Smart Solar Power Market Growth, Size, Share, Analysis 2016-2028 | Key Players: ABB Schweiz AG, BPL Global Ltd

Smart Solar Power Market Research, 2031

The global smart solar power market place size was valued at $13.iv billion in 2021, and smart solar power industry is projected to achieve $47.7 billion by 2031, growing at a CAGR of 13.half-dozen% from 2022 to 2031.

Post pandemic outbreak, the gradual surge in the construction sector has led increase in the need for solar power market. The governments of various developing and developed countries has invested in the development of solar ability plants in club to reduce their imports of fossil fuels, and other energy resources. Furthermore, increase in sensation among the people regarding the affect 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.

Smart solar power systems are the automated and internet connected version of solar free energy organization. The deployment of these devices is expected to help users minimize their electricity expenses and increment solar panels efficiency through real time monitoring and communication. The ascent investment in the smart energy marketplace and the reduction of solar PV costs are some factors driving the market growth.

The presence of environmental protection regulations worldwide is enabling power generation companies to shift toward cleaner and to eco-friendly free energy resource. Powerful countries across the globe are investing in renewable free energy ability generation to reduce their dependence on conventional power generation through fossil fuels. The innovation and rapid development in the internet engineering science and communication technology has led to the augmentation of solar power systems to make them smart through AI and cloud intelligence. This system offers improve functionality, operational efficiencies, optimized performance, and depression maintainability. It enables real fourth dimension monitoring, analytics, and communication role, which allows the manufacturer to evangelize improved operational functioning and control.

Intelligent filigree as well known every bit smart filigree is a concept for transforming the electric power grid by using avant-garde automatic control and communications techniques and other forms of information applied science. It integrates innovative tools and technologies from generation, manual and distribution all the way to consumer appliances and equipment. The presence of aging ability transmission infrastructure in the developed countries and increase in demand for intelligrid solutions in the developing country to construct smart cities will drive the demand for intelligrid solutions in smart solar power market. The above-mentioned factors are expected to provide numerous opportunities for the development of the market during the forecast period.

Remote metering (or Automated Meter Reading) is the automated drove of consumption, diagnostic and status data from a meter. This data is then transferred to a central location for billing, trouble-shooting and further analysis.  The remote metering is primarily driven by regime mandates and incentives for smart meter installation. According to the U.S. International Trade Commission, utilities are reluctant to invest in smart meter technology without a government mandate or incentives. The in a higher place-mentioned factors are a major reason to the gradual growth of the remote metering solutions in smart solar power market as compared to other solutions.

The global smart solar power market forecast 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 ground of application, the market is segmented into commercial, industrial, and residential. Furthermore, the industrial segment is classified into government, healthcare, construction, and others.

Region wise, the market place is studied beyond North America, Europe, Asia-Pacific, and LAMEA. Presently, North America accounts for the largest smart solar power marketplace share, followed by Europe and Asia-Pacific.

The smart solar meter segment dominates the global smart solar power market place. Solar meters include a monitoring function that alerts plant owners well-nigh performance bug with PV plants, allowing them to rapidly address issues and optimize return on investment. The projection of real-time PV power generation data from a PV system is measured using solar ability meters. Solar power meters have gained widespread credence in residential, industrial, and commercial sectors, which acts every bit a key driver for the global smart solar ability market. Furthermore, diverse benefits associated with solar power meters such as long-term stability, economical cost, broad spectral range, and automatic transmission measurement foster the global market place growth. The presence of above-mentioned factors will provide ample smart solar power opportunities for the development of the market.

The nugget management segment dominates the global smart solar ability marketplace. Solar nugget management tracks and manages a concrete asset, such equally a solar plant, farm or site through the operational stages of its lifecycle. Solar nugget management ensures the seamless collection of all data, documents and life events of the nugget. The surge in the investment amid the major manufacturing companies and ability generation companies to invest toward the evolution of clean and renewable free energy has led to the demand for asset management solutions in the solar manufacture. The presence of investment in big calibration solar power plants across the globe has propelled the demand for this market. The above-mentioned factors will provide aplenty opportunities for the evolution of the market.

The industrial segment dominates the global smart solar power market. The rapid industrialization and subtract in fossil fuel resources across the globe take led to increase in the demand for the industrial utilization of solar panels. Increase in utilization of portable electronic gadgets and are continued with cyberspace of things take led to increment in the need for the communication industry. The presence of need and need for backup energy services have led to the demand for the solar panels in the advice industry. The presence of depression pure water resource in the Middle East countries in LAMEA region has led to the increasing investment in the desalination plants. The increasing construction of desalination plants has positive impact on the need for solar ability generation. The presence of this need is expected to provide ample opportunities for the development of the market.

North America region dominates the global smart solar power market. In 2021, the solar industry generated more than $33 billion of individual investment in the American economic system. According to Electric Ability Annual, solar power accounted for iii% of U.South. electricity generation from all sources in 2020. In Environmental impact assessment Short-Term Energy Outlook, forecast that solar volition business relationship for five% of U.S. electricity generation in 2022. In total U.S. power generation, solar energy accounts for ii% as of 2019 and 3% in 2020 to serve 16.iv one thousand thousand and 18 one thousand thousand average American homes respectively. According to the Us National Renewable Energy Laboratory (NREL), since 2010, in that location has been a 64%, 69%, and 82% reduction in the cost of residential, commercial-rooftop, and utility-calibration PV systems in the U.S., respectively. Over the past decade, the efficiency of solar PV panels has risen steadily. As of Jan 2022, SunPower’southward monocrystalline solar PV panels had the highest efficiency rating of any commercially available solar panel brand in the marketplace. In Apr 2020, NREL announced that its six-junction solar cell achieved a record 47.1% solar conversion efficiency, the highest globally.  The to a higher place-mentioned factors and innovations will provide ample opportunities for the smart solar power market growth.

The major companies profiled in this report include Aclara Software, GE Free 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. Rapid industrialization, urbanization and gradual increase in population have led to increase in need for power. Additional growth strategies such as expansion of production capacities, acquisition, partnership and enquiry & innovation in new technologies related to smart solar ability have led to attain fundamental developments in the global smart solar power market trends.

Bear upon of Covid-19 on Smart Solar Ability Market place

The global COVID-nineteen 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 precipitous slowdown in the output from residential to industrial sectors. Moreover, companies are dealing with missing sales and fractured supply chains every bit production activities shutdowns. Among other issues, information technology might be possible that companies may not exist able to run into projection delivery timelines that could alter tax treatment or eligibility for state incentives for such projects. For instance, recently in July 2020, the Seychelles authorities has confirmed that the construction of a floating solar PV ability establish volition 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 structure sector has led increase in the demand for solar ability 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 resource. Furthermore, increase in sensation among the people regarding the touch on 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 keep 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 assay from 2021 to 2031 to identify the prevailing smart solar power market opportunities.
• The market enquiry is offered along with information related to fundamental drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders brand turn a profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the smart solar ability marketplace 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 articulate understanding of the present position of the market players.
• The written report includes the analysis of the regional too as global smart solar power marketplace trends, cardinal players, marketplace segments, awarding areas, and marketplace growth strategies.

Smart Solar Power Marketplace Report Highlights