Global Smart Solar Market is valued approximately at USD 9.97 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 15.5% over the forecast period 2019-2026. Smart solar device is the equipment that aids in extracting solar energy offering, better efficiency in devices that use solar energy. This devices aids in minimizing the wastage in energy and utilizes the power in best possible way to make the energy available and improve the efficiency of devices.
Smart solar maximizes the productivity of the system as a whole, matching supply to time and demand, and more. With smart solar and a grid connection, the solar energy is mainly utilized in reducing the inadequacies of solar panels. Increasing adoption of green energy, growing emergence of smart cities, favorable regulatory compliance and surging investments in the smart grid are the few factors responsible for high CAGR of the market over the forecast period. For instance, in 2015, the Chinese government has committed approximately USD 101 billion to develop and enhance smart grid technology. Similarly, the Smart America Organization estimates that, government of United States has invested nearly USD 41 trillion with an aim to upgrade and modernize smart-grid infrastructure. Through this plan, both China and United States governments work to enhance the quality of life for its citizen and to create environmental sustainability. Moreover, increasing environmental awareness and technological evolution along with evolving solar industry are the major factors likely to create lucrative growth opportunity to the market in the upcoming years. However, high initial cost and reducing subsidies are the few factor anticipated to restraining the growth of global Smart Solar market during the forecast period.
The regional analysis of global Smart Solar Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the technological advancements and early adoption of smart solar solutions and services, and wide presence of prominent players in the region. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing number of application areas in smart buildings and home automation system along with increasing implementations of smart solar-driven by improving economic conditions across the Asia-Pacific region.
Major market player included in this report are:
Silver Spring Networks Inc.
Sensus USA, Inc.
Urban Green Energy (UGE) International
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Meter Data Management
Demand Response Services
System Integration and Deployment Services
Support and Maintenance Services
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026
Target Audience of the Global Smart Solar Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers