solar energy market
The smart solar power industry is estimated to reach $47.7 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.
PORTLAND, OREGON, USA, October 21, 2022 /EINPresswire.com/ — Solar energy has a wide range of applications ranging from desalination to power generation and chemical industries. Rising population and gradual awareness of the people about the benefits of smart solar power systems will drive the market. The presence of REC policies and initiatives in both developing and developed countries has led to an increase in the demand for surveillance solutions. The presence of electricity tariffs across the world to revive the economy faster has raised awareness of the use of solar panels for residential electricity, which has led to an increase in demand for smart solar power market.
Solar energy is one of the most efficient ways of generating electricity because solar energy is a renewable energy and offers a great contribution to reducing carbon emissions and thus ensuring a sustainable energy future. Solar energy can be used for heating, air conditioning, lighting, transportation and various other applications. this varied use of solar energy also tends to increase the demand for smart solar systems.
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Due to technical advancements and the abundance of solar energy, industries and commercial facilities are using smart solar systems to reduce their electricity costs. Growing network automation and increasing investments in countries like Japan, India, and South Korea have had a tremendous impact on the growth of the market. In addition to this, the strict regulations imposed by the governments of the countries have raised awareness about smart solar systems and their benefits.
Smart solar power is growing globally owing to the increasing integration of information and communication technologies (ICT) across different verticals, especially in developing regions. North America is expected to dominate the market over the forecast period owing to technological advancements and early adoption of smart solar solutions and services in the region. Asia-Pacific Market is anticipated to grow at the Highest CAGR between 2022 and 2031. The major drivers of this growth are huge expenditure on technology and penetration of meter and component manufacturing industries in countries like China, India and Japan.
Solar systems require solar panels and other equipment for efficient operation. However, smart solar systems require additional responsive equipment combined with complex technology. This complex structure of smart solar systems poses a major challenge for smart solar power market opportunities. Land selection can be difficult as issues related to environmental and technological difficulties limit the installation of the system. Although solar energy is abundantly available, it is intermittent and variable and therefore cannot be sent to distributed systems. Additionally, developed countries have cut subsidies for the installation of smart solar systems, these are factors that are hampering the growth of the smart solar power market.
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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, intelligent and RFID solar meters. Based on the solution, the market is segmented into asset management, network monitoring, meter data management, analytics, SCADA, remote monitoring and fault management. Based on application, the market is segmented into commercial, industrial, and residential. Further, the industrial segment is divided into government, healthcare, construction, and others.
Regionally, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Currently, North America accounts for the largest smart solar market share, followed by Europe and Asia-Pacific.
Key Companies profiled in this report are Aclara Software, GE 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 the gradual increase in population have led to an increase in the demand for electricity. The demand for energy from clean energy sources has increased the demand for solar thermal systems. Additional growth strategies such as expansion of production capacities, acquisition, partnership and research and innovation in new technologies related to solar thermal energy system, have led to key developments in trends of the global smart solar market.
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Main results of the study
– North America is expected to show a CAGR of 13.2% during the period 2022-2031.
– According to the analysis of the global smart solar power market, by device, the smart solar meter segment accounted for the largest share in 2021.
– By solution, the asset management segment was the leading segment in 2021.
– By application, the industrial segment held the largest market share in 2021.
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