The Smart Solar Market is estimated to reach a valuation of USD 41.56 Billion by 2030 at a CAGR of 15.8% during the forecast period 2022-2030. The said market was valued at USD 13.1 billion in 2020, which shows the rapid growth of the said market segment in a short time.
Smart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real time. The deployment of smart solar solutions helps users minimize their electricity expenses and increase the efficiency of solar components through real-time monitoring and communication. Trends like the increasing adoption of green energy and smart city initiatives with renewable energy integration, followed by the demand for smart solar solutions like advanced solar monitoring have grown tremendously across the globe. Regulatory mandates across North America, Europe, and China also drive the smart solar market.
Smart solar systems allow consumers to have insights into the amount of energy produced with the help of solar energy management tools like advanced solar monitoring, it also gives visibility to the consumption that helps the user to minimize or maximize the energy production accordingly. The employment of solar grid connectivity and the huge solar energy storage capacities help to utilize the produced solar energy properly and eliminate any kind of energy wastage. As there is an ongoing depletion of natural resources, organizations look for ways to utilize renewable energy and make efforts to utilise them efficiently.
There has been a significant surge in the ratification of the Paris Climate Change Agreement by several nations globally. This accord mandates that nations increase the proportion of renewable energy sources utilized in their total power generation. The implementation of solar energy is garnering significant international interest as a novel approach to address climate change, reduce greenhouse gas emissions, and comply with the Kyoto Protocol. Numerous nations have established specific objectives regarding the implementation of solar energy. By 2024, the Indian government intends to have implemented 200 GW of renewable energy capacity, 100 GW of which will be solar energy. These objectives further stimulate the expansion of the smart solar industry on the international market.
Depleting natural resources and the ever-increasing energy demands of residential, commercial, and industrial end users have necessitated the implementation of energy conservation measures and the transition to greener, more efficient energy generation sources. Supportive policies and subsidies are being implemented by governments across the globe to encourage the use of renewable energy sources, including wind and solar power.
Governments worldwide are seeking solutions that are economical to implement and are encouraging the public to employ intelligent solar solutions by providing subsidies and shifting to green solutions. To facilitate the attainment of India's solar objectives for the year 2022, the Ministry of New and Renewable Energy (MNRE) implemented several policy measures.
Along with this, the National Tariff Policy (NTP) was amended to incorporate provisions concerning renewable purchase obligations (RPOs) and renewable generation obligations (RGOs).
The global smart solar market is primarily studied based on service, device and application types.
The Smart Solar Market is segmented according to the services provided, which include asset management, network monitoring, meter data management, and remote metering. Out of these, the asset management segmentation holds the largest market share. The expansion is predominantly propelled by technological progress and rigorous regulatory requirements in major economies.
The meter data management segmentation of the said market is anticipated to expand significantly over the forecast period due to the increasing adoption of smart infrastructure and smart meters, including smart grid connectivity. In order to support more business processes along the utility value chain, including customer invoicing, credit management, and meter asset management, technological advancements have expanded the capabilities of meter data management. This expansion has contributed to the overall development of meter data management solutions in the solar energy segment.
The global smart solar market, when segmented into device types, is further divided into three sub-segments, namely, meters, intelligrid, and radio-frequency identification (RFID).
Out of these three sub-segments, the intelligrid segment exhibited a prevailing market share. Intelligrid is a power delivery system that operates at full capacity and integrates communications, sensors, advanced computational capabilities, and electronic control. It provides dependable power of digital quality to satisfy the demands of an ever more electronic society. Increasing electricity tariffs and gas prices, in addition to heightened regulatory compliance and government initiatives to promote the use of unconventional energy sources, are some of the factors propelling this market. With this, it is anticipated that the smart solar meters market will expand at a significant rate over the forecast period. This is due to the increasing prevalence of intelligent solar meter technology in numerous nations, which is anticipated to stimulate market expansion.
The smart solar market, when studied based on application insights, is further sub-segmented into residential, commercial & industrial and utility segments.
Out of these, the utility segment holds the major share of the market. Several ongoing utility-scale solar projects are in the pipeline across the globe that will propel the demand for solar power from the utility sector.
The commercial & industrial segment is anticipated to grow at a significant pace during the forecast period. The increasing demand for energy in various industries is one of the major factors for market growth. To accomplish electricity demand and reduce OPEX, several industries have started to adopt solar plants.
The global smart solar market is primarily studied and divided across four major regions, namely, North America, Europe, Asia-Pacific and the Rest of the World. Out of which, the North American region is leading the global market share.
North America
The global smart solar market is expected to be dominated by the North American region throughout the forecast period due to the increasing proliferation of smart solar projects in the area. Furthermore, the expansion of smart solar meter deployments and the escalating provision of grants and solar subsidies by the United States government are anticipated to contribute to the growth of the regional market. The expansion of the market is additionally bolstered by the presence of the dominant market players in the region.
Asia-Pacific
Asia-Pacific is anticipated to experience the most rapid market expansion during the forecast period. Increasing government support for solar energy use, a proliferation of smart city initiatives, and a rise in regional electricity rates are the primary factors driving the expansion. The region implemented over 67 GW of solar installations in 2019. Elevated levels of solar irradiance and minimal component manufacturing expenses are the primary drivers of market expansion. The market will continue to expand due to the increasing energy demand and the stringent carbon emission reduction targets set by several nations, including China and India.
Europe
The European region is anticipated to experience substantial development in the smart solar market throughout the period of forecast. Promoting regulations and the escalating number of solar farm installations are the primary drivers of the market's expansion in the European region. The EU Renewable Energy Directive outlined its national strategy for the production and promotion of sustainable energy sources. The aforementioned directive has established objectives to achieve a 20% integration of renewable energy sources into the overall energy composition. These aforementioned factors would expedite the expansion of the regional market.
The global smart solar market is fragmented due to the substantial number of firms operating in both developed and developing countries. As of 2019, ABB, Itron Inc., Aeris, and General Electric collectively hold a majority market share in the said market segment.
Product development is an essential business strategy for large corporations. Vikram Solar, the foremost solar EPC player and module manufacturer in India, introduced its new integrated smart modules, Solivo, in June 2018. Tigo's flexible module-level power electronics (Flex MLPE), which provide multiple intelligent features including module-level remote monitoring, rapid shutoff, power optimization and longer string designs, are integrated into the new line of modules.
November 2020 -
In November 2020, Statkraft, the leading renewable energy producer in Europe, executed a purchase agreement for Solarcentury, an industry pioneer in solar technology. This acquisition is consistent with the company's overarching plan to establish itself as a prominent global renewable energy enterprise by rapidly expanding its wind and solar development operations.
January 2023 -
In January 2023, Lonestar Cell Mobile Telecommunications Network (LCMTN) deployed intelligent solar-hybrid generators at strategic locations to achieve its Project Zero objective and reduce the environmental impact of burning fossil fuels. Utilizing cutting-edge renewable energy technologies for carbon emissions reduction and business sustainability, the organization initiated Project Zero to combat climate change in Liberia.
September 2022 -
In September 2022, Renogy a leading provider of renewable solar energy products, introduced the first ever fully integrated smart solar power system for off-grid living called REGO. Specifically designed for first-timers, DIYers, and experienced solar users, the REGO Series solutions are a proper plug-and-play power system where all components work together seamlessly, saving users time and stress.
In January 2023, Itron, Inc. expanded its distributed intelligence (DI) platform to imbibe smartness into any device, thus accelerating the energy transition. The firm introduced a new DI network interface card (NIC) that brings edge computing to third-party systems, moving grid analysis, decision-making and control closer to grid edge, leading to great improvement in time-to-action, enhanced situational awareness, better analysis accuracy as well as advanced event detection capabilities. The first-ever DI NIC is crucial for making distributed energy resources integration out of electric vehicles and solar power efficient in a low-voltage network.
In December 2022, Nextracker signed an MSA with Amara Raja Power Systems Limited, India’s No.1 provider of intelligent PV tracking systems and software solutions – the company develops proprietary single-axis solar trackers used by the world’s leading PV manufacturers, EPCs and system integrators; to supply their award-winning trackers for NTPC’s Nokh Solar Project - set to become one of India’s biggest solar parks soonest.
In November 2020, Statkraft Europe’s leading producer purchased Solar century – an industry pioneer, as part of plans to become one of the world’s largest renewable energy enterprises through rapid growth in wind and solar development projects.
| Report Attribute/Metric | Details |
| Â Â Market Size | Â 2030: USD 41.56 Billion |
| Â Â CAGR | Â 15.8% CAGR (2022-2030) |
| Â Â Base Year | Â Â 2021 |
| Â Â Forecast Period | Â Â 2022-2030 |
| Â Â Historical Data | Â Â 2019 & 2020 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Solutions, Services and Application |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â ABB (Switzerland), GE Power (us), Itron Inc. (us), Schneider Electric (France), Echelon Corporation (US), Silver Spring Networks Inc. (US), Landis+GYR AG (Switzerland), Sensus USA, Inc. (US), and Urban Green Energy (UGE) International (US) |
| Â Â Key Market Opportunities | Evolving solar industry Increasing environmental awareness and technological evolution |
| Â Â Key Market Drivers | Increasing adoption of green energy and the emergence of smart cities Regulatory compliance |
Smart Solar Market Highlights:
Frequently Asked Questions (FAQ) :
The rising adoption of green energy and the emergence of smart cities, a substantial rise in solar energy installation, and budding investments are driving the smart solar market.
North America, Europe, and Asia-Pacific are the key regions of the market.
The device, solution, service, application, and end-user are the segments of the market.
15.8% is the CAGR when the market will expand.
GE Power (us), Itron Inc. (us), ABB (Switzerland), Echelon Corporation (US), Silver Spring Networks Inc. (US), Schneider Electric (France) are the key players of the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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