Global Smart Solar Market 2016-2020

Global outlook of the smart solar market

Technavio’s market research analysts have predicted that the global smart solar market will grow steadily during the forecast period and will post an impressive CAGR of more than 15% by 2020. With achieving an end-to-end solution to effectively manage energy being the primary aim of power utilities, the industry has started adopting various smart solar systems, such as smart solar meters for creating a smart grid system. Smart grids are monitoring systems that monitor and control energy production, transmission, and consumption. This will induce several countries across the globe to develop smart grid systems during the forecast period and will be one of the major factors to have a positive impact on the growth of the market.

The growing demand for electricity and the increasing environmental concern will result in the rise in demand for renewable energy sources, and this will subsequently lead to the decline in prices of solar photovoltaic cells. The recent years have witnessed a 40% decrease in the prices and the increasing government subsidies toward the installation of solar energy products such as smart solar lights and solar water heaters, which will further lead to a decline in prices and will subsequently drive the growth of the smart solar market.

Competitive landscape and key vendors

The market is characterized by the presence of well diversified international solar energy companies who have a large portfolio of energy-related equipment and services in smart grid, home energy management systems, digital oil fields, and smart solar. Vendors also provide customized products as per the needs of the customers. The market appears to be moderately competitive, and the vendors usually compete on the basis of product pricing, quality, and market presence. The rise in product extensions and technological innovations have induced large solar companies in the market to invest in their R&D to develop smart energy equipment and services.

The leading vendors in the market are -

• ABB
• Echelon
• GE Energy
• Schneider Electric
• Siemens

The other prominent vendors in the market are Itron, Landis+GYR, Sensus USA, Silver Spring Networks, Solarcity, Sunnova, Urban Green Energy (UGE) International, and Vivint Solar.

Segmentation by product type and analysis of the smart solar market

• Components
• Solutions

During 2015, the solutions segment accounted for about 60% of the total market share and dominated the industry. Solar generation is primarily supported by an SCADA system that can be driven from a remote terminal unit (RTU) or a programmable logic controller (PLC). The advances in demand response and automation techniques will fuel the growth of the market in this segment.

Geographical segmentation and analysis of the smart solar market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geography, the Americas will dominate the smart energy market throughout the forecast period and will also account for about 40% of the total market share by 2020. Factors such as the rise in investments, the increase in solar capacity, and the growth in a number of solar power installations will aid in the growth of the market in this region. Also, the growing number of smart solar projects, the development and deployment of the integrated smart grid systems, and increasing grants and solar subsidies from the governments will also provide for the growth in demand for the market.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the global smart solar market?
• What are the key market trends impacting the growth of the global smart solar market?
• What are the challenges to market growth?
• Who are the key vendors in the global smart solar market?
• What are the market opportunities and threats faced by the vendors in the global smart solar market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global smart solar market?

Technavio also offers customization on reports based on specific client requirement.

Related reports

• Global Solar Diesel Hybrid Power Systems Market 2016-2020
• Global Solar Home Lighting Market 2016-2020
• Global Solar Smart Energy Market 2016-2020