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 and 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.
Solar energy has a wide range of applications from desalination, to power generation, and in chemical industries. The increase in population and gradual awareness among the people regarding the advantages of smart solar power systems will boost the market. The presence of RECs policies and initiatives across developing and developed countries has led to a surge in the demand for monitoring solutions. The presence of electricity tariffs across the globe to recover the economy faster led to awareness among the people regarding the utilization of solar panels for residential power which led to an increase in the demand for smart solar power market.
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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 the 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 the 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.
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 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.
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The global smart solar power market forecast is segmented on the basis of device, solution, application, and region.
On the basis of the device, it is segmented into smart solar meters, intelligent, and RFID. On the basis of the solution, the market is segmented into asset management, network monitoring, meter data management, analytics, SCADA, remote monitoring, and outage management. On the basis of 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.
The major companies profiled in this report include Aclara Software, GE Energy, ABB, CAlico Energy Services, HCL Technologies, Siemens, Echelon Corporation, Schneider Electric, Urban Green Energy International, Landis+GYR AG, Sensus USA Inc., Silver Spring Networks INC., Itron Inc., HCL Technologies, and Huawei Technologies Co., Ltd. Rapid industrialization, urbanization and a gradual increase in population have led to an increase in the demand for power. The demand for power from clean energy resources has increased the demand for solar thermal systems. Additional growth strategies such as the expansion of production capacities, acquisition, partnership, and research & innovation in new technologies related to the solar thermal energy system, have led to attaining key developments in the global smart solar power market trends.
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Key findings of the study
- 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.
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