Smart Solar Power Market By Device (Smart Solar Meters, IntelliGrid, RFID), By Solution (Asset Management, Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, Outage Management), By Application (Commercial, Industrial, Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global smart solar power market size was valued at $13.4 billion in 2021, and projected to reach $47.7 billion by 2031, with a CAGR of 13.6% from 2022 to 2031.
Solar power refers to technology that harvests sunlight and utilizes it for various purposes such as electricity generation, heating, desalination of seawater etc. Smart solar power is an advanced form of the traditional solar energy system. The solar power industry is growing at a rapid pace, as there is a high demand for energy management solutions and monitoring devices across various industry verticals.
The increase in urban population worldwide has created a rise in demand for resources. The depletion in fossil fuel resources is making government organizations to innovate in such a way that they can utilize alternative resources to extract the energy for the necessities in life. Smart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real-time. The traditional power generation techniques depend a lot on non-renewable energy sources and generate a lot of pollution. The limited supply of these resources has triggered the need for renewable sources of energy. Moreover, increasing power tariff and government subsidies on solar power are driving the smart solar power market.
The ever-growing energy demand from residential and industrial end users and depleting natural resources have resulted in the need to control the energy consumption and switch to more efficient and cleaner energy generation source. Governments around the world are looking for cost-effective solutions and are encouraging the public by giving subsidies, shifting to green solutions, in turn, pushing the adoption of smart solar solutions. For instance, several policy measures have been set in place by MNRE to support the achievement of India’s 2022 solar goals. An amendment has been made to the National Tariff Policy to include provisions for Renewable Generation Obligations and Renewable Purchase Obligations. The policy requires state-owned power distribution companies to purchase 8% of their energy from solar by 2022 and mandates thermal power plant operators to have a certain amount of renewable components in any newly installed capacity. The above mentioned policies and initiatives will have positive impact on the development of the market.
The global smart solar power market is segmented on the basis of device, solution, application, and region.
On the basis of device, it is segmented into smart solar meters, intelligrid, and RFID. On the basis of 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, 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 share of the market, 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. Due to rapid industrialization, urbanization and gradual increase in population has led to increase in the demand for power. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research & innovation in new technologies related to smart solar power have led to attain key developments in the global smart solar power market trends.
Impact of Covid-19 on Smart Solar Power Market
The global COVID-19 pandemic has negative impact on the smart solar power market. Owing to the outbreak of the COVID-19 pandemic, governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus, leading to sharp slowdown in the output from residential to industrial sectors. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns. 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 has confirmed that the construction of a floating solar PV power plant will 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 has invested in the development of solar power plants in order to reduce their imports of fossil fuels, and other energy resources. Furthermore, increase in awareness among the people regarding the impact of utilization of solar power to reduce growing electricity tariffs in residential sector is expected to drive the demand for smart solar power systems. The trend is expected to continue during the forecast period.
Key Benefits For Stakeholders
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart solar power market analysis from 2021 to 2031 to identify the prevailing smart solar power market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the smart solar power market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global smart solar power market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Device
Smart Solar Meters
IntelliGrid
RFID
By Solution
Asset Management
Network Monitoring
Meter Data Management
Analytics
SCADA
Remote Metering
Outage Management
By Application
Commercial
Industrial
Type
Government
Healthcare
Construction
Others
Residential
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
Italy
Spain
UK
France
Rest Of Europe
Asia-Pacific
South Korea
Australia
Rest Of Asia-Pacific
China
Japan
India
LAMEA
Brazil
Chile
South Africa
Rest Of LAMEA
Key Market Players
Aclara Software
GE Energy
ABB Ltd
CAlico Energy Services
Siemens AG
Echelon Corporation
Schneider Electric
Urban Green Energy International
Landis+GYR AG
Sensus USA Inc.
Silver Spring Networks INC.
Itron Inc.
HCL Technologies Ltd
Huawei Technologies Co., Ltd
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