Smart Solar Power Market to Reach $47.7 Bn, Globally, by 2031 at 13.6% CAGR: Allied Market Research
PORTLAND, Oregon, Oct. 6, 2022
Increase in grid automation, surge in investments in the countries such as India, Japan, and South Korea, and strict regulations imposed by governments leading rise in usage of solar power drive the growth of the global smart solar power market.
PORTLAND, Oregon, Oct. 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Solar Power Market by Device (Smart Solar Meters, IntelliGrid, RFID), by Solution (Asset Management, Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, Outage Management), by Application (Commercial, Industrial, Residential): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global smart solar power industry generated $13.4 billion in 2021, and is estimated to reach $47.7 billion by 2031, manifesting a CAGR of 13.6% from 2022 to 2031.
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Increase in grid automation, surge in investments in the countries such as India, Japan, and South Korea, and strict regulations imposed by governments leading rise in usage of solar power drive the growth of the global smart solar power market. However, reduction in subsidies and complex structure of smart solar systems that creates issues with land selection for installation are factors that hinder the market growth. On the other hand, rapid innovation and developments in the internet technology and communication technology create new opportunities in the coming years.
- Many governments across the world implemented lockdown restrictions during the Covid-19 pandemic to reduce rising number of infected cases. This, in turn, led to delay in installation of smart solar power panels in many projects. In addition, manufacturing activities of these panels were stopped partially or completely due to shortage of raw materials, supply chain disruptions, and unavailability of workforce.
- In July 2020, the Seychelles government informed that the construction activities of floating solar PV power plant were delayed due to lockdown restrictions. Solar project developers needed to face project delays.
- The situation is expected to change post-pandemic as there will a gradual surge in the construction activities for smart solar power plants with surge in demand for solar power. The governments of different developing and developed countries will invest massively in the development of solar power plants for lowering imports of fossil fuels, and other energy resources.
Based on device, the smart solar meters segment accounted for the largest market share in 2021, contributing to more than half of the global smart solar power market, and is estimated to maintain its leadership position throughout the forecast period. This is attributed to widespread acceptance in residential, industrial, and commercial sectors and benefits such as long-term stability, economical cost, wide spectral range, and automated transmission measurement. However, the RFID segment is expected to manifest the largest CAGR of 14.1% from 2022 to 2031. This is due to surge in demand for power from clean energy resources and ability to track and collate the data of the power generation in the solar panels.
Based on solution, the asset management segment contributed to the highest market share in 2021, accounting for more than one-fourth of the global smart solar power market, and will continue its leadership in terms of revenue throughout the forecast period. This is due to rise in the investments among the major manufacturing companies and power generation companies toward the development of clean and renewable energy and ability to provide accurate data of the solar power systems. However, the outage management segment is estimated to manifest the largest CAGR of 14.9% from 2022 to 2031, owing to the demand for construction of the large-scale solar power plants and rise in investment of private energy and government power companies to shift toward sustainable energy resources.
Based on application, the industrial segment accounted for the largest market share in 2021, holding more than half of the global smart solar power market, and is estimated to continue its highest contribution throughout the forecast period. This is due to rapid industrialization, decrease in fossil fuel resources, and demand and need for backup energy services. However, the residential segment is projected to grow at the fastest CAGR of 14.1% from 2022 to 2031, owing to increase in modernization across the globe and rapid development in the developing countries.
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Based on region, North America held the largest market share in 2021, accounting for more than two-fifths of the global smart solar power market, and is projected to continue its dominant share throughout the forecast period. This is attributed to the development of various industries and reduction in the cost of residential, commercial-rooftop, and utility-scale PV systems in the region. However, Asia-Pacific is estimated to witness at the fastest CAGR of 14.4% from 2022 to 2031. This is due to increase in environmental concerns and government policies for availing incentives and tax benefits for solar panel installation.
- Aclara Software
- GE Energy
- CAlico Energy Services
- HCL Technologies
- Echelon Corporation
- Schneider Electric
- Urban Green Energy International
- Landis+GYR AG
- Sensus USA Inc.
- Silver Spring Networks Inc.
- Itron Inc.
- HCL Technologies
- Huawei Technologies Co., Ltd.
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SOURCE Allied Market Research