MarketThesmart solar system marketis expected to reach USD 13.02 billion in 2028 from USD 8.10 billion in 2020 at a CAGR of 9.9% during the forecast period.Smart solar systems are solar gadgets that can connect with one another over the internet. They, unlike traditional solar systems, reduce their power costs while increasing the efficiency of solar components by enabling users to remotely monitor the device's solar production and operation.
One of the primary reasons encouraging market expansion is the rising need for energy in various sectors. Several enterprises have begun to deploy solar plants in order to meet power demand while reducing OPEX in turn raising the demand for smart devices. There are several ongoing utility-scale solar projects in the pipeline across the world, which will drive demand for solar electricity from the utility sector. Rising investments in the smart energy industry, lower solar PV prices, rising power tariffs, and gas costs are also expected to drive market growth.
The COVID-19 pandemic's influence and restrictions have had a significant impact on the renewable industry which heavily relies on imports from other areas, particularly China, by disrupting supply lines, delaying projects, and causing a labor shortage. Furthermore, a large amount of land is required for solar power-producing plants in order to provide efficient power. Due to limited accessibility, and ground instability, solar PV operations are challenging to deploy in built-up regions, agricultural land, forest, marshes, and water bodies. Challenges in the technical system paired with slowed down transport can cause hindrance to market growth. Notably, though, the number of nations that have signed on to the Paris climate change agreement has been steadily growing. This agreement obligates countries to increase their use of renewable energy sources in total power generation. The Indian government has set a target of constructing 175 GW of renewable energy capacity by 2022, including 100 GW from solar energy. Such aims offer a further push to the worldwide smart solar industry's growth.
The smart solar system market is bifurcated into smart solar meters, intelligent and radio frequency identification on the basis of 10;The intelligent sector retained a dominating proportion of the market in 10;Based on solutions, the smart solar system can be segmented into asset management, network monitoring, meter data management, analytics, remote metering, outage management, supervisory control, and data acquisition. In 10;the asset management portion ruled the market.
North America is a critical location in the global smart solar industry. Because of the large increase in solar capacity and investments in the area, the market in North America is likely to grow considerably in the next few years. Countries from the Asia Pacific region such as India and China are investing heavily in solar energy installation. As a result, Asia Pacific is the largest market and is predicted to develop rapidly in the next few years because of an increase in the implementation of integrated smart grid 10;In 2020, Europe was one of the most important regions in the global smart solar market as well.
Major players in the smart solar market are Siemens AG (Germany), ABB Group (Switzerland), GE Renewables Energy (France), Echelon Corporation (USA), Schneider Electric SE (France). These companies aren't seeking technological solutions that can perform numerous things at once, hence the solar software industry is fragmenting. Instead, they are seeking a variety of tailored solutions to specific problems that they are facing.