Global Smart Solar Power Market Overview:
Smart Solar Power devices employ a broad range of information technology resources to minimize waste and energy costs. These devices are installed in order to improve the operating characteristics of the solar installation and or individual devices to increase performance. This, in turn, increases the efficiency of solar devices. Installation of smart solar power device reduces operations and maintenance costs, maximizing return on investment. Smart solar power is capable of performing grid-supportive functionalities related to voltage, frequency, communications, and controls. It provides grid stability and reliability as to large circuits. These devices are capable of providing a cleaner, safer and more sustainable environment.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Market Growth Drivers:
The Emergence of Smart Cities and Green Buildings Is the Key Driver, High Demand from Solar Farms to Increase Energy Output and Reliability of System and Increasing Prices of Non-Renewable Energy Sources
Restraints:
High Cost of Products
Opportunities:
Financial Support by Government Likely To Raise Demand, Rising Energy Demand and Declining Non-Renewable Energy Sources, The Emergence of Solar Powered Cars Likely To Raise Demand and Sustainability Issues Is Leading To Increased Green Energy Demand
Competitive Landscape:
Some of the key players profiled in the report are Schneider Electric (France), Siemens (Germany), General Electric (United States), ABB (Switzerland), Huawei (China), HCL Enterprise (India), Kyocera Corporation (Japan), Adesto Technologies (United States), Aclara Technologies (United States) and Calico Energy (United States). Additionally, following companies can also be profiled that are part of our coverage like Itron (United States), Landis+GYR (Switzerland), Xylem Inc. (United States), United Telecoms Ltd (India), SunPower (Total SA) (France), Enphase Energy, Inc. (United States), Urban Green Energy (UGE) International (United States), Yangzhou Feilong Lamp Manufacturing Co., Ltd. (China), Trina Solar (India) and Anhui Daheng Energy Technology (China). Considering Market by Components, the sub-segment i.e. Automation will boost the Smart Solar Power market. Considering Market by Solutions, the sub-segment i.e. Network Monitoring will boost the Smart Solar Power market.
Latest Market Insights:
In January 2017, Aclara Technologies LLC (“Aclara”) acquired the Smart Grid Solutions (SGS) division of Apex CoVantage, LLC. With this acquisition, Aclara now offers a comprehensive end-to-end solution including installation services and provision of field labor. This new capability enables Aclara to provide full turnkey solutions to utilities that increase their productivity and reduce operating costs.
In July 2019, the state government of Gujarat, India, in its budget announced to launch a new scheme for Solar Rooftop. This scheme will directly benefit more than 2 Lakh families, who will adopt solar in the financial year 2019-20. In this Scheme, beneficiaries will receive a subsidy of 40% for up to 3 kilowatts (kW) system and a subsidy of 20% for a system of 3 kW to 10kW. This scheme will only be available for residential customers. This will boost the solar market in the nation. and In September 2019, Sembcorp Smart Energy Solutions Vietnam (Sembcorp), a subsidiary of Sembcorp Industries announced that it has signed a joint venture agreement with Becamex IDC Corporation (Becamex) and Vietnam Singapore Industrial Park J.V. Co (VSIP). The aim of this partnership was to introduce a new generation of sustainable smart energy solutions to Vietnam.
What Can be Explored with the Smart Solar Power Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Smart Solar Power Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Smart Solar Power
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Smart Solar Power market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Smart Solar Power market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Smart Solar Power Manufacturer, Smart Solar Power Traders/Distributors/Suppliers, Smart Solar Power Importer/Exporter, Smart Solar Power Raw Material Supplier, Smart Solar Power End-Users, Government Associations, Potential Technology Investors, Downstream Vendors and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.