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Smart solar is the advanced version of solar energy technology. Converting the solar energy into electrical or thermal with advanced management and efficient utilization is the new global smart solar market. With the increasing demand of energy worldwide, usage of alternative sources is increasing day by day and solar energy is the best evergreen energy option. That is the key development factor for advancement in smart solar energy solution market. Currently smart solar market is valued at $6.47 billion, and it is estimated to achieve $13.89 billion by 2022, at a compounding annual growth rate (CAGR) of 16.8% during the forecast period 2016 to 2023. This smart solar technology provides support, communication, distribution, monitoring and planning and enhanced integration systems. Such advancement in technology has led an increase in the demand for smart solar system. The deployment of solar solutions helps user to save electricity expenses, and increase the efficiency of solar components using monitoring and communication technique.
Increasing rates of conventional electric energy and high consumption demand for more energy are the major factors driving the market growth. Also the awareness for natural energy solution is increasing, because people are showing their interest in alternatives for energy solution. Moreover government is creating policies and regulations to utilize the solar energy which is also driving the solar energy market. The only restraining factor is the high cost of installation. The cost of solar panel itself is high. Adding other components for ‘smart’ purpose makes the system highly expensive. But this high cost will eventually cut down by more production and more deployments. Also instability and inefficiency in the system could be a challenge to the system. Solar energy system is developing in recent years; even the economies of nations are increasing rapidly which could offer new opportunity to the solar industries.
Source: OBRC Analysis
Global smart solar market is classified on the basis of application, device type, services, industry and solutions. The application segment of smart solar market is further sub divided into:
Device is sub-segmented into:
Services are sub-segmented into:
Industry is further classified into:
Solution is sub-segmented into:
Supervisory control and data acquisition:
The revenue for the above applications and end-users are specific to the global smart solar market. However, the total revenue of these application and end-userin general has been excluded from the scope of the report.
Geographically, the global smart solar market is segmented into:
The global smart solar energy market is widely adopted in North America, South America, Central America, Europe, Middle East, Africa and Asia Pacific. U.S.A., China, Iran, India, and Spain are some of the nations which have large initiatives for smart solar technology. APAC has the high potential to grow because of continuous large investments and also due to the emerging solar industries.
Global smart solar system market is segmented by application, device, services, and industry sector and solutions. By application, commercial and industrial application is expected to dominate during the forecast period. By industry sector various sectors like healthcare, construction, transportation, agriculture and public utilities have applied smart solar technology. The application of solar technology has also extended to various current verticals like public transport, water treatment education and logistics.
The major market players of the global smart solar market are:
Detailed analysis of these companies provided in this report comprises of overview, SCOT analysis, product portfolio, strategic initiative and strategic analysis.
These companies use various strategies such as merger & acquisition, collaboration, partnership and product launching. For Instance: On 28 April 2015, ABB, the world’s leading power and automation technology group launched its solar inverter named SNEC PV power Expo which is specially designed for the Chinese market. This innovative new product strengthens the company’s solar products and solutions to meet growing demand for energy- efficient renewable products.
Why to buy the report:
This report will:
How we are different from others:
At OBRC, our reports offer an extensive portfolio through completed market analysis along with market share, market size, and market segmentation. The DROC’s for the markets are well thought out and researched after consulting with industry experts. Global Smart solar market showcases market analysis through models like investment vs. adoption, see saw analysis, and so on. The report also provides overview on product application, adoption and decision support within each segment. The company profiling for each major players within the market is showcased via SCOT analysis.
Key findings of the global smart solar market: