Market Size of Smart Solar Solutions Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Solar Solutions Market Analysis
The smart solar solutions market is expected to register a CAGR of 14.8% over the forecasted period.
- The increase in urban population worldwide has created an increase in resource demand. The depletion of natural resources is making organizations innovate to utilize alternative resources to extract energy for the necessities of life. Further, government subsidies and increasing conversion efficiency drive the market's growth.
- Smart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real time. Traditional power generation techniques depend a lot on non-renewable energy sources and generate a lot of pollution. The limited supply of these resources triggered the need for renewable energy sources.
- Moreover, increasing power tariffs and government subsidies on solar power drive the smart solar solutions market. In addition, various trends, such as the proliferation of smart cities and growth in green energy initiatives, further spur the demand for smart solar solutions in developed as well as developing economies.
- Decreasing installation costs of solar photovoltaics (PVs) has led to the proliferation in the adoption of smart solar solutions for better efficiency and monitoring in real-time. For instance, according to the data from International Renewable Energy Agency (IRENA), the average installed cost of solar photovoltaics worldwide declined from USD 4,808 per kW in 2010 to USD 857 per kW in 2021.
- Moreover, renewable energy sources play a vital role in the energy sector due to the depletion of fossil fuels in the world. Solar power is emerging as a preferred solution to fulfill ever-increasing consumer demand and the need for a more reliable and low-cost energy supply. Market vendors in smart solar solutions are further making significant strides in integrating advanced technologies such as cloud-based offerings, Internet of Things (IoT), artificial intelligence (AI), and machine learning (ML), which is further expected to grow the demand for smart solar solutions in commercial, industrial, and residential applications.
- Owing to the closure of various commercial and industrial sector businesses due to COVID-19 led to a significant fall in demand for smart solar solutions. On the other hand, with global activities returning to normal, the global market of smart solar is expected to grow considerably during the forecast period.
Smart Solar Solutions Industry Segmentation
The smart solar device helps extract solar energy at a very high conversion efficiency. Various energy requirements can be satisfied with the application of solar energy systems. With technological progress, devices are being developed to operate in a smart environment. Smart solar devices help minimize wastage and utilize the power in the best way possible to harness the energy available and improve the efficiency of devices.
The smart solar solutions market is segmented by product (photovoltaic cells, photovoltaic panels, inverters, and generators), solution (asset management, network monitoring, meter data management, and remote metering), end-user application (commercial, industrial, and residential), and geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.
| By Product | |
| Photovoltaic Cells | |
| Photovoltaic Panels | |
| Inverters | |
| Generators | |
| Other Products |
| By Solution | |
| Asset Management | |
| Network Monitoring | |
| Meter Data Management | |
| Remote Metering |
| By End-User Application | |
| Commercial | |
| Industrial | |
| Residential |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle East & Africa |
Smart Solar Solutions Market Size Summary
The smart solar solutions market is poised for significant growth, driven by the increasing global demand for renewable energy sources due to urbanization and resource depletion. This market is experiencing a surge in adoption as organizations and governments seek to innovate and utilize alternative energy resources to meet the necessities of life while reducing electricity expenses. The shift from traditional power generation, which heavily relies on non-renewable energy sources, is further propelled by the need to mitigate pollution and the limited availability of these resources. Government subsidies and the rising efficiency of solar conversions are key factors contributing to the market's expansion. Additionally, the proliferation of smart cities and green energy initiatives in both developed and developing economies is enhancing the demand for smart solar solutions. The decreasing installation costs of solar photovoltaics are also facilitating the widespread adoption of these solutions, which are increasingly integrated with advanced technologies such as IoT, AI, and ML to improve efficiency and real-time monitoring across commercial, industrial, and residential applications.
The market landscape is characterized by a high degree of fragmentation, with numerous niche players and industry leaders like Siemens AG, ABB Ltd, General Electric, and Schneider Electric SE holding significant market shares. The focus on renewable energy sources is particularly strong in the Asia-Pacific region, where countries like China and India are rapidly expanding their renewable installations to meet climate targets. Government initiatives and subsidies, such as Japan's feed-in tariff scheme, are further driving market growth in this region. Innovative solutions, such as Servotech Power Systems' ComPort device, are enhancing the capabilities of legacy solar systems, turning them into smart solar systems. The market is also witnessing strategic partnerships and agreements, such as Nextracker's collaboration with Amara Raja Power Systems Limited, to deliver intelligent solar tracker solutions. These developments, along with the introduction of new technologies like Itron's distributed intelligence platform, are expected to significantly boost the smart solar solutions market in the coming years.
Smart Solar Solutions Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Market Overview
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1.2 Industry Attractiveness - Porter's Five Forces Analysis
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1.2.1 Threat of New Entrants
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1.2.2 Bargaining Power of Buyers/Consumers
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1.2.3 Bargaining Power of Suppliers
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1.2.4 Threat of Substitute Products
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1.2.5 Intensity of Competitive Rivalry
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1.3 Assessment of the Impact of COVID-19 on the Market
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1.4 Industry Value Chain Analysis
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2. MARKET SEGMENTATION
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2.1 By Product
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2.1.1 Photovoltaic Cells
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2.1.2 Photovoltaic Panels
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2.1.3 Inverters
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2.1.4 Generators
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2.1.5 Other Products
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2.2 By Solution
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2.2.1 Asset Management
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2.2.2 Network Monitoring
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2.2.3 Meter Data Management
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2.2.4 Remote Metering
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2.3 By End-User Application
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2.3.1 Commercial
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2.3.2 Industrial
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2.3.3 Residential
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2.4 Geography
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2.4.1 North America
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2.4.2 Europe
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2.4.3 Asia-Pacific
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2.4.4 Latin America
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2.4.5 Middle East & Africa
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Smart Solar Solutions Market Size FAQs
What is the current Smart Solar Solutions Market size?
The Smart Solar Solutions Market is projected to register a CAGR of 14.80% during the forecast period (2024-2029)
Who are the key players in Smart Solar Solutions Market?
Siemens AG, ABB Ltd, Schneider Electric SE, GENERAL ELECTRIC and Itron, Inc. are the major companies operating in the Smart Solar Solutions Market.
