Global Smart Solar Market - 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

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)

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