Smart Solar Market Scenario
The global smart solar market is estimated to expand at 15.50% CAGR during the forecast period. Smart solar facilitates various advantages to the end-use segments which install solar panels. For instance, smart solar collocates the end-user site and provides a personal recommendation. Also, it helps the end users to save up to 70% of their electricity bills. Moreover, there are various kinds of solutions being provided by some of the key players including ground mounted solutions, roof top solutions, and off-grid systems, among others. Smart solar is a relatively a newer concept that uses the information and communication technologies to improve the efficiency of urban systems involving solar power.
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Increasing adoption of green energy and the emergence of smart cities, a substantial rise in solar energy installation, and growing investments in smart grid are some of the major drivers of the smart solar market. In addition, increasing regulatory compliance and increasing number of solar energy projects are some of the factors driving the smart solar market. Smart buildings and home automation systems are some of key application areas that are witnessing a strong growth rate. Buildings are getting smarter and have embedded the technologies, including smart solar.
The key players of global smart solar market are ABB (switzerland), GE Power (us), Itron Inc. (us), Schneider Electric (France), Echelon Corporation (US), Silver Spring Networks Inc. (US), Landis+GYR AG (switzerland), Sensus USA, Inc. (US), and Urban Green Energy (UGE) International (US).
The smart solar market has been segmented based on solution as asset management, network monitoring, analytics, supervisory control and data acquisition, remote metering, outage management, and meter data management. Among these solutions, asset management is the largest segment in the smart solar market due to the technological advancements and stringent regulatory mandates across North America and Europe. However, meter data management is expected to grow at the highest growth rate within the same segment due to the growing roll-outs of smart meters and smart grids.
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Region wise, Asia-Pacific held the largest market share of the global smart solar market in 2017. It is estimated that North America would be the largest market during the forecast period. The increasing investment in smart solar in North America is due to the information flow and communication technology (ICT) integration, across end-use segments, especially households and commercial buildings.
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps study the target segments by providing views on the emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global smart solar market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis
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