Smart Solar Market Analysis
Smart Solar Market is projected to be worth USD 41.56 Billion, registering a CAGR of 15.8% during the forecast period 2022-2030. The market was valued at USD 13.1 billion in 2020.
Alluring Features that Boost Market Growth
As per the latest MRFR report, there are numerous factors that are propelling the global smart solar market share.
High Demand for Smart Solar Technology to Boost Smart Solar Market
The high demand for smart solar technology is predicted to boost smart solar market growth over the forecast period. This technology is the improvement of existing technology with enhanced functionality of components and synchronizing with the currently available systems. It offers low maintainability, optimized performance, operational efficiencies, and improved functionality. Smart solar technology allows real-time monitoring, communication efficiency, and analytics that allows them in delivering improved operational performance and control. Hence, the growing need for non-conventional efficient energy management solutions across the globe will offer surplus opportunities for smart solar solutions & service providers.
Growing Investments in Smart Grids to offer Robust Opportunities
The growing investments in smart grid are likely to offer robust growth opportunities to the market over the forecast period. Various environmental protection regulations worldwide are allowing power generation enterprises in shifting eco-friendly and cleaner energy resources. Major countries across the globe are highly focused to increase renewable energy power generation for reducing their reliance on conventional power generation via fossil fuels. Solar energy is a chief renewable energy source having the ability of meeting most of the world’s challenges.
Besides, the use of blockchain and artificial intelligence in solar energy are the latest smart solar market trends
High Maintenance Cost to act as Market Restraints
The high investment and maintenance costs, low conversion efficiency, and the growing risk of cyber-attacks are likely to limit the smart solar market revenue over the forecast period.
Data Management Issues to act as key Market Challenge
Several issues associated with data management and device replacement may impede the global smart solar market value over the forecast period.
Impact of COVID-19 Pandemic on Smart Solar Industry
The impact of the COVID-19 crisis on different business sectors like hospitality, aviation, manufacturing, and others has been unprecedented and explicit. The restrictions and lockdown resulting from the outbreak has severely impacted economies across the world, creating huge labor shortage, delay in projects, and disruption in supply chains. The renewable sector in several countries across the globe is dependent mostly on imports from other regions, particularly China. About 80% modules and solar cells in India get imported from China along with other equipment such as raw materials, prefabricated structures, and inverters. Solar project developers in India are concerned regarding delay of products following the slowdown of manufacturing in China due to government imposed lockdowns. The leading solar equipment suppliers have experienced production delays owing to the pandemic resulting in a huge backlog to fulfill orders. For instance, the Seychelles government in July 2020 confirmed that there will be a delay in the solar PV power plant’s construction due to concerns regarding the global pandemic.
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- By Device
The intelligrid device segment will lead the market over the forecast period. The growing regulatory compliances and initiatives by the government to adopt non-conventional energy sources coupled with surging gas prices and electricity tariffs are adding to the growth of the segment.
- By Solution
The asset management segment will dominate the market over the forecast period for strict regulatory mandates in Europe and North America, and technological advances.
- By Service
By service, the smart solar market is segmented into support and maintenance services, demand response services, system integration and deployment services, and consulting services.
- By Application
The commercial and industrial application segment is predicted to spearhead the market over the forecast period.
- By End Use
By end use, the utilities segment will have the lions share in the market over the forecast period for several ongoing utility-scale solar projects being in the pipeline across the world.
APAC to Remain Forerunner in Smart Solar Market
The APAC region is predicted to remain forerunner in the market over the forecast period. The integration of information flow and communication technology in commercial buildings and households, huge technological spending, penetration of component and meter manufacturing in Japan, India, and China, increasing government support for solar energy use, increasing number of smart city projects, and increase in electricity tariffs are adding to the smart solar market growth in the region. Besides, high solar irradiance levels, low manufacturing cost of components, high carbon emission reduction targets by India and China, and growing need for energy consumption, are also adding market growth.
Eminent players profiled in the global smart solar market report include 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). Key players have incorporated several strategies to stay ahead in the competition such as R&D activities, partnerships, collaborations, and more.
May 2021- Vale S.A. has selected Nextracker to supply smart solar trackers for the Sol de Cerrado solar project in Minas Gerais, Brazil.