With the increase in urbanization and population worldwide, there is an increase in demand of 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 device is the equipment that aids in extracting solar energy offering better efficiency in devices that use solar energy. Smart solar devices is among the devices that people are gradually getting aware of due to the initiatives taken by government agencies to discover alternate sources of energy which are renewable and are not easily depleted. Various energy requirement can be satisfied with application of solar power or solar energy systems. With the advancement in technology the devices are being innovated to operate in a smart environment. Smart solar devices aids in minimizing the wastage in energy and utilizes the power in best possible way to make the energy available and improve the efficiency of devices.
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Advancement in fields including information technology and electronics and electrical are contributing towards designing and development of renewable device such as smart solar solutions. Fluctuating electricity tariffs, increasing environmental concerns and rise in demand for renewable energy sources is subsequently leading to decrease in prices of smart solar components and solutions encouraging penetration of smart solar services.
Smart Solar Market: Drivers and Challenges
With the advancement in technology, there is an increased adoption in smart devices including smart solar components, solutions and services across various industries and their applications. The purpose of this adoption and advancement in technology is energy preservation and minimizing the harm done to the environment. Customers concern towards renewable energy sources, other social and environmental factors augmenting the application of smart solar devices in everyday application is positively impacting the growth of smart solar market.
Emerging economies emerges with rising economic conditions and greater investment in infrastructure are acting as key opportunities for the smart solar market globally. High initial cost involved in installation of smart solar components or opting for solution or services related to smart solar devices is among the prime challenges faced by the key player in the smart solar market.
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Smart Solar Market: Segmentation
Smart solar market can be segmented on the basis of component type, application, end-use industry and regions
On the basis of component type, smart solar market can be segmented into hardware and services. Hardware segment can be sub-segmented into smart solar meter devices, smart grids, SCADA systems, RFID and others. Services segment can further be sub-segmented into system integration and deployment, consulting, support and maintenance, and others
On the basis of application, smart solar market can be segmented into industrial, commercial and residential purpose.
On the basis of end-use industry, smart solar market can be segmented into government offices and educational institution, energy and utility, healthcare, hospitality, others.
Smart Solar Market: Regional Overview
Regionally, smart solar market can be segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa
Smart solar technology is widely adopted in regions such as North America, Western Europe, Latin America and some parts of Asia pacific and Middle East and Africa. Some countries including China, India, The U.S., and South Africa have already taken initiative to covert its energy consumption systems to smart solar devices which is impacting the smart solar market positively.
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Smart Solar Market: Competition Landscape
Few prominent players in the Smart Solar Market include:ABB Schweiz AG, BPL Global Ltd., GE Power, Echelon Inc., Siemens AG, HCL Technologies Ltd., Itron Inc., Schneider Electric Inc., Silver Spring Network and SunPower Inc.