Smart Solar Market Overview
According to Market Research Future (MRFR), the global smart solar market would register a striking double-digit CAGR over 15.50% throughout the forecast period (2017 to 2023). Growing dependence on renewable energy resources, especially solar power and a substantial rise in solar energy installation is driving the demand in the market.
The solar power source of energy has established itself as a relatively easy source of natural energy that can be harnessed without major structural changes. The stimulus provided by a combination of factors such as the collective implementation of green energy and the development of smart cities along with an important upswing in solar energy installation is expected to define the market for the smart solar market in the forthcoming period. Also, an increasing number of investments diverted towards the smart grid is expected to support the smart solar market in the upcoming years.
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Solar power is the most viable energy resource used for power generation purposes. This technology is gaining wide acceptance all over the world. Now it has grown smart. The smart solar system can efficiently collect, store, and distribute electricity with no wastages. Smart solar maximizes the productivity of the system as a whole, matching supply to time and demand, and more. With smart solar and a grid connection, most of the solar energy is utilized, mitigating the inefficiencies of solar panels. In addition to enhancing the efficiency of solar power use, smart solar facilitates various other advantages as well. For instance, smart solar can geolocate the end-user’s site and provides a personal recommendation. Also, it helps the end-users to save up to 70% of their electricity bills. The global smart solar market is progressing continually due to increasing efforts promoting the adoption of renewable resources for the power generation.
The imperative contenders of the Smart Solar Market are GE Power (US), Sensus USA, Itron Inc. (US), Landis+GYR AG (Switzerland), Schneider Electric (France), Echelon Corporation (US), ABB (Switzerland), Silver Spring Networks Inc. (US), Inc. (US), and Urban Green Energy (UGE) International (US).
The segmental examination of the smart solar market is conducted on the basis of device, solution, service, application, end-use and region.
On the basis of the Device, the smart solar market is segmented into intelligrid, RFID and smart solar meters.
Based on the solutions, the smart solar market is segmented into network monitoring analytics, asset management, supervisory control and data acquisition remote metering.
On the basis of service, the smart solar market is segmented into consulting service, system integration, demand response services, deployment services, support and maintenance services.
Based on the application, the smart solar market is segmented into industrial, commercial, and residential.
On the basis of end-use, the smart solar market is segmented into government, healthcare, education, utilities, construction, agriculture, and others.
Based on the regions, the smart solar market is segmented into Europe, North America, Asia Pacific and other regions in the world.
The Asia Pacific would retain its dominance over the global smart solar market throughout the forecast period. Factors, such as the increasing number of application areas in smart buildings and home automation systems, are witnessing a huge rise. The proliferation of green buildings and smart buildings, across the region, and significant advances in the related technologies such as embedded technologies are some of the key driving forces behind the growth of the regional market.
Increasing smart city projects and infrastructure developments projects across the region foster market growth. Simultaneously, well-spread awareness towards advantages of smart solar in the region provides impetus to the growth of the market. Furthermore, increasing implementations of smart solar-driven by improving economic conditions across the region, substantiate the regional market growth.
Europe and North America are too lucrative markets for smart solar on the global front. Technological advancements and the presence of prominent market players influence the market growth in these regions. Stringent regulatory mandates in North America and Europe are providing a considerable impetus to the growth of the smart solar market in these regions.]
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