Smart Solar Market
Smart Solar Market by Product (Photovoltaic Cells, Photovoltaic Panels, Invertors, Generators, Others), by Solution (Asset Management, Network Monitoring, Meter Data Management, Remote Metering), by End-User Application (Commercial, Industrial, Residential), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
The global Smart Solar market was valued at USD 9.13 Billion in 2020 and is projected to reach USD 24.99 Billion by 2028, growing at a CAGR of 13.42% from 2021 to 2028.
|Historical Data (Actual Data)||2016-2020|
|Base Year Data||2020|
|Current Year Date||2021|
|Projected year data||2021-2026|
|Annual Market Size (2028)||24.99 Billion|
|Annual Market Size (2021)|
|CAGR (2021 - 2028)||13.42%|
Definition and description
Smart solar systems are the enhanced version of traditional solar energy systems. The deployment of smart solar solutions helps users minimize their electricity expenses and increase solar components' efficiency by real-time monitoring and communication.
The global Smart Solar market report provides a thorough analysis of each segment, region, and country. All the segments are studied considering historical and future trends across geographies. All the segments are analyzed based on trends, market size, and forecasts, and the data is provided for the years 2016–2028. Several growth factors and opportunities impacting various segments have been incorporated in the report. In addition to that, the report will cover a thorough analysis of major players operating in the market based on company overview, product portfolio, recent developments, business strategies, financial performance, and market share among others. Cumulatively, the report will cover all aspects regarding the global Smart Solar market.
The global Smart Solar market report provides a close watch on various market aspects including leading competitors & their strategies, pricing analysis, micro, and macro factors impact market growth, along with a holistic market scenario during 2016–2028. The report also facilitates penetration plans for the products and/or services for potential entrants in the market. Furthermore, the report has also listed the key distributors and manufacturers operating in the global Smart Solar market in the major regions. It is anticipated that this data and research study will enable the vendors to enhance their market networks to penetrate and widen their presence geographically.
The increasing adoption of green energy and the emergence of smart cities and high electricity tariffs are anticipated to augment the growth of the smart solar market during the forecast period. Furthermore, increasing regulatory compliance is also expected to support the market growth in near future.
The evolving solar industry and increasing environmental awareness and technological evolution is also likely to fuel the growth of the market in near future.
The high initial cost and reducing subsidies are anticipated to hamper the growth of the smart solar market in near future.
Global Smart Solar Market: Report Scope
|Market Size Provided for Years||2016-2028|
|Market Size Provided In Terms Of||Revenue & Volume|
|Segments Covered||Product, Solution, End-User Application|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Companies Covered||ABB Group, Sensus USA, Inc., GE Power, Schneider Electric, Siemens AG, Itron Inc., Echelon Corporation, Landis+GYR AG, Urban Green Energy (UGE) International, Silver Spring Networks Inc.|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and Asia Pacific, company market share analysis, and COVID-19 impact analysis|
COVID-19 Impact Analysis
In 2020, swift spread of COVID-19 largely impacted the global business operations, disrupting the supply chain and impairing various industries. The global trading activities were declined severely owing to the nationwide lockdowns, international border seals, and strict social distancing measures. This had a drastic impact on the global economy, as the companies across the globe were forced to either fully close or partially close their operations, leading to disruption in the supply-demand ratio. Moreover, in 2021 several key markets such as U.S., India, and Brazil among others witnessed a second wave of COVID-19 that further disrupted the market. However, it is expected that reopening of trade activities, the market will witness steady growth in demand in the coming years. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.
The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:
- Impact Assessment of COVID-19 Pandemic
- Pre & Post COVID-19 Market Size
- Qualitative analysis on the short term & long-term impact of COVID-19 on the market
- The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.
Global Smart Solar Market: Segmentation
Product Analysis: Smart Solar
On the basis of Product , the market is segmented into Photovoltaic Cells, Photovoltaic Panels, Invertors, Generators, Others. Photovoltaic Cells held the highest share in the global Smart Solar market and is projected to witness the same trend during the forecast period.
Solution Analysis: Smart Solar
Based on Solution , the market is segmented into Asset Management, Network Monitoring, Meter Data Management, Remote Metering. Network Monitoring accounted for the highest market share and is expected to grow at a significant CAGR from 2021 to 2028.
End-User Application Analysis: Smart Solar
Based on End-User Application , the market is segmented into Commercial, Industrial, Residential.
Global Smart Solar Market: Product Segment Analysis
- Photovoltaic Cells
- Photovoltaic Panels
Global Smart Solar Market: Solution Segment Analysis
- Asset Management
- Network Monitoring
- Meter Data Management
- Remote Metering
Global Smart Solar Market: End-User Application Segment Analysis
Regional Analysis: Smart Solar
Geographically, the global Smart Solar market is segmented into North America (U.S., Canada, Mexico), Latin America (Brazil, Argentina, Rest of Latin America), Asia Pacific (Japan, China, India, South Korea, Southeast Asia, Rest of Asia-Pacific), Europe (Germany, Italy, U.K., France, Spain, Rest of Europe), and the Middle East & Africa (GCC Countries, South Africa, Rest of the Middle East and Africa).
The regional section of the Smart Solar market report also covers, individual market impacting factors at the country level along with the latest regulatory norms affecting current and future domestic market dynamics. The country section of the food ultrasound market report also provides individual market impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Each country-level market is analyzed individually and consumption-product ratio, down steam-up stream value chain, raw material supplier concentration, and buyers’ concentration are some of the factors considered while estimating the market scenario for each country. Moreover, the presence of reputed global players in the particular country-level market along with their strategies and business plans to compete with local and domestic brands are analyzed. International politics, trade routes, import-export scenario, and domestic tariffs are considered while
In addition to that, the report covers a thorough segmental analysis for each region comprising of market size and estimations for each segment by region for the years 2016–2028. In addition to that the report analyses Smart Solar market at country-level hence the regional study is further bifurcated into key country-level markets from each region. Asia Pacific is anticipated to dominate the global market during upcoming years. This is accredited to the presence of key market players combined with rising demand from the end-users. Some of the prominent country-level markets are the U.S., China, Germany, France, India, and Japan.
Market Size, 2021 (USD Billion)
Global Smart Solar Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
Major players in the global Smart Solar market are ABB Group, Sensus USA, Inc., GE Power, Schneider Electric, Siemens AG, Itron Inc., Echelon Corporation, Landis+GYR AG, Urban Green Energy (UGE) International, Silver Spring Networks Inc.. The global Smart Solar market report covers an exhaustive analysis of all the key players in the industry. This includes a business overview, extensive portfolio, business strategies, news, financial performance, length of distribution network, and geographical presence among others. In addition to that, the report also covers company market share along with in-depth strategic developments.
Apart from that, the competitive landscape section of the report covers the company strengths and weaknesses, market potential, latest market developments, investments in research and development, product sites, facilities & production capacities, and application dominance. All the above information related to companies will be specific to Smart Solar market.
Key Takeaways and Benefits to Market Participants
- This global Smart Solar market report will provide you exhaustive qualitative as well as quantitative analysis including market trends, market estimations from 2016-2028
- The report also covers extensive information on various marketing tools such as PEST Analysis, Porter’s Five Forces Analysis, pricing trends, SWOT analysis, and value chain analysis along with technological landscape and regulatory framework specific to Smart Solar industry
- In-depth analysis of each market segment for each region prevailing key market opportunities
- Key country-level markets are analyzed from each region based on their revenue contribution to the global market
- Extensive competitive analysis that facilitates market share analysis and provides a clear understanding of the current competitive scenario in the global market
- The global Smart Solar market was valued at USD 9.13 Billion in 2020.
- The global Smart Solar Market is projected to reach USD 24.99 Billion by 2028
- Asia Pacific held the highest share of the Smart Solar market in 2020.
- Some of the major companies operating in the Smart Solar market are ABB Group, Sensus USA, Inc., GE Power, Schneider Electric, Siemens AG, Itron Inc., Echelon Corporation, Landis+GYR AG, Urban Green Energy (UGE) International, Silver Spring Networks Inc..
Frequently Asked Questions
the global demand for Smart Solar
in terms of revenue?
The global Smart Solar valued at 9.13 Billion in 2020 and is expected to reach 24.99 Billion in 2028 growing at a CAGR of 13.42%%
are the prominent players
in the market?
The prominent players in the market are ABB Group, Sensus USA, Inc., GE Power, Schneider Electric, Siemens AG, Itron Inc., Echelon Corporation, Landis+GYR AG, Urban Green Energy (UGE) International, Silver Spring Networks Inc..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 13.42%% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Smart Solar include
- The increasing adoption of green energy and the emergence of smart cities and high electricity tariffs are anticipated to augment the growth of the smart solar market during the forecast period. Furthermore, increasing regulatory compliance is also expected to support the market growth in near future.
- The evolving solar industry and increasing environmental awareness and technological evolution is also likely to fuel the growth of the market in near future.
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the Smart Solar in 2020.