Smart Solar Market

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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Report ID: 3395 | Published On: Feb 08, 2023

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


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

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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. 


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


Global Smart Solar Market
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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


Electricity Consumption
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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

Key Questions Answered in the Report

1) What are the major factors driving the growth of the smart solar market?

Ans: The major factors driving market growth are increasing adoption of green energy and growing emergence of smart cities in developing countries.

2) What would be the CAGR of smart solar market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the smart solar market growth?

Ans: High price of installing smart solar systems is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of smart solar market in future?

Ans: 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.

5) Who are the major players dominating the smart solar market?

Ans: The major players in the market are ABB Ltd., General Electric Company, Itron Inc., Echelon Corporation, Schneider Electric, Siemens AG, and others.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the smart solar market?

Ans: The market is segmented by product, solution, services, application, and by region.

8) Which segment captures the largest market size in the application segment in the smart solar market?

Ans: 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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