The global smart solar market over the forecast period. Rising energy demand coupled with the depletion of natural energy resources is expected to drive the 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 solutions by enhancing their functional capabilities coupled with monitoring and controlling capabilities. The smart solar solution market 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 systems are the improved version of traditional solar energy systems. Customers' concern related to nonrenewable energy is resulting into augmenting green energy demand especially solar energy which in turn is expected to drive market in the coming years. In addition, technology innovations, positive social factors and electricity tariffs are some factors that 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 market growth over the forecast period. The developing solar sector in recent years coupled with the rising economies emerges as key opportunities for market growth in the coming years. High-cost involvement and product inefficiency are some factors that are expected to hinder market growth.
The global smart solar market is segmented on the basis of smart solar services, smart solar applications, smart solar solutions, and smart solar components. The smart solar services segment includes 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. The 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 is applicable in various sectors, which in turn, is expected to boost market growth over the forecast period on account of increasing solar energy demand.
North America is dominating the global smart solar market owing to technological advancements and huge solar-based industry. North America was followed by Europe and Asia Pacific. In Asia Pacific, the market is expected to witness the largest revenue share on account of huge demand for solar-based applications coupled with developing government initiatives to uplift the renewable market especially solar. Middle East& Africa and Central & South America are expected to showcase healthy market growth in the coming years. Developing countries are expected to focus on major concerns on the installation of the solar panels is estimated to propel market growth.
Prominent industry participants in smart solar market 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 the 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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