The increase in the adoption of green energy and emergence of smart cities and the increase in environmental awareness and technological innovation are the key factors boosting the Smart solar power market growth.
According to a new report published by Allied Market Research, titled, โSmart Solar Power Market,” The smart solar power market size was valued at $13.4 billion in 2021, and the smart solar power industry is estimated to reach $47.7 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.
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Solar energy is one of the most efficient ways of generating power because solar energy is renewable energy and offers a big contribution to reducing carbon emissions thereby ensuring a sustainable energy future. Solar energy can be utilized for heating, cooling, lighting, transportation, and various other applications; this varied utilization of solar energy also tends to raise the demand for smart solar systems.
Owing to the technical advancements and abundance of solar energy, industries, and commercial facilities utilize smart solar systems to reduce their electricity costs. The growing grid automation and increased investments in countries like Japan, India, and South Korea have hugely impacted the market growth. In addition to that, the strict regulation imposed by governments of the countries has created awareness concerning smart solar systems and their benefits.
Smart solar is increasing globally due to increasing Information and Communications Technology (ICT) integration across different verticals, especially in developing regions. North America is projected to dominate the market during the forecast period due to technological advancements and early adoption of smart solar solutions and services in the region. The Asia-Pacific market is expected to grow at the highest CAGR between 2022 and 2031. The primary driving forces for this growth are huge technological spending and penetration of meter and component manufacturing industries in countries such as China, India, and Japan.
๐๐๐ญ ๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ @ย www.alliedmarketresearch.com/requestโฆzation/514
๐๐จ๐ฆ๐ฉ๐๐ญ๐ข๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
Theย Smart Solar Power industry’sย key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
๐๐จ๐ฆ๐ ๐จ๐ ๐ญ๐ก๐ ๐ฆ๐๐ฃ๐จ๐ซ ๐ค๐๐ฒ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฆ๐๐ซ๐ญ ๐๐จ๐ฅ๐๐ซ ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐ค๐๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐,
GE Energy
Aclara Software
Silver Spring Networks INC.
Itron Inc.
CAlico Energy Services
Huawei Technologies Co., Ltd
Schneider Electric, Echelon Corporation
Urban Green Energy International
HCL Technologies Ltd
Sensus USA Inc.
Landis+GYR AG
ABB Ltd, Siemens AG
Solar systems require solar panels and other pieces of equipment for efficient operation. However, smart solar systems require additional responsive pieces of equipment coupled with complex technology. This complex structure of the smart solar systems acts as a primary challenge for the smart solar power market opportunities. Land selection can be challenging as issues related to environmental and technological difficulties restrict the system installation. Though solar energy is available abundantly, they are intermittent and variable and hence, cannot be dispatched to the distributed systems. In addition, developed countries have reduced the subsidies for installing smart solar systems, these are some factors that hinder the smart solar power market growth.
The global smart solar power market forecast is segmented based on device, solution, application, and region.
Based on the device, it is segmented into smart solar meters, intelligent, and RFID. Based on the solution, the market is segmented into asset management, network monitoring, meter data management, analytics, SCADA, remote monitoring, and outage management. Based on application, the market is segmented into commercial, industrial, and residential. Furthermore, the industrial segment is bifurcated into government, healthcare, construction, and others.
Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest smart solar power market share, followed by Europe and Asia-Pacific.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ฒ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ :ย www.alliedmarketresearch.com/purchasโฆnquiry/514
๐๐๐ฒ ๐๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐ฌ๐ญ๐ฎ๐๐ฒ:
- North America is expected to exhibit a CAGR of 13.2% during 2022-2031.
- As per global smart solar power market analysis, by device, the smart solar meter segment accounted for the largest share in 2021.
- By solution, the asset management segment was the leading segment in 2021.
- By application, the industrial segment had the largest market share in 2021.
๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐๐๐๐-๐๐ ๐จ๐ง ๐๐ฆ๐๐ซ๐ญ ๐๐จ๐ฅ๐๐ซ ๐๐จ๐ฐ๐๐ซ ๐๐๐ซ๐ค๐๐ญ
The global COVID-19 pandemic has negative impact on the smart solar power market.ย Owing to the outbreak of the COVID-19 pandemic, governments of various countries have implemented lockdowns, which has led to the shutdown of factories in scores of cities and provinces across the world, thus, leading to a sharp slowdown in the output from residential to industrial sectors. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shut down. Among other problems, it might be possible that companies may not be able to meet project delivery timelines that could alter tax treatment or eligibility for state incentives for such projects. For instance, recently in July 2020, the Seychelles government confirmed that the construction of a floating solar PV power plant would be delayed due to the global pandemic. All over the globe, solar project developers were worried about project delays due to the slowdown of manufacturing in China.
Post-pandemic outbreak, the gradual surge in the construction sector has led increase in the demand for solar power market. The governments of various developing and developed countries have invested in the development of solar power plants to reduce their imports of fossil fuels and other energy resources. Furthermore, an increase in awareness among the people regarding the impact of the utilization of solar power to reduce growing electricity tariffs in the residential sector is expected to drive the demand for smart solar power systems. The trend is expected to continue during the forecast period.
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Category: Market Research Publishers and Retailersย Profile: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of โMarket Research Reportsโ and โBusiness Intelligence Solutionsโ. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom …
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