Smart Solar Market by Solutions (Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, Asset Management), Services (Consulting, Demand Response), Application (Commercial & Industrial, Residential) - Global Forecast to 2032 and expe

Smart Solar Market is projected to be worth USD 42.26 Billion by 2028, registering a CAGR of 12.8% during the forecast period; the market was valued at USD 10.21 billion in 2021.

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Global Smart Solar Technology: Top Key Players

Jinko Solar, Intel, IBM Corporation, Canadian Solar, Oracle, Hanwha Q-Cells, Trina Solar, Microsoft, Google Inc, Vivint Solar, HCL Technologies, JA Solar, Siemens AG, Schneider Electric, ABB Ltd, Echelon Corporation

mart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real-time. The preference has been towards using traditional power generation techniques but they depend a lot on non-renewable energy sources and also, are responsible for air pollution. The limited supply of these resources has triggered the need for renewable energy sources. Moreover, increasing power tariffs and government subsidies on solar power are driving the smart solar solutions market. 2017 was one more historic year for the solar power sector as more solar PV capacities were installed globally than any other power generation technology. The deployment of solar capacity was more than fossil fuels and nuclear combined.

The deployment of smart solar solutions helps users minimize their electricity expenses and increase the efficiency of solar components through real-time monitoring and communication. Trends like the increasing adoption of green energy and smart cities initiatives, followed by the demand for smart solar solutions have grown tremendously across all the countries. Regulatory mandates across North America, Europe, and China also drive this market. For the forecast period, the smart solar market is expected to grow moderately.

Product types uploaded in the Smart Solar Technology are:

Integration & Deployment Services, Support & Maintenance Services, Others

Key applications of this report are:

Construction, Manufacturing, Agriculture, Others

Recent Developments

The developing regions are facing a slowdown in adopting colocation solutions, and services are still in the introductory phase. The developing regions include the functions undertaken in the MEA and Latin America. Therefore, the initial start-up cost prevents the companies' headquarters in these regions from adopting smart solar solutions and services. However, it is undeniable that solar energy plays a big part in reducing carbon emissions and ensuring a sustainable energy future. It helps improve functions like cooling, heating, lighting, electrical power, and transportation and even helps in environmental clean-ups. In 2015, a global solar installed capacity was 227 GW 2015, and it rose to 305 GW in 2016. Regions like the US and China drove the growth.

May 2021- Vale S.A. has selected Nextracker to supply smart solar trackers for the Sol de Cerrado solar project in Minas Gerais, Brazil.

Roof-friendly installations: As the solar systems are operated with the help of solar PV panels, they are expected to e affixed in a position that faces the sun all the time, affixing the solar panels on the rooftops is considered favorable. Light-weight solar panels are invented to make the solar panels be placed over the rooftop for convenience. In addition to that, there are no holes made on the rooftop for installing them, the racks are not disturbed by the rainwater neither does it remain stagnant in the panels.

Hairy-solar panels: Light absorbing nano-wires look like hair strands that emerge out of the carbon-nanotube fabric. These hair-like nano-wires absorb solar energy in a better way compared to the silicon can, hence allowing more energy available for harnessing.

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Market Opportunities:

Several countries have offered subsidies for installing the Smart Solar systems in their households to promote the Smart Solar Market Outlook. Germany is considered as one of the leading players as they maintain a higher value in obtaining solar capacity.

Several Smart Solar industries are utilizing several growth strategies like mergers and acquisitions, partnerships, and collaborations to increase the Market value.

The commercial and industrial segment is driving the demand for the Market compared to the residential segment. This acts as a major opportunity for the growth of the Smart Solar Market value.

Market Restraints:

The requirement of higher initial costs and higher maintenance costs are hampering the growth of the Smart Solar Market. Smart solar systems are mostly digital and possess the ability to monitor the weather conditions and take that data to project the solar system according to the needs.

Issues related to data management and device replacement are some of the issues that are hampering the growth of the Market.

A solar power plant requires a huge area of land for installation, however, the solar PV systems cannot be installed in built-up areas, forests, or agricultural land. If the land is unstable, it cannot be used for solar PV systems, hence this becomes the primary restraint for the Market growth.

Market Challenges:

Solar systems require solar panels and other pieces of equipment for efficient operation. However, the Smart Solar systems require additional responsive pieces of equipment coupled with complex technology. This complex structure of the Smart Solar systems acts as a primary challenge for the Market growth.

Land selection can be challenging as issues related to environmental and technological difficulties restrict the system installation. Though solar energy is available abundantly, they are intermittent and variable and hence cannot be dispatched to the distributed systems. In addition to that developed countries have reduced the subsidies for installing smart solar systems, these are some factors that hinder the Smart Solar Market growth.

Cumulative growth analysis:

Smart Solar Market is expected to witness growth in face pace as the industries are rigorously involved in developing smart grids and incorporating smart technologies into the Solar systems. The usage of the grid and off-grid systems in the residential sectors are witnessing rapid growth in recent years due to the efficient energy conversion and with the grid systems, the excess energy generated at the solar panels earns revenue for the householder and any shortfall is made up by the grid-supply.

Owing to the technical advancements and abundance of solar energy, industries, and commercial facilities utilize Smart solar systems to reduce their electricity costs. The Smart Solar global Market was valued at USD 13.1 billion in the year 2020 amid the pandemic situation, it is expected to reach over USD 41.56 billion by the year 2027 registering a CAGR of 15.8%. The growing grid automation and increased investments in the countries like Japan, India, and South Korea have hugely impacted the Market growth. In addition to that, the strict regulation imposed by the governments of the countries has created awareness concerning the Smart Solar systems and their benefits.

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Global Smart Solar Market: Segmentation
The global smart solar market can be segmented based on solution, product, and application
Based on solution, the smart solar market can be classified into network monitoring, meter data management, analytics, SCADA, remote metering, and asset management. The asset management segment is expected to dominate the smart solar market during the forecast period owing to technological advancement and strict regulatory mandates in regions such as North America and Europe.
In terms of product, the smart solar market can be categorized into photovoltaic cells, photovoltaic panels, invertors, generators, and others. The photovoltaic cells segment held major share of the global market in 2020.
In terms of application, the smart solar market can be divided into commercial, industrial, and residential. The commercial segment accounted for the major share if the global market in 2020.

A growing number of projects for the installation of solar energy grids drive the smart solar market revenue. The term smart is used with the solar system to describe the devices that can communicate over the internet. The smart solar system provides various features like it allows users to monitor solar energy production and performance from anywhere in the world by using the internet or mobile phone connectivity, and allows users to control devices in the home particularly to optimize the production of solar energy, and smart solar system provides visibility and insights into energy production and consumption that allows user to both decreases overall energy consumption and maximize the value of the solar investment

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