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.
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.
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 By Services
Demand Response Services
System Integration and Deployment Services
Support and Maintenance Services
Market By Components
Commercial & Industrial (C&I)
Market By Solutions
Meter Data Management
Market By Components
Supervisory Control and Data Acquisition (SCADA) Systems
Smart Metering Devices
Radio Frequency Identification (RFID)
Market By Geography
Middle East & Africa
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