The global smart solar market size is projected expand at 15.8?GR from 2020 to 2027. It can reach a value of USD 41.56 billion by 2027. MRFR’s report on the smart solar market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
The global smart solar market is driven by its ability to being operational without human interference. Smart solar systems provide insights on consumer patterns and offers opportunities for monitoring and tracking of consumption. Demand for energy by commercial and residential enterprises and focus on minimizing energy production costs can bode well for the market.
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Acceptance of new renewable agreements such as the Paris Climate Change Agreement and increasing consumption of renewable sources can bode well for the market. Solar energy can minimize greenhouse gas emissions and keep energy costs under control. Installation of solar energy grids and execution of environmental protection regulations for reducing dependence on fossil fuels can bolster market growth.
But high maintenance costs can hamper market growth.
The COVID-19 pandemic has had a negative impact on the smart solar market owing to considerable limitations on energy generation. Social distancing and shutdown of facilities can impact the bottom line of major industries. Dependency on China for cells and batteries can prove to be detrimental to solar energy producers over the forecast period.
Asset Management Solution to Dominate Market Demand
The asset management solution is expected to gain market share owing to stringent mandates for tracking of grids in Europe and North America. Integration of solar panels into grid farms as well as maintenance of assets without human intervention can drive the solution demand.
Intelligrid Device to Capture Major Market Share
The intelligrid device is a power delivery system that incorporates sensors, electronic control, and communications. The need to meet surge in energy demand can drive the demand for intelligrid.
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Commercial and Industrial End-users to Lead in Demand
Commercial and industrial applications can drive market demand for smart solar owing to low costs of deployment. To meet energy demand and lower operational expenditure, utility providers will use smart devices to track energy consumption and allocate resources accordingly. Huge demand for smart products can boost the segment demand over the forecast period.
North America to Lead in Global Smart solar Market
North America is expected to take the lead in the global smart solar market owing to rising number of solar power projects. Increasing grants and subsidies from the U.S. government can augur favorably for market growth. Presence of key players and surge in tariffs can drive energy consumption.
GE Power (US), Landis+GYR AG (Switzerland), Sensus USA, Inc. (US), ABB (Switzerland), Silver Spring Networks Inc. (US), Urban Green Energy (UGE) International (US), Itron Inc. (US), Schneider Electric (France), and Echelon Corporation (US) are key players in the global smart solar market. Development of products is a key strategy for players looking to sustain market position.
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Arevon Energy Inc., a U.S. renewable energy provider, has signed an agreement with Nextracker for new projects in Nevada and Indiana. The latter is set to supply solar trackers as well as supported software for asset management and advanced monitoring of equipment.
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