The global smart solar market is estimated to grow with approx.16.45% CAGR between the years 2018 – 2026. The base year considered for the study is 2017 and the forecast period is 2018-2026. The global Smart solar market is primarily driven by the following factors:

• Swift increase in solar energy utilization
• Increasing electricity charges
• Adoption of green & smart cities concept
• Regulatory compliance
• China’s solar power capacity more than double in 2016

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The important driver increasing growth in the global smart solar market is the adoption of green & smart cities concept. The concept of smart cities is gaining popularity amongst various global governments, and the basic need is to optimize the use of the resources. Smart cities utilize information and communication technology (ICT) and the internet in every aspect of development such as smart grids, smart buildings, smart lightings, home automation and so on. The implication of smart solar in cities will include sensors embedded in physical objects, home automation appliances such as smart lights, thermostats and so on. This will ensure better waste management, better traffic control and better use of renewable resources.

The commercial and industrial application is anticipated to govern the smart solar market. The increasing demand for energy in various industries became one of the major factors for the growth of the smart solar market. To fulfill the electricity demand of various industries and to reduce the operating cost, many factories have started to adopt solar plants. In the USA, commercial sector consumes more than 36% of the total electricity production. Similarly, the industrial sector consumes more than 26% of the total electricity production. This increasing demand for electricity in the commercial and industrial sector has increased the demand for smart solar products in commercial and industrial application. The domestic application is the second-largest application for the smart solar market. The increasing population and economy of various countries have pushed the demand for electricity in domestic use. In addition to this, the rising government investment for smart cities and smart homes also became one of the major drivers for the growth of the smart solar market in a domestic application.

The high cost of installation and reduction in subsidies are the major factors hindering the smart solar market. The solar power industry is increasingly gaining prominence with each passing day. Despite this, there are several concerns with a solar power plant setup. One such concern is the high installation cost as a lot of things are used in the installation of the solar plant ex: photovoltaic modules, land civil and general work, mounting structure, cables and transformer, etc. Central Electricity Regulatory Commission (CERC), India recently declared the standard tariff for setup of thermal plants and solar PV in India. These standard tariff regulations provide the benchmark capital cost norm for thermal power and solar power projects.

The global smart solar market segments include applications, industrial sector, device type and services, and solutions.

Applications are segmented into:

• Commercial and Industrial
• Domestic

Industrial Sector is segmented into:

• Utilities
• Government
• Construction
• Agriculture
• Healthcare
• Education
• Others

Device type includes:

• Intelligrid
• Smart Solar Meters
• RFID

Services include:

• System Integration And Deployment Services
• Support And Maintenance Services
• Consulting Services
• Demand Response Services

Solutions are segmented into:

• Supervisory Control And Data Acquisition
• Network Monitoring
• Analytics
• Remote Metering
• Meter Data Management
• Asset Management
• Outage Management

The report scope is widely categorized on the basis of its application which includes commercial, industrial and domestic. Moreover, the market revenue estimates and forecast includes only smart solar systems and excludes the conventional energy systems.

Geographically, the global smart solar market has been segmented on the basis of four major regions, which includes:

• Smart Solar North America Market – U.S. & Canada
• Smart Solar Asia Pacific Market– China, India, Japan, South Korea, Australia, RoAPAC
• Smart Solar Europe Market– UK, France, Germany, Spain, Italy, RoE
• Rest of World – Latin America, MEA and Africa

North America is anticipated to account for the largest market share of the global smart solar market.  The growth in the North American smart solar market is mainly driven by the presence of the key market players such as SolarCity, Trilliant, etc. All these companies are involved in the continuous development of the new technology which is uplifting the growth in the North American market. The rising utilization of solar energy is one of the major factors which is driving growth in the North America smart solar market. The US held the largest market share in terms of revenue in 2016 and is a major growth influencer of the North America smart solar market. The rising consumption of the solar energy is a key force which is boosting the growth in the US market. On the other hand, the Asia-Pacific market is anticipated to the fastest-growing region in the global smart solar market. Growth in the Asia Pacific smart solar market is mainly influenced by rising government support for the use of solar energy and an increase in electricity tariffs in the region. Positive economic outlook has driven government and public bodies across the Asia Pacific to implement investment-friendly policies. This has resulted in the growth of end user industry of the smart solar market.

The Smart solar market is segmented based on applications which are sub-divided into commercial, industrial and domestic. The market is also segmented on the basis of industry sectors which are sub-divided into utilities, government, construction, agriculture, healthcare, education and others.  Device types include intelligrid, smart solar meters and RFID. The service segment is divided into system integration and deployment services, support and maintenance services, consulting services, and demand response services. Solutions include supervisory control and data management, network monitoring, analytics, remote metering, meter data management, asset management, and outage management.

The major market players in the global smart solar market are:

• Solarcity
• Abb
• Itron Inc
• Vivint Solar
• Landis+Gyr Ag
• Others

Company Profiles covers analysis of important players

These companies are using organic and inorganic strategies for growth. For instance, in September 2017, ABB announced the acquisition of GE industrial solution, a company which has a strong customer base in more than 100 countries. In February 2016, Itron, one of the leader in technology and services, dedicated to the resourceful use of water and energy and launched Itron Idea Labs. It is an organization within Itron which is dedicated to developing new business opportunities in high-growth industries and the emerging market of smart solar.

Key findings of the global smart solar market.

• Swift increase in solar energy utilization and adoption of green & smart cities concept is fueling growth in the global smart solar market.
• North America accounted for the largest revenue share in 2017.
• The commercial and industrial segment is dominating the market due to the growing adoption of smart solar systems
• Increasing government support
• Product launch is the key strategy adopted by various market players of the global smart solar market.
• Supervisory control and data acquisition segment is a major solution segment.