The global smart solar market is estimated to garner a sizeable revenue and grow at a 15% CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of green energy, growing emergence of smart cities in developing countries, and rising urban population across the world. As per the data provided by the World Bank, the total urban population in 2020 was 56.15 percent of the total world population, which grew up from 54.824 percent in the year 2017. Along with these, deployment of smart solar systems is extremely efficient in minimizing electricity expenses and improving the effectiveness of solar components by real time monitoring. This is considered to be a crucial factor expected to drive market growth in the upcoming years. Furthermore, growing emphasis of organizations associated with utilizing alternative resources for energy extraction in order to address the issue of depletion of natural resources, is projected to offer lucrative opportunities for market growth in the near future.
The market is segmented by solutions into network monitoring, meter data management, analytics, SCADA, remote metering, and asset management, out of which, the asset management segment is anticipated to hold the largest share in the global smart solar market on account of the increasing technological advancements in the energy sector, and rising roll-outs of smart meters and smart grids in developed nations. Additionally, on the basis of application, the commercial and industrial segment is predicted to grab the largest market share during the forecast period, which can be credited to the high adoption of smart solar systems and increase in electricity production in this sector. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global smart solar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing number of smart city initiatives, growing support of government to use solar energy and rising electricity tariffs in the region. In addition, high carbon emissions in Asia are also expected to propel the demand for smart solar systems in the region in the near future. Another report by the World Bank depicts that the total carbon emissions in the East Asia and Pacific region in 2018 were 6.361 metric tons per capita, up from 6.237 metric tons per capita in 2017. Moreover, the market in North America is projected to occupy the largest share during the forecast period owing to the escalating number of smart solar projects, growing grants and solar subsidies from the United States government, and strong presence of major market players in the region.
The global smart solar market is further classified on the basis of region as follows:
Our in-depth analysis of the global smart solar market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing adoption of green energy and growing emergence of smart cities in developing countries.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
High price of installing smart solar systems is estimated to hamper the market growth.
Asia Pacific region will provide more opportunities for market growth owing to the increasing number of smart city initiatives and growing support of government to use solar energy.
The major players in the market are ABB Ltd., General Electric Company, Itron Inc., Echelon Corporation, Schneider Electric, Siemens AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, solution, services, application, and by region.
The commercial and industrial segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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