Smart Solar Market Size 2015 – 2023

The rising acknowledgement of the need for solar power as a feasible means of bridging the supply-demand gap in the global power scenario will be crucial for the global smart solar market in the coming years, according to Transparency Market Research (TMR). A new report from TMR, titled ‘Smart Solar Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast 2015 – 2023,’ predicts robust growth for the global smart solar market.

The report presents a comprehensive look at the historical growth trajectory of the global smart solar market in order to understand the market’s present conditions. Insights derived from analysis of the market’s development in the recent past have been used by experienced analysts to present reliable forecasts regarding the market’s development in the coming years. The key players operating in the global smart solar market and the market’s leading segments are also profiled in detail in the report.

Smart solar has gained solid public and government support in recent years owing to the widening gap in the demand for and supply of power. As industrialized countries aim to sustain their dominant position in the world and emerging countries focus on developing urban infrastructure and expanding their industrial sector, the global consumption of fossil fuels such as coal, petroleum, and natural gas has increased exponentially. This has become a key concern due to the declining availability of these fuels and the lack of viable large-scale alternatives.

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Solar power has become a key part of the vanguard of alternative power due to its abundant availability and low-maintenance operation. Smart solar has experienced a strong emergence in recent years as a value addition that has helped make solar power generation more efficient. Smart technologies reduce the maintenance costs of solar power generation systems, improve the stability of the grid, and optimize the distribution of the generated power. The growing awareness about these benefits is the key driver for the global smart solar market.

On the other hand, the high costs of smart solar systems and the low awareness about their benefits, especially in developing countries, have restricted their adoption. However, while North America and Europe are at the forefront of the smart solar industry at present, the abundant availability of solar power in Asia Pacific, the Middle East, and North Africa means there is significant scope for expansion of these regional markets in the coming years.

India and China are two of the promising markets for smart solar systems in Asia Pacific, while Egypt and South Africa are pioneering the smart solar market in Africa. In the Middle East, Iran remains a promising market for smart solar systems.

The report examines the segmentation of the global smart solar market by end use, component type, and geography in order to provide a granular understanding of the market’s dynamics. Healthcare, construction, agriculture, transportation, and public utilities are the leading end users of smart solar systems, along with sectors such as water treatment, education, and logistics, which are starting to exhibit a growing demand for smart solar technology.

Leading smart solar market players profiled in the report include ABB Schweiz AG, HCL Technologies Ltd., Echelon Inc., Schneider Electric Inc., Urban Green Energy Inc., Silver Spring Networks Inc., SunPower Inc., and Trilliant Holdings Inc.

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