Smart Solar Technology Market : Global Industry Analysis & Forecast 2016-2024

Global Smart Solar Technology Market

Market Overview

Renewable energy sector is one of the most vibrant industries which have the potential to bring transformations in global economy. Technology improvements, cost effective solution and inclination towards the creation of sustainable environment are supporting the deployment of renewable energy projects across the globe. Solar photovoltaic (PV) cells are the fastest-growing supply source for electricity across the globe. Low cost and technologically advance source of energy makes smart solar technology an attractive opportunity for policy makers and industry players who are looking for improving energy security by diversifying the supply and reducing the environmental impact. Wind and solar power are expected to make a critical contribution to meeting the ambitions of the Paris Agreement. Their contribution to power systems around the globe is rapidly moving from marginal to mainstream, including in emerging and developing countries. In 2016, around 1.8% of the total world electricity consumption was fulfilled by solar PV and is expected to witness massive growth in the near future. This growing demand for cost effective solar energy is contributing in the growth of smart solar technology. Government is also spending in new projects for the deployment of new solar PV. For instance, in 2010, Indian government introduced National Solar Mission plan and aims to generate 20 GW by 2022. Israeli government is also embracing solar energy and is investing in research and developments for the deployment of residential and commercial solar energy power station projects within the country. Such initiatives by government are contributing in the expansion of smart solar technology market across the globe.

Market Segmentation

 Global Smart Solar Technology Market is segmented on the following basis:

Based on Components for Smart Solar Technology

• By Hardware for Smart Solar Technology

• Smart Metering Devices
• Radio Frequency Identification (RFID)
• Advanced metering infrastructure (AMI)
• Intelligrid

• By Services for Smart Solar Technology

• Consulting Services
• Integration & Deployment Services
• Support & Maintenance Services

• Based on Solutions for Smart Solar Technology

• Supervisory Control and Data Acquisition (SCADA) systems
• Asset Management
• Network Monitoring
• Meter Data Management
• Outage Management
• Analytics
• Remote Metering

Based on Application for Smart Solar Technology

• Residential
• Commercial
• Industrial

Based on Smart Solar Technology for End-User

• Energy & Utilities
• Healthcare
• Construction
• Manufacturing
• Agriculture

Based on Geography

• North America (U.S. & Canada) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
•  Latin America (Brazil, Mexico, Argentina & Rest of Latin America) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden & RoE) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}
•  Rest of World {Market Size (USD Billion), Growth Analysis (%) and Adoption Rate (%)}

Market Size and Forecast (2016-2024)

Global smart solar technology market valued USD 6.4 billion in 2016 and is anticipated to grow at a CAGR of 17.4% during the forecast period, owing to the increasing adoption of smart solar systems for power utilities across the globe. Global clean energy investment, including renewable energy recorded over USD 330 billion in 2016 to support the deployment of new renewable energy projects.

Global solar PV capacity increased from 5GW in 2005 to a nearly 306.5 GW in 2016.

The United States is estimated to occupy nearly 4% share in global solar import market. Lack of domestic manufacturing capacity is limiting the market share of the United States for smart solar technology market. However, countries such as Japan, India, Chile, France, China, Turkey, Brazil, Mexico and El Salvador are the largest solar export market and are expected to bring new business opportunities for smart solar technology market over the forecast period. By the end of 2020, France is expected to increase its solar energy capacity up to 2.29 GW whereas in 2016, Germany solar PV capacity reached more than 41 GW.

However, emerging economies such as Africa and Sub-Saharan countries are facing challenges in the expansion of smart solar technology market due to lack of strong infrastructure, which is inhibiting the integration of renewable energy technologies in these countries. Over 600 million people in Africa region do not have access to reliable power source.

Market Drivers and Challenges

High investment for maintenance and low conversion efficiency are hindering the growth of the global smart solar technology market. Moreover, data management and smart solar device replacement are also likely to inhibit the growth of smart solar technology market. However, rising deployment and adoption of smart grid technologies in order to meet the energy requirement and management are anticipated to fuel the global of smart solar technology market during the forecast period.

Key Market Players

• GE Energy
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis

• 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
• Hanwha Q-Cells
• IBM Corporation
• Google Inc.
• Microsoft
• Oracle
• Intel

Scope Background

Market Synopsis

Market Segmentation

The Global Smart Solar Technology Market is segmented as follows:

• By Components for Smart Solar Technology (Market Size, Demand Analysis and Growth Analysis)
• By Application for Smart Solar Technology (Market Size, Demand Analysis and Growth Analysis)
• By Smart Solar Technology  for End-User (Market Size, Demand Analysis and Growth Analysis)

By Region

· North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}

• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
• Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
• Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

• Risk Factors
• Regional Variations
• Recent Trends and Developments

Key Market Players

• Synopsis
• Business Strategy
• Product Portfolio
• SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks