Global Smart Solar Solutions Market - Segmented by Products (Photovoltaic Cells, Photovoltaic Panels, Invertors), Solution (Power Plant, Residential, Commercial), End-User Application (Commercial, Industrial, Residential), End-User Industry (Automotive, Agriculture, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The smart solar solutions market was valued at USD 8.7 billion in 2017 and is projected to reach USD 21.5 billion by the end of 2023, growing at a CAGR of 16.13% over the forecast period of 2018-2023. The scope of the report is limited to the type of products and solutions provided, its applications, and the industries that consume those products and solutions. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Smart solar solutions help users reduce their electricity expenses and increase the efficiency of solar components by monitoring and communicating in real-time. The traditional power generation techniques depend a lot on non-renewable energy sources and generate a lot of pollution. Limited supply of these resources has triggered the need for renewable sources of energy. Moreover, increasing power tariff and government subsidies on solar power are driving the smart solar solutions market.
Government Subsidies on Solar Power
The ever-growing energy demand from residential and industrial end users and depleting natural resources have resulted in the need to control the energy consumption and switch to more efficient and cleaner energy generation source. Governments around the world are looking for cost-effective solutions and are encouraging the public by giving subsidies, to shift to green solutions, in turn, pushing the adoption of smart solar solutions.
Solar energy plays a big part in reducing carbon emissions and ensuring a sustainable energy future. It can be used for cooling, heating, lighting, electrical power, transportation, and even environmental clean-up. The global solar installed capacity was 227 GW in 2015, which rose to 305 GW in 2016, driven by the United States and China.
United Kingdom led Europe in solar growth, despite the cutting down of incentives for householders to fit solar panels. Germany, which moved several years ago to subsidize and build a solar industry, still retains the crown for total solar capacity.
Smart solar solutions are gaining momentum extensively in Asia-Pacific. Many nations in this region consider smart solar solutions as a middle-out innovation growth. While almost 90% of Asia-Pacific’s local governments leverage funds on smart cities growth provided by central government, many of them are notably given the autonomy to create their own identity in city governance and provisioning of effective e-services. With the focus of the energy industry shifting toward renewable energy sources, the solar industry is witnessing increased demand from this region. Growing grid automation and demand response investments in Japan, India, and South Korea are helping this industry progress forward.
The Chinese solar power industry deployed a record 53.06 GW of photovoltaic (PV) capacity in 2017. The capacity additions were 54% higher than in 2016. At the end of 2017, China’s cumulative installed solar capacity amounted to 130.25 GW, with solar PV accounting for 7.2% of the country’s total power generation capacity.
Key Developments in the Market
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