Global Smart Solar Market
Market Size in USD Billion
CAGR :
% 
 Forecast Period |
2022 –2029 |
 Market Size (Base Year) |
USD 15.37 Billion |
 Market Size (Forecast Year) |
USD 50.04 Billion |
 CAGR |
% |
| Major Markets Players |
Global Smart Solar Market, By Product (Photovoltaic Cell, Invertor, Generator), Device (Smart Solar Meters, IntelliGrid, RFID), Solution (Asset Management, Network Monitoring, Meter Data Management, Analytics, Supervisory Control and Data Acquisition (SCADA), Remote Metering, Outage Management), Services (Consulting Services, System Integration and Deployment Services, Support and Maintenance Services, Demand Response Services), Application (Commercial and Industrial, Residential), Industry Sector (Government, Utilities, Healthcare, Construction, Education, Agriculture, Others), Target Audience (Market Operators, Solar Companies, Distribution System Operators, Retail Energy Suppliers, Demand Response Providers, Energy Service Companies, Customers, Residential Customers, Commercial and Industrial, National Regulatory Authorities, Metering Operators, Others) - Industry Trends and Forecast to 2029
Market Analysis and Size
Digitalization, decentralization and climate change are transforming the way electricity is consumed and produced throughout the world. Data-centric and IoT enabled smart solar systems are being considered one of the best solutions on how solar energy can offer a quarter of the electricity consumed.
Global Smart Solar Market was valued at USD 15.37 billion in 2021 and is expected to reach USD 50.04 billion by 2029, registering a CAGR of 15.90% during the forecast period of 2022-2029. Asset Management accounts for the largest solution segment in the respective market owing to the technological advancement and strict regulatory mandates in developed regions. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
Solar power refers to equipment that harvests sunshine and utilizes it for various applications, such as producing electricity, cooking, and desalination of seawater. Smart solar power is a cutting-edge version of the conventional solar system.
Report Scope and Market Segmentation
|
Report Metric |
Details |
|
Forecast Period |
2022 to 2029 |
|
Base Year |
2021 |
|
Historic Years |
2020 (Customizable to 2014 - 2019) |
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Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
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Segments Covered |
Product (Photovoltaic Cell, Invertor, Generator), Device (Smart Solar Meters, IntelliGrid, RFID), Solution (Asset Management, Network Monitoring, Meter Data Management, Analytics, Supervisory Control and Data Acquisition (SCADA), Remote Metering, Outage Management), Services (Consulting Services, System Integration and Deployment Services, Support and Maintenance Services, Demand Response Services), Application (Commercial and Industrial, Residential), Industry Sector (Government, Utilities, Healthcare, Construction, Education, Agriculture, Others), Target Audience (Market Operators, Solar Companies, Distribution System Operators, Retail Energy Suppliers, Demand Response Providers, Energy Service Companies, Customers, Residential Customers, Commercial and Industrial, National Regulatory Authorities, Metering Operators, Others) |
|
Countries Covered |
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America. |
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Market Players Covered |
ABB (Sweden), GENERAL ELECTRIC (US), Itron Inc. (US), Schneider Electric (France), Siemens Energy (Germany), Echelon Corporation (US), Landis+Gyr (Switzerland), Sensus (US), UGE International Ltd. (US), SMART SOLAR SOLUTIONZ. (India), Aclara Technologies LLC. (US), SunPower Corporation. (US), Eaton (US), HCL Technologies Limited (India), Connected Energy (UK), solarcity (US), Vivint, Inc. (US), Sunnova Energy Corporation. (US), Trina Solar (China), and Solarium Green Energy LLP. (India), among others |
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Market Opportunities |
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Smart Solar Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Rise in Awareness regarding Adverse Environmental Impacts
The rise in awareness among buyers regarding adverse environmental impacts of non-renewable source-based power acts as one of the major factors driving the smart solar market. Also, increase in the dependence on unconventional sources of energy has a positive impact on the market.
- Modern Energy Services
The rise in economic growth and energy security accelerate the market growth. Also, increase in the need for reducing poverty and improving the quality of life with the help of modern energy services has assist in the expansion of the market.
- Increase in Solar System Installation
The increase in the number of installation of solar system further influence the market. The rise in demand of solid-state solar cell because of growing need to decline prices of solar cells modules drives the growth of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the smart solar market.
Opportunities
Furthermore, recent technical advancements reducing production cost extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, improvement in infrastructure development activities will further expand the market.
Restraints/Challenges
On the other hand, durability and safety issues are expected to obstruct market growth. Also, fluctuations in the raw materials are projected to challenge the smart solar market in the forecast period of 2022-2029.
This smart solar market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on smart solar market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Smart Solar Market
The COVID-19 had a negative impact on the smart solar market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand smart solar technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the smart solar market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions and increase in environmental awareness.
Recent Developments
- The Energy and Resources Institute (TERI), launched ‘Indian Solar Market Aggregation for Rooftops’ (I-SMART) in May’2019. The program formed a partnership with Cadmus Group, an American technical and strategic consultancy services provider.
- Solar Energy Company Midsummer launched “Midsummer Solar Roof” in May’2019 consisting of a folded metal roof with an installed power of 100 W/m2. These roofs are custom-made to match the solar module and maximise the total installed power.
Global Smart Solar Market Scope and Market Size
The smart solar market is segmented on the basis of product, device, solution, services, industry sector, application, and target audience. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
- Photovoltaic Cell
- Invertor
- Generator
Device
- Smart Solar Meters
- IntelliGrid
- RFID
Solution
- Asset Management
- Network Monitoring
- Meter Data Management
- Analytics
- Supervisory Control and Data Acquisition (SCADA)
- Remote Metering
- Outage Management
Services
- Consulting Services
- System Integration and Deployment Services
- Support and Maintenance Services
- Demand Response Services
Application
- Commercial
- Industrial
- Residential
Industry Sector
- Government
- Utilities
- Healthcare
- Construction
- Education
- Agriculture
- Others
Target Audience
- Market Operators
- Solar Companies
- Distribution System Operators
- Retail Energy Suppliers
- Demand Response Providers
- Energy Service Companies
- Customers
- Residential Customers
- Commercial and Industrial
- National Regulatory Authorities
- Metering Operators
- Others
Smart Solar Market Regional Analysis/Insights
The smart solar market is analysed and market size insights and trends are provided by country, product, device, solution, services, industry sector, application, and target audience as referred above.
The countries covered in the smart solar market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the smart solar market because of the increase number of research and development activities in Japan, China, India, and South Korea.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the increase in number of solar cell practices in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Smart Solar Market
The smart solar market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart solar market.
Some of the major players operating in smart solar market are
- ABB (Sweden)
- GENERAL ELECTRIC (US)
- Itron Inc. (US)
- Schneider Electric (France)
- Siemens Energy (Germany)
- Echelon Corporation (US)
- Landis+Gyr (Switzerland)
- Sensus (US)
- UGE International Ltd. (US)
- SMART SOLAR SOLUTIONZ. (India)
- Aclara Technologies LLC. (US)
- SunPower Corporation. (US)
- Eaton (US)
- HCL Technologies Limited (India)
- Connected Energy (UK)
- solarcity (US)
- Vivint, Inc. (US)
- Sunnova Energy Corporation. (US)
- Trina Solar (China)
- Solarium Green Energy LLP. (India)
SKU-
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Research Methodology
Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available
Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.
