Smart Solar Technology Market Scope
The renewable energy sector is one of the most dynamic industries in the world, with the potential to revolutionize the global smart solar technology economy. Renewable energy projects are being deployed all over the world thanks to technological advancements, cost-effective solutions, and a desire to create a sustainable environment. Solar photovoltaic (PV) cells are the world's fastest-growing electricity supply source. Smart solar technology is a low-cost, technologically advanced source of energy that offers policymakers and industry participants an appealing potential to improve energy security by varying supply and lowering environmental impact.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | ABB Ltd. (Switzerland), Echelon Corporation (United States), Schneider Electric (France), HCL Technologies (Noida), Siemens AG (Germany), Sensus USA Inc. (United States), Landis Gyrag (Switzerland), Solar City (United States), Itron Inc.(United States) and Sunnova (United States) |
CAGR | % |
ABB Ltd. (Switzerland), Echelon Corporation (United States), Schneider Electric (France), HCL Technologies (Noida), Siemens AG (Germany), Sensus USA Inc. (United States), Landis Gyrag (Switzerland), Solar City (United States), Itron Inc.(United States) and Sunnova (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Sun Power (United States), Aclara Technologies LLC (Saint Louis), Intergraph (United States), Vivint Solar (United States), IBM Corporation (United States), Google Inc. (United States), Microsoft (United States), Oracle (United States) and Intel (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Smart Solar Technology market by Type , by Application (Residential, Commercial and Industrial) and Region with country level break-up.
On the basis of geography, the market of Smart Solar Technology has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2022.
Market Leaders and their expansionary development strategies
In 2022, ABB Company announced the acquisition of a controlling stake in electric vehicle (EV) commercial charging infrastructure solutions. By growing its customer base and expanding its fleet electrification software and digital services offering, ABB's E-mobility Division in North America will be strengthened. and In Sept 2020, Schneider Electric announced the acquisition of L&T's E&A division for Rs 14,000 crore as part of its aim to extend its position in India. The deal was completed in August, and the global conglomerate is now working on a '100-day plan' to unite the two businesses.
In 2021, Sunnova Company launched a new product for smart solar technology, which is a narrow design (350 times smaller light-absorbing layers than typical Si-panels), flexibility, ease of installation, lightweight, and second-generation thin-film solar cells are emerging as one of the most promising PV technologies. and Another recent development is the creation of prototypes of thermos-radiative PV systems, also known as reverse solar panels that may generate electricity at night by transferring heat from the panels to an optically linked deep void that acts as a heat sink.
Market Growth Drivers:
Increasing Adoption for Smart Grid Technologies to Meet the Energy Requirement, Increasing Awareness among the Consumers Regarding the Energy Conservation and Rising Installation for Smart Solar Energy Grids
Challenges:
Emerging Africa and Sub-Saharan Countries Economies and Proper Storage and Management of Complex Data by Smart Solar Technology Infrastructure
Restraints:
High Investment for Maintenance for Smart Solar Technology and Low Conversion Efficiency
Opportunities:
Ongoing Smart City Projects in Developing Countries
Key Target Audience
Smart Solar Technology developers, Research institutes, and consultancy firms, Investors, Software Companies, Venture Capitalists and Private Equity Firms and Government bodies and industry associates