Smart Solar Market - Global Industry Analysis, Size, Share,Growth Trendsand Forecast 2015 – 2023
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Solar energy is one the most abundant energy source available on
earth. Various energy needs can be fulfilled with applications of
solar power and solar energy systems. Smart Solar technology is a
result of similar kind of innovation and research. Smart solar
technology is built upon existing solar power systems and it
functions in sync with the current system. This technology helps to
insert ‘smartness’ in existing solar energy systems. Smart grids
improve operational activities of individual devices and solar
installations. Smart solar systems assist in reduction of maintenance
costs, stability of grid supply, optimization of performance and
appropriate computing of distribution system.
There is high demand for energy management and demand driven smart
solutions as it prevents wastage and makes optimum use of available
energy in a smart manner. This demand for smart solar power solutions
is prevalent across all verticals and industries. The smart solar
industry is constantly expanding vertically and horizontally. There
have been ground breaking innovations in components, solutions,
services and applications across all the verticals of smart solar
system.
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Growing energy demand of developed as well as developing regions is a
serious cause of concern worldwide. The conventional energy sources
such as oil, natural gas and petroleum products will deplete sooner
or later. This has led to initiatives of conservation of energy
resources and discovery of new alternate energy sources. The near
future will witness more and more adoption of renewable and alternate
sources of energy. Various alternate energy sources such as wind,
tidal, solar and nuclear have been applied in recent years.
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Global smart solar market can be segmented on the basis of smart
solar solutions, smart solar services, smart solar components, smart
solar applications and geographic location of smart solar system
installations. The major components of smart solar system consist of
smart metering devices, smart grids, supervisory control and data
acquisition (SCADA) systems, radio frequency identification (RFID)
and some others. These components assist in the processes of
automated meter reading, energy monitoring as well as managing and
analyzing energy production and consumption. Smart solar application
is used for heating, cooling, producing steam, electricity and
various other industrial, commercial and residential purposes.
Various sectors such as healthcare, construction, transportation,
agriculture, public utilities and many others have applied smart
solar technology. The application of smart solar technology has also
extended to various new verticals such as utility, government and
public affairs, water treatment, education, logistics and
distribution. Services such as consulting, construction, installation
and management are offered for smart solar systems. Smart solar
technology is widely adopted in regions such as North America, South
and Central America, Europe, Middle East, Africa and Asia Pacific.
The U.S.A, Spain, South Africa, Egypt, Iran, India and China are some
of the nations which have largest initiatives for solar energy
technology and smart solar systems. Asia Pacific and North America
regions have a high potential growth for smart solar market.
Today’s global smart solar market is worth more than USD 7 billion
and expected to grow around USD 16 billion till 2018. The
introduction of improved technology is increasing the adoption of
smart solar components, solutions and services across various
verticals.There is a common objective of energy preservation, green
energy adoption and pollution control on a global scale. These common
intentions and concerns are increasing usage of smart solar
technology as well as a shift to traditional solar energy systems as
a whole. Rising electricity bills, positive social implications and
environmental concerns coupled with latest technology and innovations
are the driving factors for the fast adoption of smart solar systems
on a global scale.
In addition, cost controlling and investments by solar industry
members are expected to boost global smart solar market growth in
future.Although, high initial capital cost, product instability,
inefficiency and lack of awareness could pose a threat to smart solar
industry.The solar sector has been developing in recent years. Even
the economies of nations are increasing rapidly which could offer new
opportunities for smart solar industry. The smart solar global
industry outlook is looking positive for upcoming
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Some of the major players operating in smart solar industry are
involved in smart solar products, solutions as well as consulting and
management services. Some of the important players are ABB Schweiz
AG, BPL Global Ltd., Echelon Inc., HCL Technologies Ltd., Itron Inc.,
Schneider Electric Inc., and SunPower Inc. Some other prominent
players in smart solar industry are Silver Spring Networks Inc.,
Trilliant Holdings, Inc. and Urban Green Energy Inc.
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