Smart Solar Market - Forecast (2024 - 2030)
Smart Solar Market size is analyzed to grow at a CAGR of 17.22% during the forecast 2022-2027 to reach $13.26 billion by 2027. Smart solar systems, which monitor and communicate in real-time, assist customers in lowering their electricity expenses and increasing the efficiency of the solar equipment. Traditional power generation systems rely heavily on non-renewable energy sources and cause significant pollution. Smart solar components are further classified as supervisory control and data acquisition (SCADA) systems, smart metering devices, and radio frequency identification (RFID). Transportation, agriculture, construction, and health care are just a few of the industries that use smart solar. Smart solar technology is applicable in a variety of sectors, which is likely to promote market growth over the forecast period due to rising solar energy demand. Increasing demand for Photovoltaic systems for residential applications will drive the demand for these products in the near future. Because of their low material costs, cadmium telluride and amorphous silicon cells are likely to generate new growth opportunities.?The smart solar market has been divided into asset management, network monitoring, meter data management, analytics, supervisory control and data acquisition (SCADA), remote metering, and outage management based on the solution.
Smart Solar Market Report?Report Coverage
The report: “Smart Solar Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Smart Solar industry.
By Product: Photovoltaic Cells, Photovoltaic Panels, Inverters, Generators, Others. By Device: Smart Solar Meters, Intelligrid, RFID. By Solution: Asset Management, Network Monitoring, Meter Data Management, Analytics, Supervisory Control and Data Acquisition (SCADA), Remote Metering, and Outage Management. By Application: Commercial and Residential (C&I), Residential. By End-Use Industry: Government, Utilities, Healthcare, Construction, Education, Agriculture, Others. By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
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Smart Solar Market Segment Analysis – Bynbsp;Solution
By Solution, Smart Solar Market has been segmented into Asset Management, Network Monitoring, Meter Data Management, Analytics, Supervisory Control and Data Acquisition (SCADA), Remote Metering, and Outage Management. The Meter Data Management segment is expected to grow at a faster CAGR 19.47% during the forecast period. Meter Data Management (MDM) is predicted to expand the most as smart meters and smart grids become more widely deployed. Meter data management (MDM) refers to software that stores and manages large amounts of data generated by smart metering systems over time. This data largely includes user statistics and events imported from the head-end servers in advanced metering infrastructure (AMI) or automatic meter reading (AMR) systems that manage data collecting. MDM is a component of utility companies' smart grid technology. This may also include meter data analytics, which is the study of data released by electric smart meters that record energy use. Technological advancement has resulted in more Meter Data Management capability to support more business operations across the utility value chain, such as customer billing, credit management, and meter asset management, which has also contributed to the growth of the Meter Data Management solution. In August 2021, Huawei, a Chinese telecommunications company, launched an integrated solar energy solution for Kenyan households as part of its efforts to achieve carbon neutrality in the country.?
Smart Solar Market Segment Analysis – By Application
By Application, Smart Solar Market has been segmented into Commercial and Industrial (C&I) and Residential. The Commercial and Industrial segment is expected to grow at a faster CAGR 20.11% during the forecast period. In comparison to residential applications, the C&I market is seeing high adoption because the initial cost for deploying smart solar solutions and services is considerable, restricting the applicability in investor-owned utilities. Solar energy is a profitable and environmentally friendly solution for commercial applications such as schools, hospitals, hotels, shopping malls, cinemas, institutions, factories, banks, government offices, corporate headquarters, and fuel filling stations, among others. Any commercial establishment consumes more energy than a residential consumer. Lighting fixtures, machines, computers, and other energy-intensive devices all require electricity to function on a daily basis. Home consumers are hesitant to invest in smart solar solutions due to budgetary constraints, even though traditional solar solutions have strong penetration in the residential segment. In September 2020, Zunroof, a producer of solar rooftop solutions, announced the consumer launch of a new range of 'zunpulse' smart devices, with a single app to operate them all. In the United States, the commercial sector consumes more than 36% of total power generation. Similarly, the industrial sector accounts for more than 26% of overall electricity generation. Because of the increased demand for electricity in the commercial and industrial sectors, there is a greater demand for smart solar solutions in commercial and industrial applications.
Smart Solar Market Segment Analysis – By Geography
By Geography, Smart Solar Market has been segmented under North America, Europe, APAC, South America, and RoW. North America is analysed to be the major region with a share of 35% in 2021 in the Smart Solar Market owing to the increasing investments done in the energy production using renewable sources. APAC region is estimated to grow at the highest CAGR 22.11% during the forecast period. Smart solar technologies are gaining traction in Asia-Pacific. Many countries in this region see smart solar solutions as a source of middle-out innovation growth. With the energy industry's focus changing toward renewable energy sources, the solar business is seeing significant demand from this region, as favorable policies such as Japan's FIT program have demonstrated in the recent past. Growing investments in grid automation and demand response in Japan, India, and South Korea are assisting this industry's progress. For the past few years, the Chinese solar power business has been the fastest-growing market. In 2019, China installed a record 53.06 GW of photovoltaic (PV) capacity. Capacity additions were 54% higher in 2019 than in 2018. China's rise can be ascribed to the government's Feed-In Tariff policy, which has allowed solar energy to penetrate at a far faster rate than anticipated.
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Smart Solar Market Drivers
Governments throughout the world are searching for cost-effective solutions and are encouraging the public to switch to green solutions by providing subsidies, which is driving the adoption of smart solar solutions:
The ever-growing energy demand from residential and industrial end-users, combined with the depletion of natural resources, has necessitated the need to control energy use and transition to more efficient and cleaner energy-producing?sources. Governments throughout the world are searching for cost-effective solutions and are encouraging the public to switch to green solutions by providing subsidies, which is driving the adoption of smart solar solutions. MNRE, for example, has put in place a number of legislative initiatives to aid in the achievement of India's 2022 solar goals.?The National Tariff Policy has been amended to incorporate provisions for Renewable Generation Obligations and Renewable Purchase Obligations. The policy requires state-owned power distribution firms to purchase 8% of their energy from solar by 2022, and it requires thermal power plant owners to include a set percentage of renewable components in each new capacity installed. Furthermore, solar energy contributes significantly to lowering carbon emissions and guaranteeing a sustainable energy future. It can be utilised for cooling, heating, lighting, power generation, transportation, and even environmental cleanup. Global solar installed capacity was 227 GW in 2015, rising to 305 GW in 2016, primarily due to the United States and China.
Rising investments in smart energy solutions and lower solar PV costs are two significant reasons expected to drive the growth of the smart solar industry in the future:
Rising investments in smart energy solutions and lower solar PV costs are two significant reasons expected to drive the growth of the smart solar industry in the future. Furthermore, expanding government backing for solar energy projects, as well as raising environmental awareness, are likely to propel the industry even further. In the United States, for example, the investment tax credit (ITC), often known as the federal solar tax credit, enables a federal tax subsidy of 26 percent of the entire solar energy system installation cost. The ITC provides subsidies to both residential and commercial systems, with no cap on the amount of money that can be saved. The adoption of green and smart cities concepts is a significant driver of increased growth in the global smart solar market. The concept of smart cities is gaining traction among various global governments, and the primary need is to optimise resource utilisation. Smart cities make use of information and communication technology (ICT) and the internet in many aspects of development, including smart grids, smart buildings, smart lighting, and home automation. Sensors integrated in physical objects, home automation equipment such as smart lighting, thermostats, and so on will be impacted by smart solar in cities. This will result in improved waste management, traffic control, and the efficient use of renewable resources.
Smart Solar Market Challenges
The potential of cyber-attacks, as well as device replacement, hinder the market growth?
In growing regions such as MEA and Latin America, the adoption of colocation solutions and services is still in its early stages. As a result, the initial start-up cost prohibits many enterprises in these regions from implementing smart solar solutions and services. This is a major impediment to the expansion of the smart solar business. Some of the primary issues impeding the growth of the smart solar market are the high initial deployment cost and the high maintenance cost. Furthermore, the potential of cyber-attacks, as well as device replacement, hinder the market growth. Although the installation of solar panels would provide enormous long-term benefits, the initial expenses can be too high. It's much more difficult to estimate the total cost of installation without the assistance of manufacturing companies. Some countries have given rebates and tax incentives to encourage more individuals to install solar panels, but the cost might be prohibitively high unless some money is set aside for this purpose.
Smart Solar Industry Outlook
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Smart Solar market. In 2021, the market of Smart Solar Market share has been fragmented by several companies. Smart Solar top 10 companies include
Recent Developments
In August 2021, Huawei, a Chinese telecommunications company, launched an integrated solar energy solution for Kenyan households as part of its efforts to achieve carbon neutrality in the country.
In May 2019, Coop, one of Switzerland's largest retailers, has embraced ABB Ltd. solar inverter technology as part of its ambitious goal of becoming carbon neutral by 2023. Coop has already achieved a 90 percent energy self-consumption rate with the assistance of ABB Ltd.
In May 2019, ABB Ltd. unveiled its most powerful solar string combiner boxes range at Intersolar 2019 in response to the growing need for better levels of safety and performance in solar photovoltaic systems. Solar string combiners increase the safety of solar panels and the photovoltaic plant as a whole. It has devised a full plug-and-play method to combat overvoltage, a common cause of electrical device damage.?