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Global Smart Solar Solutions Market Growth, Trends, and Forecast 2019-2024: Government Subsidies on Solar Power to Drive the Market Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Dec 23, 2019--

The "Smart Solar Solutions Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The smart solar solutions market is expected to register a growth rate of 16% over the forecast period 2019-2024

The increase in urban population worldwide has created a rise in demand for resources. The depletion in natural resources is making organizations innovate in such a way that they can utilize alternative resources to extract the energy for the necessities in life.

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. The 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. 2017 was one more historic year for the solar power sector as more solar PV capacities were installed globally than for any other power generation technology. More Solar capacity was deployed globally than fossil fuels and nuclear combined

Scope of the Report

Smart solar device is an equipment that helps in extracting solar energy at a very high conversion efficiency. Various energy requirement can be satisfied with the application of solar energy systems. With the progress in technology, the devices are being developed to operate in a smart environment. Smart solar devices help in minimizing wastage and utilizes the power in the best way possible to harness the energy available and improve the efficiency of devices.

Key Market Trends

Government Subsidies on Solar Power to Drive the Market Growth

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, shifting to green solutions, in turn, pushing the adoption of smart solar solutions. For instance, several policy measures have been set in place by MNRE to support the achievement of India's 2022 solar goals. An amendment has been made to the National Tariff Policy to include provisions for Renewable Generation Obligations and Renewable Purchase Obligations. The policy requires state-owned power distribution companies to purchase 8% of their energy from solar by 2022 and mandates thermal power plant operators to have a certain amount of renewable components in any newly installed capacity. Further, 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. The 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.

Asia-Pacific to Witness a Significant Growth Rate Over the Forecast Period

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. With the focus of the energy industry shifting toward renewable energy sources, the solar industry is witnessing increased demand from this region as favorable policies like the FIT scheme in Japan have shown in the recent past. Growing grid automation and demand response investments in Japan, India, and South Korea are helping this industry progress forward. The Chinese solar power industry has been the fastest growing market for the past few years. China 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. China's growth can be attributed to the Feed-In tariff policy of the government that has helped solar energy penetrate at a much faster rate than expected earlier.

Competitive Landscape

The smart solar solutions market is highly fragmented with many niche players occupying the market share along with industry leaders like Siemens AG, ABB Ltd, GE Renewable Energy, Echelon Corporation, Schneider Electric SE. The trend in the solar software space is towards fragmentation as companies aren't looking for technology solutions that can do multiple things at once. Instead, they are looking for multiple tailored solutions that can solve specific challenges that they face.

Some of the recent development so of this industry are:

May 2019 - Due to the increasing demand for higher levels of safety and performance in solar photovoltaic plants, ABB Ltd. launched its most potent solar string combiner boxes range at Intersolar 2019. Solar string combiners improve the safety of solar panels and the entire photovoltaic plant. To counteract overvoltage a common cause of damage to electrical appliances, it has developed a comprehensive plug-and-play solution. May 2019 - Coop, one of the largest retailers in Switzerland, has adopted ABB Ltd. solar inverter technology as part of its ambitious target to become carbon neutral by 2023. Coop has already reached an energy self-consumption rate of 90 percent with the help ABB Ltd.

Market Dynamics

Market Drivers

Government Subsidies on Solar Power Will Drive Growth Decreasing Installation Cost and Increasing Conversion Efficiency

Market Restraints

High Maintenance and Operation Cost

Industry Value Chain Analysis

Industry Attractiveness - Porter's Five Force Analysis

Companies Mentioned

Siemens AG ABB Ltd GE Renewable Energy Echelon Corporation Schneider Electric SE Silver Spring Networks (Itron, Inc.) Smart Solar Ltd. Trilliant Incorporated Urban Green Energy Inc. Aclara Software Inc.

For more information about this report visit https://www.researchandmarkets.com/r/nhf4xb

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SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 12/23/2019 10:29 AM/DISC: 12/23/2019 10:29 AM


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