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ENERGY & POWER

Smart Solar Market Segmentation by Product (Photovoltaic Cells, Photovoltaic Panels, and Invertors); by Solutions (Network Monitoring, Analytics, SCADA, Remote Metering, and Asset Management); by Services; by Application – Global Demand Analysis & Opportunity Outlook 2030

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Extensive insights into the Growth of Smart Solar Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

·   March 2, 2020- ABB, Ltd. completed the divestment of its solar inverter business to an Italian company FIMER SpA. The aim of this transaction is to improve ABB’s business portfolio and enhance the opportunities for smart solar inverter business under FIMER.

Global Smart Solar Market Highlights 2022 – 2030

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.

Global Smart Solar Market

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

Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

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.

Global Smart Solar Market Regional Synopsis

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global smart solar market includes the following segments:

By Product

  • Photovoltaic Cells
  • Photovoltaic Panels
  • Invertors

By Solutions

  • Network Monitoring
  • Meter Data Management
  • Analytics
  • SCADA
  • Remote Metering
  • Asset Management

By Services

  • Consulting
  • Demand Response

By Application

  • Commercial and Industrial
  • Residential

Growth Drivers

  • Increasing Adoption of Green Energy
  • Growing Emergence of Smart Cities in Developing Countries

Challenges

  • High Cost of Installing Smart Solar Systems

Top Featured Companies Dominating the Market

  • ABB Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • General Electric Company
  • Itron Inc.
  • Echelon Corporation
  • Schneider Electric
  • Siemens AG
  • Silver Spring Networks Inc.
  • Sensus USA, Inc.
  • Aclara Software Inc.
  • Landis+GYR AG

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