Smart Solar Market Size to Hit $13.33 Billion by 2027; Increasing Focus on Smart Solar System Installation to Stimulate Growth

The global smart solar market size is expected to reach USD 13.33 billion by 2027 during the forecast period. This is attributable to the increasing focus on installing advanced smart solar systems across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Smart Solar Market Size, Share and COVID-19 Impact Analysis By Service (Asset Management, Network Monitoring, Meter Data Management, Remote Metering, And Others), By Device (Smart Solar Meters, Intelligrid, and Radio-Frequency Identification [RFID]), By Application (Residential, Commercial & Industrial, and Utility), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 8.52 billion in 2019 and is projected to exhibit a CAGR of 9.95% between 2020 and 2027.

Power Factors Introduces Advanced Performance Management Platform for Solar Assets

In September 2020, Power Factors LLC, an independent renewable software services provider, introduced its advanced asset performance management tool, Drive Pro. The tool provides operators, owners, and asset managers to identify and recover performance losses for PV plants to aid in maximizing portfolio profit.

The company reports that the tight margins and the rapid-paced growth in the renewable sector require an advanced solution that will aid the smart solar companies to scale their operation and further boost sales revenue. Such initiatives to develop unique energy management solutions are expected to contribute to the growth of the global market.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/smart-solar-market-103762

Increasing Focus on Solar Energy Installation to Promote Growth

According to SolarPower Europe, the overall installation of solar energy systems rose to more than 630 GW (Gigawatt), as the installation of 116.9 GW of new solar PV projects was completed in 2019 across the globe. The growing installation of smart solar grids owing to the rising concerns over climate change is propelling the demand for advanced systems to promote sustainable energy sources. Additionally, the increased demand for smart technology for real-time monitoring, and improving operational control and performance is expected to favor the global smart solar market growth during the forecast period.

However, to commence solar power generation projects, large areas of land are required. The selection of such a land may be hindered because of technical issues or environmental problems. These factors are likely to hamper growth.

Product Innovation by Key Players to Provide Advanced Sustainable Energy Solutions

The global smart solar market is consolidated by the presence of major companies such as ABB, HCL Technologies, and Itron, Inc., among others. Most of these consulting services companies are investing in R&D activities to develop advanced smart solar systems and further strengthen their positions in the global marketplace.

Industry Development:

• September 2018 – Adesto Technologies announced the acquisition of Echelon Corporation, a pioneer in developing connected networking platforms. The acquisition is expected to boost Adesto’s market position and aid in providing its customers with advanced smart solar technology.

List of the Companies Operating in the Global Market for Smart Solar:

• ABB (Switzerland)
• Itron Inc. (U.S.)
• Aeris (U.S.)
• Solnet Group (Netherlands)
• Solar Data Systems, Inc. (U.S.)
• Aclara Technologies LLC (U.S.)
• General Electric (U.S.)
• Silver Spring Networks (U.S.)
• Huawei Technologies Co., Ltd (China)
• Siemens (Germany)
• Landis+Gyr (Switzerland)
• Schneider Electric (France)
• HCL Technologies (India)

Further Report Findings:

• North America stood at USD 2.70 billion in 2019 and is expected to gain momentum owing to the increasing number of smart solar projects in countries such as the United States. Additionally, the high demand for renewable energy sources is expected to bode well for the growth of the global smart solar market in the forthcoming years.
• The market in Asia-Pacific is expected to experience significant growth during the forecast period. This is attributable to the favorable government policies to promote solar energy and the rising number of smart city projects that will boost the demand for advanced smart solar systems in the region between 2020 and 2027. Besides, the surging energy consumption in India and China would also aid growth.
• The utility segment, based on application, held a market share of about 41.9% in 2019 and is projected to showcase considerable growth in the forthcoming years. This is ascribable to factors such as the growing number of utility solar projects across the globe.
• Based on service, the meter data management segment would grow substantially fueled by the emergence of smart grids and smart meters.

Table of Segmentation: