The global smart solar power market revenue was around US$ 15.2 billion in 2022 and is estimated to reach US$ 47.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 13.6% during the forecast period from 2023 to 2031.
Smart solar power systems are the computerized and internet-connected versions of solar energy systems. The deployment of these devices is estimated to assist users in minimizing their electricity costs and improving solar panels' efficiency through real-time communication and monitoring.
Market Driving Factors
Increasing installation of solar energy grids to boost the market expansion. This is due to the various environmental safety regulations worldwide that are allowing power generation companies to shift to eco-friendly and cleaner energy resources. In addition, major nations around the world are highly concentrating on surging renewable energy power generation to lower their dependence on conventional power generation through fossil fuels.
High demand for smart solar technology to boost market expansion. This technology is nothing but the improvement of existing solar technology via improved functionality of components and synchronizing with the presently available systems. It enables analytics, real-time monitoring, and communication efficiency, which allows them to deliver improved operational performance and control.
Lack of available land and high operating and maintenance costs are impeding market expansion.
Regional Analysis
North America is predicted to dominate the market. This is due to the increasing number of smart solar projects in the region. In addition, the expansion of smart solar meter rollouts, the rising grants and solar subsidies from the United States government, and the existence of key players fuel the market growth in the region.
Asia Pacific dominates the market. This is because of the increasing government support for solar energy use, a surge in the number of smart city projects, and a rise in electricity tariffs in the region. Furthermore, high solar irradiance levels and lower manufacturing prices of components. In addition, high carbon emission decrease targets by several nations, including India and China, are linked with an increasing demand for energy consumption. Thus, these factors boost the market growth in the region.
Segmentation Insights
Device Insight
The smart solar meter segment is estimated to dominate the market. Solar meters include a monitoring process that alerts plant owners about performance issues with photovoltaic (PV) plants, permitting them to rapidly address problems and optimize return on funds. Furthermore, the projection of real-time PV power generation data from a PV system is estimated utilizing solar power meters. This segment has gained acceptance in the industrial, residential, and commercial sectors, which acts as a driver for the market
Solution Insight
The asset management segment dominates the market. this is due to the solar asset management managing and tracking a physical asset, such as a farm, or solar plant through the functional stages of its lifecycle. Solar asset management assures the seamless data collection, documents, and life events of the asset.
Furthermore, the surge in investment among the primary manufacturing companies and power generation firms toward the development of renewable and clean energy has led to the demand for asset management solutions in the solar industry.
The meter data management segment is expected to dominate the market. This is due to the increasing roll-outs of smart grids and meters. Technological innovation has led to extra functionality of meter data management to help more business processes across the utility value chain such as credit management, customer billing, and meter asset management, which is responsible for the segment growth.
Prominent Companies
Segmentation Outline
The global smart solar power market segmentation focuses on Device, Solution, Application, and Region.
By Device
By Solution
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SMART SOLAR POWER MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SMART SOLAR POWER MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SMART SOLAR POWER MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SMART SOLAR POWER MARKET, BY DEVICE
5.1 OVERVIEW
5.2 SMART SOLAR METERS
5.3 INTELLIGRID
5.4 RFID
6 GLOBAL SMART SOLAR POWER MARKET, BY SOLUTION
6.1 OVERVIEW
6.2 ASSET MANAGEMENT
6.3 NETWORK MONITORING
6.4 METER DATA MANAGEMENT
6.5 ANALYTICS
6.6 SCADA
6.7 REMOTE METERING
6.8 OUTAGE MANAGEMENT
7 GLOBAL SMART SOLAR POWER MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 COMMERCIAL
7.3 INDUSTRIAL
7.3.1 GOVERNMENT
7.3.2 HEALTHCARE
7.3.3 CONSTRUCTION
7.3.4 OTHERS
7.4 RESIDENTIAL
8 GLOBAL SMART SOLAR POWER MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SMART SOLAR POWER MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 GE ENERGY
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 ACLARA SOFTWARE
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ECHELON CORPORATION
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ITRON INC
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 SIEMENS AG
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 HUAWEI TECHNOLOGIES CO LTD
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 CALICO ENERGY SERVICES
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 LANDIS+GYR
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 URBAN GREEN ENERGY INTERNATIONAL
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 SENSUS USA INC
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 SILVER SPRING NETWORKS
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 HCL TECHNOLOGIES LTD
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 ABB LTD
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 SCHNEIDER ELECTRIC
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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