According to a new market research report “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 2020”, published by MarketsandMarkets, is expected to grow from USD 6.47 Billion in 2015 to USD 13.26 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 15.4% during the forecast period.
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The major drivers of this market include increasing adoption of green energy, regulatory compliances, and high electricity tariffs. Also, more than 200 smart city projects across the globe, provides huge opportunities for smart solar vendors, service providers, platform providers, and consulting companies.
Evolving solar industry and increasing environmental awareness coupled with technological evolution open major opportunities
The market size for smart solar segment has considerably grown over the past few years on the account of evolving solar industry and the emergence of technologies such as MDM, SCADA, and remote metering have further augmented the opportunity areas for this market. The advancement in solar applications, platforms, and services coupled with the increasing integration of IoT with smart solar solutions has led to significant investment in smart solar projects globally. The increasing environmental awareness about the solar industry amongst the public will also act as an opportunity for the smart solar market. High initial investment, inadequate financial incentives for utilities and reduction of solar subsidies in many countries are the major restraints of the overall growth of this market.
Meter data management and network monitoring solutions segments are expected to be the most promising segments during the forecast period
The smart solar market has been segmented into solutions, services, applications, and industry sectors. Meter data management and network monitoring solution segment is projected to grow with a high growth rate; hence, will present good market opportunity during the forecast period. System integration and deployment services hold a major share in the smart solar services segment. The increasing integration of smart solar technologies with different industries is considered as the primary driver influencing the growth of the smart solar services market.
Presently, North America contributes the maximum market share
North America is expected to have the largest market share and would dominate the smart solar market from 2015 to 2020, with growing number of smart solar projects, increasing smart solar meter roll outs, and increasing grants and solar subsidies from the U.S. government. Asia-Pacific (APAC) and Middle East & Africa (MEA) offers potential growth opportunities due to the developing large-scale infrastructure, growing number of smart city projects, and growing energy requirements.
The major vendors covered in the smart solar market for this study include ABB Group, GE Power, Itron Inc., Schneider Electric, Siemens AG, Echelon Corporation, Landis+GYR AG, Sensus USA Inc., Silver Spring Networks, and Urban GreenEnergy International.
MarketsandMarkets segments the Smart Solar Market on the basis of Solutions- asset management, network monitoring, meter data management, analytics, SCADA, remote metering, and outage management Services- system integration and deployment, support and maintenance, consulting, and demand response services Applications-commercial & industrial, residential, Industry Sectors- government, utilities, healthcare, construction, education, agriculture, others and Geography. A detailed analysis of the regions has been done to provide insights into the potential future business opportunities in different regions.
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