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 growing 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% for the year 2016 to 2022. 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 for 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.    

The global market of smart solar system is segmented by application, device type, services, industry sector and by solutions. By application, commercial and industrial application is expected to dominate the future market. 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.

Geographic Region wise, the global smart solar energy market is widely adopted in North America, South America, Central America, Europe, Middle East, Africa and Asia Pacific. The U.S.A., China, Iran, India, and Spain are some of the nation which are having 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.

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