Smart Solar Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Device, Service, Application, and Region.

Smart Solar Market reached a value of US $ 13.72 Bn. in 2020. Intelligrid Device is one of the dominating segment of the Global Smart Solar Market.

Smart Solar Market Overview:

A smart solar energy system refers to a solar energy system, which works through a solar inverter and is connected with a smart meter. The solar inverter controls the solar energy system, which converts the direct current (DC) into alternating current (AC). Generally, Solar energy is utilized in Cooling, heating, lighting, electrical power, transportation, and even environmental clean-up. Solar energy also plays an important role in decreasing carbon emissions and ensuring a long-term energy future. Smart solar technology offers consistent, reliable, and scalable power 24 hours/day without requiring a grid connection. Significant increases in solar energy installation and consumption, along with increased expenditures in smart grid technology, are expected to drive the global smart solar market over the forecast period. Increased government support for solar energy projects, as well as rising environmental concerns, are expected to bolster the market over the forecast period. Smart Solar Market To know about the Research Methodology :- Request Free Sample Report 2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.

Global Smart Solar Market Dynamics:

Governments all over the world are seeking cost-effective solutions and encouraging citizens to switch to green solutions by providing subsidies, which is driving the adoption of smart solar solutions. For instance, the MNRE has put in place several regulatory initiatives to help India meet its solar goals by 2022. An investment boom was driven by developers rushing to take advantage of expiring assistance programs in China, the United States, and Vietnam fueled 2020's record electricity-generating increase. Between 2019 and 2020, China alone accounted for 75% of the growth in annual solar PV installations, as projects contracted under China's prior FIT plan, as well as those granted in past national or provincial competitive auctions, were to be connected to the grid by the end of 2020. According to a United Nations report, the global population is predicted to exceed 9.6 billion by 2050, necessitating the development of ways for producing significant amounts of sustainable energy. The National Tariff Policy has been amended to incorporate provisions for Renewable Generation Obligations and Renewable Purchase Obligations. By 2022, state-owned power distribution companies must purchase 8% of their energy from solar, and thermal power plant operators must include a set percentage of renewable components in each new capacity added. Global Smart Solar MarketThe Smart Solar energy system aids inefficient energy management and provides new energy demand monitoring methods. Traditional solar energy systems have been improved by smart solar energy systems. Customers' concerns about non-renewable energy are driving up demand for green energy, particularly solar energy, which is projected to drive the smart solar market during the forecast period. Furthermore, technological advancements, good societal aspects, and electricity pricing are all projected to have a beneficial impact across the globe is fueling the market growth over the forecast period. The Net Zero Emissions by 2050 Scenario shows an average annual generation increase of 24%, during 2020 and 2030, resulting in 630 GW of net capacity additions in 2030. This nearly fivefold increases in annual deployment until 2030. This all necessitates far more policy ambition and efforts from both public and private stakeholders, particularly in the areas of grid integration and the mitigation of policy, regulatory, and financing challenges, especially in emerging and developing countries including India, China, Brazil, and African countries. The worldwide smart solar market is expected to be constrained by high maintenance and investment costs, an increase in the danger of cyber-attacks, and low conversion efficiency. In addition, the market is expected to be hampered by several difficulties relating to data management and device replacement. Nonetheless, the worldwide smart solar market is expected to grow throughout the forecasted period due to an increase in the demand for energy management and the strong deployment of smart grids. Initiatives towards smart solar program: There are four million smart peer-to-peer solar grid systems in use. Bangladesh has been considered as the country with the world's largest Solar Home System (SHS) program, with Grameen Shakti alone installing around 1.8 million SHS. Villagers now trade electricity to use a mobile money-enabled billing system, which allows them to save money by having greater energy access, gain flexibility by being able to receive more power whenever they want, and, most importantly, earn a direct income from their electricity trade.

Global Smart Solar Market Segment Analysis:

Based on the Device, the Smart Solar Market is segmented into Smart Solar Meters, Intelligrid, and Radio Frequency Identification (RFID). The Intelligrid device segment held the largest market share, accounting for 37% in 2020. Intelligrid is a complete power delivery system with sensors, connectivity, greater computing capability, and electronic controls. It provides consistent, digital-grade power to satisfy the demands of a more technological society. Increasing regulatory compliances and government incentives for the adoption of non-conventional energy sources, as well as rising power tariffs and gas costs, are driving the smart solar market growth for this segment. The Smart Solar Meter segment is expected to witness rapid growth at a CAGR of 14.2% during the forecast period. The segment growth is attributed to the growing adoption of products for energy consumption is boosting the product demand for this segment.Global Smart Solar MarketBased on the Application, the Smart Solar Market is segmented into Residential, Commercial, and Utility. The Utility segment held the largest market share, accounting for 41% in 2020. The segment growth is attributed to several utility-scale solar projects, which are currently under development across the globe, are expected to boost demand for solar energy from the utility sector. The Commercial segment is expected to witness significant growth at a CAGR of 16.7% during the forecast period. One of the major drivers of market growth is the rising need for energy in various industries. Several industries have begun to install solar plants in order to meet electricity demand and cut OPEX. In the United States, the commercial sector consumes between 26% and 36% of total power generation. The increased demand for electricity and power in the commercial sector is driving the smart solar market for this segment. The residential application segment is also expected to witness rapid growth at a CAGR of 15.3% during the forecast period. The demand for electricity in household use has increased as the population and economy of various countries have grown. Furthermore, increased government investment in smart cities and smart homes has become one of the primary drivers of the smart solar industry's growth in the domestic market.

Global Smart Solar MarketGlobal Smart Solar Market Regional Insights:

North America region held the largest market share accounted for 37 % in 2020, and is expected to grow at a CAGR of 15.7% during the forecast period. The presence of important industry participants such as Solar City, Trilliant, and others is driving the smart solar market growth of the North American region. All of these industries are active in the ongoing development of new technology, which is boosting the North American market's growth. The increased demand for solar energy is a major factor driving the market's growth in the United States. Asia Pacific region is expected to witness significant growth at a CAGR of 16.3% during the forecast period. Rising government support for the use of solar energy and a rise in electricity rates in the Asia Pacific are boosting the smart solar market growth in the region. The Asia Pacific region's positive economic outlook has prompted governments and public organizations to enact investment-friendly policies. In 2019, the region has installed more than 67GW of solar projects. China, the world's largest market for renewable energy utilizer and producers added 136 GW in 2020 with the bulk coming from 49 GW of solar. Global Smart Solar MarketThe objective of the report is to present a comprehensive analysis of the Smart Solar Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Smart Solar Market dynamic, structure by analyzing the market segments and projecting the Smart Solar Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Smart Solar Market make the report investor’s guide.

Global Smart Solar Market Scope: Inquire before buying

Global Smart Solar Market

Global Smart Solar Market by Region

• North America • Europe • Asia Pacific • South America • The Middle East and Africa

Global Smart Solar Market Key Players

• ABB • GE Power • Itron Inc. • Schneider Electric • Echelon Corporation • Silver Spring Networks Inc. • Landis+GYR AG • Sensus USA Inc. • Urban Green Energy (UGE) International • Echelon Corporation • HCL Technologies • Siemens AG • Sensus USA Inc. • Calico Energy Services • Aclara Technologies LLC • Smart Solar Solutions LLC • Intergraph Frequently Asked Questions: 1] What segments are covered in the Smart Solar Market report? Ans. The segments covered in the Smart Solar Market report are based on Device, Service, and Application. 2] Which region is expected to hold the highest share in the Smart Solar Market? Ans. The North America region is expected to hold the highest share in the Smart Solar Market. 3] What is the market size of the Smart Solar Market by 2027? Ans. The market size of the Smart Solar Market by 2027 is US $ 38.31 Bn. 4] What is the forecast period for the Smart Solar Market? Ans. The Forecast period for the Smart Solar Market is 2020-2027. 5] What was the market size of the Smart Solar Market in 2020? Ans. The market size of the Smart Solar Market in 2020 was US $ 13.72 Bn.
1. Global Smart Solar Market Size: Research Methodology 2. Global Smart Solar Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Smart Solar Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Smart Solar Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Smart Solar Market Size Segmentation 4.1. Global Smart Solar Market Size, By Device (2020-2027) • Smart Solar Meters • Intelligrid • Radio Frequency Identification (RFID) 4.2. Global Smart Solar Market Size, by Service (2020-2027) • Municipal Waste • Process Waste • Agriculture Waste • Medical Waste • Others 4.3. Global Smart Solar Market Size, by Application (2020-2027) • Residential • Commercial • Utility 5. North America Smart Solar Market(2020-2027) 5.1. Global Smart Solar Market Size, By Device (2020-2027) • Smart Solar Meters • Intelligrid • Radio Frequency Identification (RFID) 5.2. Global Smart Solar Market Size, by Service (2020-2027) • Asset Management • Network Monitoring • Meter Data Management • Remote Metering • Others 5.3. Global Smart Solar Market Size, by Application (2020-2027) • Residential • Commercial • Utility 5.4. North America Smart Solar Market, by Country (2020-2027) • United States • Canada • Mexico 6. European Smart Solar Market (2020-2027) 6.1. European Smart Solar Market, By Device (2020-2027) 6.2. European Smart Solar Market, by Service (2020-2027) 6.3. European Smart Solar Market, by Application (2020-2027) 6.4. European Smart Solar Market, by Country (2020-2027) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Smart Solar Market (2020-2027) 7.1. Asia Pacific Smart Solar Market, By Device (2020-2027) 7.2. Asia Pacific Smart Solar Market, by Service (2020-2027) 7.3. Asia Pacific Smart Solar Market, by Application (2020-2027) 7.4. Asia Pacific Smart Solar Market, by Country (2020-2027) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Smart Solar Market (2020-2027) 8.1. The Middle East and Africa Smart Solar Market, By Device (2020-2027) 8.2. The Middle East and Africa Smart Solar Market, by Service (2020-2027) 8.3. The Middle East and Africa Smart Solar Market, by Application (2020-2027) 8.4. The Middle East and Africa Smart Solar Market, by Country (2020-2027) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Smart Solar Market (2020-2027) 9.1. Latin America Smart Solar Market, By Device (2020-2027) 9.2. Latin America Smart Solar Market, by Service (2020-2027) 9.3. Latin America Smart Solar Market, by Application (2020-2027) 9.4. Latin America Smart Solar Market, by Country (2020-2027) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. ABB 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. GE Power 10.3. Itron Inc. 10.4. Schneider Electric 10.5. Echelon Corporation 10.6. Silver Spring Networks Inc. 10.7. Landis+GYR AG 10.8. Sensus USA Inc. 10.9. Urban Green Energy (UGE) International 10.10. Echelon Corporation 10.11. HCL Technologies 10.12. Siemens AG 10.13. Sensus USA Inc. 10.14. Calico Energy Services 10.15. Aclara Technologies LLC 10.16. Smart Solar Solutions LLC 10.17. Intergraph

About This Report

Report ID 28263
Category Energy & Power
Published Date March 2019
Updated Date Nov 2021
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