According to Goldstein Research, “Growing awareness for renewable energy solution and rising adoption alternatives for energy solution to fulfill the high consumption demand are driving the growth of smart solar technology market. Moreover, increasing rates of conventional electric energy and government policies and regulations for the utilization of solar energy as power source is also driving the growth of global smart solar technology market.”
Global smart solar technology market is segmented on the basis of components, solutions, applications, and end-user. Solutions for smart solar technology is further bifurcated into supervisory control and data acquisition (SCADA) systems, asset management, network monitoring, meter data management, outage management, analytics and remote metering. Network monitoring solution and meter data management and segment is estimated to witness healthy growth due to its wide implementation for smart grid technologies.
Global smart solar technology market is expected to reach USD 23.1 billion by the end of 2024, registering a healthy CAGR over the forecast period. Asia-Pacific is the fastest growing region for global smart solar technology market. Huge adoption of smart solar technology and high renewable energy investment in countries such as China, Japan, and India are expected to propel the smart solar technology market in Asia-Pacific region. Increasing tax rates on coal power production and combining solar installation at new coal power plants are expected to boost the demand for smart solar technology in developing countries such as India.
Smart solar technologies have potential to transform developing region
Lack of strong infrastructure and access to reliable power source is a major concern for developing regions mainly in Africa region. Over 9 million people in Zimbabwe have no access to electricity and massive power blackouts are adversely impacting the health of people in the region. Aleutia Limited partnering with Crown Agents are aiming to provide smart solar solutions and managing Solar PV Projects for health centres in remote locations of Africa region. Market players are adopting strategic investment in technological innovations to provide reliable and cost-effective solutions for smart solar is likely to improve the growth of smart solar technology market in the near future.
“Global Smart Solar Technology Market Outlook 2024” contains detailed overview of the global smart solar technology market in terms of market segmentation by components, by applications, and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global smart solar technology also provides competitive outlook of some of the major players of global smart solar technology which includes profiling of companies such as GE Energy, ABB Ltd., Echelon Corporation, Schneider Electric, HCL Technologies, Siemens AG, Sensus USA Inc., Silver Spring Networks Inc., Landis Gyrag, Solarcity, Itron Inc., Sunnova, Sun Power, Urban Green Energy (UGE) International, Calico Energy Services, Aclara Technologies LLC, Smart Solar Solutions LLC, Intergraph, Vivint Solar, Trina Solar, JA Solar, Yingli, Suntech, Jinko Solar, Canadian Solar and Hanwha Q-Cells. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global smart solar technology that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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