LOS ANGELES, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The Global Smart Solar Market is expected to grow at a CAGR of around 15.8% from 2020 to 2027 and reach the market value of over US$ 38,988.8 Mn by 2027.
The term smart is used with the solar system to describe the devices that can communicate over the internet. The smart solar system provides various features like it allows user to monitor solar energy production and performance from anywhere in the world by using the internet or mobile phone connectivity, allows user to control devices in the home particularly to optimize the production of solar energy, and smart solar system provides visibility and insights into energy production and consumption that allows user to both decreases overall energy consumption and maximize the value of the solar investment.
The global smart solar market is segmented based on services, applications, solutions, components, and geography. Based on services, the market is divided into demand response services, consultation services, system integration, and deployment services, support, and maintenance services. Smart solar has applications across the commercial & industrial (C&I) and residential sectors.
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Based on solutions, the market is bifurcated into asset management, network monitoring, meter data management, remote metering, and others. By components, the smart solar market is divided into supervisory control and data acquisition (SCADA) systems, smart metering devices, and radio frequency identification (RFID).
In 2019, North America held the major share (%) in the smart solar market, and the region is also estimated to continue with dominance during the estimated period. The increasing cost of electricity, whereas the rising focus towards the usage of green energy is supporting the growth of regional market value. The major developed economies of the region US and Canada are the major contributors to the regional market growth. Major US cities including Los Angeles, San Diego, Honolulu, Phoenix, Albuquerque, San Jose, Burlington, and San Antonio are rapidly turning to solar to meet their energy needs. Additionally, the cities have doubled their installed solar photovoltaic (PV) capacity since 2013.
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Asia Pacific is projected to exhibit the fastest growth with major CAGR (%) over the forecast period in the smart solar market. The fastest growth is expected to be lead by major economies of the region including Japan, China, Australia, and India. In Australia, more than 1.5 million solar homes are taking advantage of smart technology at a relatively low installation cost.
Some of the leading competitors are ABB Group, Aclara Software, Cooper Industries, Echelon, GE Power, HCL Technologies, Itron, Inc., Schneider Electric, Sensus, Siemens AG, Silver Spring Networks, Inc, Smart Solar Solutions LLC, Sun Power, Trilliant, Inc, and Urban Green Energy. Smart Solar companies have announced mergers and acquisitions, partnerships & collaborations, and new product development to uplift their position in the smart solar industry. Major players are also moving into new regions with their advanced technologies for gaining a competitive advantage as well as for helping more regions to meet their sustainable energy goals.
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Some Of The Key Observations Regarding Smart Solar Industry Include:
- The Greater Visakhapatnam Municipal Corporation (GVMC) of India is set to install a smart solar flower at VMRDA Park (Vuda Park). The new installation is planned within the ongoing renovation works in 2020 with the sanctioned fund of around Rs 40lakh. The smart flower works on a similar mechanism as the sunflower and it’s a ground-mounted solar system that follows the sun all day.
- Mestron Holdings Bhd. is collaborating with Samdo Smart Solar and has signed a joint venture agreement in December 2020. The strategic move is aiming to jointly undertake engineering, procurement, construction, and commissioning (EPCC) services for six solar power systems for telecommunication towers in Malaysia.
- A start-up founded by researchers at the University of Exeter has won funding from the Sustainable Innovation Fund in December 2020. The funding is intended to explore the use of solar wall technology across rail networks. The UK has over 20,000 miles of narrow rail corridors and over 10,000 building assets within the country's rail infrastructure. According to the researchers, it’s an opportunity to use solar walls for delivering renewable energy for the electrification of transport in near future.
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