PUNE, India -- The global smart solar market 2016-2020 report says one of the key trends for market growth will be increasing demand for solutions and services due to advances in technology and components, such as smart meters, solar simulators, and grid intelligent components, services and applications of the smart solar. Thus most of the vendors are focusing on providing complete solutions for smart solar i.e. from components to the services. Also, the rise in demand for energy necessitates the need of energy management solutions and demands response services to be integrated with the installations. Now solution services, such as accuracy of bill and record of consumption of energy, are in demand, which is fueling the smart solar market.
The analysts forecast global smart solar market to grow at a CAGR of 15.22% during the period 2016-2020. According to the smart solar market report, growing environmental concerns will be a key driver for market growth. CO2 emission is a major global concern for countries and companies. The US energy-related CO2 emission was 5,406 MMT in 2014. Combustion of fossil fuels (coal, natural gas, and oil) for energy and transportation, certain industrial processes, and land use changes are some of the human activities that emit CO2. The primary source of CO2 emission in the US is power, transportation, and industrial sectors. If the world adopts the smart energy technologies (including smart solar) then CO2 emissions could be reduced by 15% globally.
In terms of geography, the Americas will dominate the smart energy market throughout the forecast period and will also account for about 40% of the total market share by 2020. Factors such as the rise in investments, the increase in solar capacity, and the growth in a number of solar power installations will aid in the growth of smart solar market in this region.
During 2015, the solutions segment accounted for about 60% of the total market share and dominated the industry. Solar generation is primarily supported by an SCADA system that can be driven from a remote terminal unit (RTU) or a programmable logic controller (PLC). The advances in demand response and automation techniques will fuel the growth of smart solar market in this segment.
The following companies are the key players in the global smart solar market: ABB, Echelon, GE Power & Water, Schneider Electric, and Siemens. Other prominent vendors in the market are: Itron, Landis+GYR, Sensus USA, Silver Spring Networks, Solarcity, Sunnova, Urban Green Energy (UGE) International, and Vivint Solar.
Global Smart Solar Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. In the smart solar market report, 2015 is considered as the base year. It provides a comprehensive overview of the market along with segmentation by type - solutions and components.
Complete report on smart solar market spread across 77 pages, analyzing 5 major companies and providing 51 data exhibits now available at http://www.sandlerresearch.org/global-smart-solar-market-2016-2020.html
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