Pune, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The global smart solar market size is expected to showcase significant growth by reaching USD 13.33 billion by 2027 while exhibiting a CAGR of 9.95% between 2020 and 2027. The growth is attributable to the growing acceptance of the Paris Climate Change Agreement by several countries globally. Fortune Business Insights, published this information in its latest report, titled, “Smart Solar Market Size, Share and COVID-19 Impact Analysis, By Service (Asset Management, Network Monitoring, Meter Data Management, Remote Metering, And Others), By Device (Smart Solar Meters, Intelligrid, and Radio-Frequency Identification [RFID]), By Application (Residential, Commercial & Industrial, and Utility), and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 8.52 billion in 2019 and is likely to gain momentum owing to the high demand for advanced systems in the forthcoming years.
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COVID-19 Impact: Disruption in Supply Chain Stall Large Solar Installation Project
The lockdown imposed by government agencies globally has led to drastic disruption in the supply chain of several industries. Amongst them, the global market has suffered significantly owing to the stalling of several large solar installation projects across the globe. However, an effective decision from the government, along with the cooperation of several companies is expected to boost the operations in the renewable energy field by adhering to the social distancing norms in the near future.
Smart solar systems are modules that are integrated with DC power optimizer and aid in maximizing power levels across solar panels. Owing to their several benefits such as reduction in costs, efficient monitoring, and reliable communication, advanced solar is adopted by several economies globally.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
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Increasing Adoption of Paris Climate Change Agreement to Augment Growth
In 2015, the Paris Climate Change Agreement was formed that comprised several nations working under a common cause to combat climate change. It aimed to strengthen the response for climate change globally by ensuring that the world temperature will be below 2 degrees Celsius as per the pre-industrial levels. The growing acceptance of the agreement by several nations to deal with the impact of climate change is expected to boost the demand for this solar across the globe. Additionally, the growing focus on installing smart solar grids is likely to favor the global smart solar market growth during the forecast period.
Utility Segment Held 41.9% Market Share in 2019
The utility segment, based on application, held a market share of about 41.9% in 2019 and is expected to showcase a significant growth in the forthcoming years. This is ascribable to factors such as the growing number of utility-scale solar projects to promote the adoption of renewable energy sources across the globe.
North America to Remain Dominant; Increasing Advanced Solar Projects to Aid Growth
Among all the regions, North America is expected to remain dominant and hold the highest position in the global market in the forthcoming years. This dominance is attributable to the increasing number of advanced solar projects in the region. North America stood at USD 2.70 billion in 2019.
The market in Asia-Pacific is anticipated to experience exponential growth backed by the growing number of smart city projects in the region between 2020 and 2027.
Major Companies Focus on Acquisition to Amplify Their Market Positions
The global smart solar market comprises small, medium, and large companies that are striving to maintain their presence. Additionally, the large companies are focusing on acquiring smaller companies to expand their smart solar systems portfolio and brighten their prospects in the fiercely competitive global marketplace.
- January 2018 – Itron, Inc, a leading consulting services company, announced the acquisition of Silver Spring Networks, Inc. According to the company, the acquisition is aimed at strengthening its global position to deliver advanced technology solutions and further improve the operational activities of the enterprises.
List of the Companies Operating in the Smart Solar Market:
- ABB (Switzerland)
- Itron Inc. (U.S.)
- Aeris (U.S.)
- Solnet Group (Netherlands)
- Solar Data Systems, Inc. (U.S.)
- Aclara Technologies LLC (U.S.)
- General Electric (U.S.)
- Huawei Technologies Co., Ltd (China)
- Siemens (Germany)
- Landis+Gyr (Switzerland)
- Schneider Electric (France)
- HCL Technologies (India)
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Smart Solar Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Smart Solar Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Service
- Asset Management
- Network Monitoring
- Meter Data Management
- Remote Metering
- Market Analysis, Insights and Forecast – By Device
- Smart Solar Meters
- Radio-frequency Identification (RFID)
- Market Analysis, Insights and Forecast – By Application
- Commercial & Industrial
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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