Rising energy demand coupled with the natural energy resources depletion are expected to drive the global smart solar market over the forecast period. In order to control and forecast our energy consumption along with monitor energy requirements, there is an energy management solution (devices) requirement in the global market. Information technology and electronics field advancement is expected to contribute towards these renewable device developments. These devices are used by existing solar energy solution by enhancing their functional capabilities coupled with monitoring and controlling capabilities. Smart solar solution includes various services which are related to demand response management and smart metering. In addition, the solution is also helpful in efficient energy management and offering innovative energy demand monitoring ways. Smart solar are the improved version of traditional solar energy systems. Customers concerns related to non renewable energy is resulting into augmenting green energy demand especially solar energy which in turn is expected to drive global smart solar market in the coming years. In addition, technology innovations, positive social factors and electricity tariffs are some factors which are expected to positively affect global market growth over the forecast period. Solar sector demand growth needs monitoring of the demand- supply pattern. In addition, cost management and investments by various solar industry participants are expected to propel global smart solar market growth over the forecast period. Developing solar sector in recent years coupled with the rising economies emerges as key opportunities for smart solar market growth in coming years. High cost involvement coupled with product inefficiency are some factors which are expected to hinder the global smart solar market growth.
Global smart solar market is segmented on the basis of smart solar services, smart solar application, smart solar solutions and smart solar components. Smart solar services segment include management services and consultation services related to smart solar. Major areas where smart solar applications find its use include solar farms, installation of solar panels in homes & industries, solar devices and solar vehicles. Smart solar solution segment is further sub segmented into use of supervisory control and data acquisition (SCADA) systems in energy monitoring, smart metering devices used in automated metering machines, manage energy production & consumption and forecast energy production & consumption. Smart solar components are further categorized in supervisory control and data acquisition (SCADA) systems, smart metering devices and radio frequency identification (RFID). Various sectors where the smart solar finds its application include namely transportation, agriculture, construction and health care. Smart solar technology applicable in various sector are expected to boost global smart solar market growth over the forecast period on account of increasing solar energy demand.
North America was dominating global smart solar market owing to technological advancement and huge solar based industry. North America was followed by Europe and Asia Pacific. Asia Pacific is expected to witness largest and fastest smart solar market on account of huge demand of solar based application coupled with developing government initiatives to uplift renewable market especially solar. Middle East& Africa and Central & South America are expected to showcase healthy smart solar market growth in coming years. Developing countries are expected to focus on major concerns on the solar panels installation which are estimated to increase the global smart solar market growth.
Prominent industry participants include Silver Spring Networks, INC, GE Energy, Echelon, Smart Solar Solutions LLC, Intergraph, Aclara Software, Calico Energy Services, Sun Power, Trilliant, INC, Schneider Electric, Urban Green Energy, Cooper Industries, Landis Gyrag, ABB, HCL Technologies, Sensus, BPL Global LTD, Itron, INC and Siemens. Developing regions are expected to show market opportunities for above companies to maximize their investments over the forecast period. At the same time, developing regions are also expected to emerge as a major market from new entrants.
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