Smart Solar Market

Smart Solar Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Smart Solar Market was worth US$ 8,958.7 Mn and is expected to grow at a CAGR of 15.1% over the forecast period. The market is expected to hit US$ 36,559.3 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 12.6%, the market underwent significant growth.

The rapid growth in the number of consumers and their demand for solar panel products has driven the smart solar market globally, thereby increasing its potential. The implementation of smart solar solutions helps users to minimize their electricity expenses and increase the efficiency of solar components through real-time monitoring and communication.

Market Dynamic

THE GROWTH IN THE ROOF-FRIENDLY INSTALLATION FUELS MARKET GROWTH

Smart solar systems, as opposed to conventional solar systems, help reduce waste and make the best use of power. This function of smart solar systems promotes industrial development and lowers the price of energy production. As solar PV panels are used in solar power systems, they must be installed so they face the sun at all times. Mounting solar panels on rooftops is therefore recommended. Lightweight solar panels were developed to make installing solar panels on rooftops easier. Additionally, no holes had to be put in the rooftop to install them, and rainwater neither disturbs the racks nor collects in the panels.

GOVERNMENTAL REGULATIONS AND SUBSIDIES CREATE  THE MARKET GROWTH OPPORTUNITIES

To boost the Smart Solar Market Outlook, many nations have provided incentives for installing Smart Solar systems in their domestic structures. Germany maintains a higher value in obtaining solar capacity, making it one of the top participants. Various Smart Solar sectors use different growth tactics to raise the market value, including mergers and acquisitions, partnerships, and collaborations. In contrast to the residential division, the commercial and industrial parts drive the market’s demand. This is a significant possibility for the value of the need for smart solar to increase.

HIGH COSTS AFFECT THE MARKET GROWTH

The expansion of the smart solar market is being hampered by the demand for greater starting expenses and higher maintenance costs. Smart solar systems, largely digital, can track the weather and use that information to project the solar system in agreement with requirements.

Data management problems and the need to replace devices are two problems impeding the market’s expansion. Solar power plants involve a large amount of land to be installed, but solar PV systems cannot be placed on the ground that is already developed, forested, or used for agriculture. The biggest barrier to the market’s expansion is unstable terrain because solar PV systems cannot be installed there.

Market Segments Covered in Report

By Product:

• Photovoltaic Cells
• Photovoltaic Panels
• Invertors
• Generators
• Other Products

By Solution:

• Asset Management
• Network Monitoring
• Meter Data Management
• Analytics
• Remote Metering
• Outage Management

By End-Use:

• Commercial
• Industrial
• Residential

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Asset Management projected to have the highest Pace?

The asset management segment held a dominant smart solar market share in 2021. The market is segmented based on service: asset management, network monitoring, remote metering,  meter data management, and others. Technological innovation has led to additional functionality of meter data management to support more business processes through the utility value chain, such as customer billing, credit management, and meter asset management.

Why is the intelligrid segment expected to expand the fastest during the forecast period?

The intelligrid segment held a predominant share of the market. Intelligrid is a fully functional power delivery system incorporating sensors, communications, enhanced computational ability, and electronic control. It delivers reliable, digital-grade power to government initiatives for adopting non-conventional energy sources, along with the surging electricity tariffs and gas prices.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• North America held the largest share of the Smart Solar Market in 2021, up to 34.7 %. The North American market is expected to be the leading global market for smart solar meters in the forecast period. The growing number of smart solar projects in the region further increases vendors’ demand for this product. Additionally, many grants and subsidies have been provided by the U.S. government to boost their solar energy installation rates, facilitating faster growth in the region.
• The Asia Pacific is predicted to be the fastest-growing region in the solar power market. The main reason for this growth is government support for solar energy and growing smart city projects. We find that high solar irradiance and low manufacturing cost of components are key factors driving the market growth, encouraging countries such as China and India to install more solar power systems.

Competition Analysis

As the industry grows in demand, it is imperative to invest in research and development efforts to propel market growth across the forecast period. The global pandemic has proven to be a formidable hurdle for several pharmaceutical companies, and most are rethinking their development strategies.

Some of the key developments that have taken place in the Smart Solar Market include the following:

• January 2018, Itron, Inc., a market leader in technology and consulting services, declared that the acquisition of Silver Spring Networks, Inc. was now complete. With this acquisition, Itron has improved its capacity to offer a wider range of solutions, accelerate growth and innovation in smart cities and industrial IoT markets, and give customers more choice and flexibility when adopting IoT solutions.
• November 2020, Solarcentury has agreed to be acquired by Statkraft, the largest renewable energy generator in Europe. This purchase is consistent with the business’s plan to expand as wind and solar energy developer and rank among the world’s top renewable energy businesses.

A list of some of the key suppliers present in the market are:

• ABB
• Itron Inc.
• Aeris
• Solnet Group
• Aclara Technologies LLC
• General Electric
• Huawei Technologies Co., Ltd
• Siemens
• Landis+Gyr
• Schneider Electric
• HCL Technologies

Global Smart Solar Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies