 - 2030|
|Smart Solar Market Base Year||2021|
|Smart Solar Market Forecast Data||2022 - 2030|
|Segments Covered||By Services, By Solutions, By Components, By Application, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||ABB Group, Cooper Industries, GE Power, Itron, Inc., Sensus, Silver Spring Networks, Inc, Sun Power, Urban Green Energy, Aclara Software, Echelon, HCL Applications, Schneider Electric, Siemens AG, Smart Solar Solutions LLC, and Trilliant, Inc.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
The increasing adoption of green energy and the emergence of smart city projects especially in developing economies are driving the smart solar market size. 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 smart solar market trend. Furthermore, the evolving solar industry coupled with increasing environmental awareness and technological evolution is likely to create potential opportunities over the forecast period from 2022 to 2030.
On the other hand, high initial cost and reducing subsidies are likely to hinder the growth to an extent over the forecast timeframe from 2022 to 2030.
Smart Solar Market Segmentation
The worldwide smart solar market segmentation is based on the services, solutions, components, application, and geography.
Smart Solar Market By Services
In terms of services, the consulting services segment will command a significant market share in 2021. The increasing popularity of alternative and renewable energy sources, as well as the advent of smart cities in developed countries, are driving the segment's expansion. Furthermore, an increasing number of solar energy-generated projects around the world are pushing the segment in the smart solar market.
Smart Solar Market By Solutions
According to the smart solar industry analysis, the market for meter data management is predicted to increase significantly in the next years. Meter data management is a component of utility companies' smart grid technologies. This may include the analysis of data generated by electric smart meters, which measure energy consumption. The meter data management solution's expansion has also been aided by technological development, which has enhanced the Meter Data Management solution's ability to support more company's operations across the infrastructure value chain, including credit management, customer billing, and meter asset management.
Smart Solar Market By Components
According to the smart solar market forecast, the supervisory control, and data acquisition system segment is expected to increase at a significant rate in the market during the predicted years. Supervisory control and data acquisition (SCADA) systems include field-deployed components that collect real-time data as well as related systems that enable data gathering and improve industrial automation. SCADA could also be used to manage energy systems in industrial activities, such as a power grid or a huge refrigeration system, in order to truly comprehend and manage the release of electricity.
Smart Solar Market By Application
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 2022 to 2030.
Smart Solar Market Regional Outlook
The Middle East & Africa (MEA)
Geographically, North America registered a major revenue share and the region is also projected to maintain its dominance over the forecast period from 2022 to 2030. 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 2022 to 2030. 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.
Smart Solar Market Players
Some of the top smart solar companies offered in the professional report include ABB Group, Cooper Industries, GE Power, Itron, Inc., Sensus, Silver Spring Networks, Inc, Sun Power, Urban Green Energy, Aclara Software, Echelon, HCL Applications, Schneider Electric, Siemens AG, Smart Solar Solutions LLC, and Trilliant, Inc.
The estimated value of global smart solar market in 2021 was accounted to be USD 16,877 Million.
The projected CAGR smart solar market during the analysis period of 2022 to 2030 is 15.8%.
The prominent players of the global smart solar market are ABB Group, Cooper Industries, GE Power, Itron, Inc., Sensus, Silver Spring Networks, Inc, Sun Power, Urban Green Energy, Aclara Software, Echelon, HCL Applications, Schneider Electric, Siemens AG, Smart Solar Solutions LLC, and Trilliant, Inc.
North America held the dominating smart solar during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for smart solar during the analysis period of 2022 to 2030.
Rising demand for green energy sources and growing smart city projects in emerging nations drives the growth of global smart solar market.
Based on application, commercial & industrial segment is expected to hold the maximum share smart solar market.