Smart solar solution is the automated and internet connected version of solar energy system. Smart solar solution assist user in lowering their electricity expenses and boost the efficiency of solar components by communicating and monitoring energy usage in real-time. The inclination has been towards utilizing conventional power generation techniques, but they rely on many nonrenewable energy sources and are liable for air pollution. The restricted supply of these resources has prompted the requirement for renewable energy sources. Furthermore, the growing power tariffs and government subsidies on solar power boost the smart solar solutions market share during the forecast period.
Since 2009, the price of solar photovoltaic (PV) modules has dropped by nearly 80%. This has been a key driving factor for the adoption of solar systems in households as well as commercial premises. In addition, government initiatives and the increased efficiency of PV cells are accelerating the adoption of smart solar solutions globally. A smart solar system is one that is interconnected with the premise’s energy-consuming devices. It provides data on that specific premise’s energy consumption and its solar energy production. These systems go beyond monitoring to provide better control and a comprehensive overview of energy consumption patterns and practices to a great extent. By analyzing energy production and consumption data, households can sell up to 50% of solar energy back to the grid.
Trends such as the boosting adoption of smart cities and green energy initiatives, followed by the demand for smart solar solutions, have expanded enormously across all the countries. Supervisory authorities across China, Europe, and North America also boost the market's growth over the review era. Smart solar systems refer to solar devices capable of communicating over the internet. Unlike traditional solar systems, the smart solar solutions can be controlled with computers or smartphones. Smart solar solutions enable the user to monitor the solar performance and production of the device from remote places. These factors are anticipated to boost the smart solar solutions market growth during the forecast period.
The global smart solar solution market has displayed tremendous expansion in the last few years compared to conventional solar systems, and smart solar systems assist in lowering wastage and using power in the best way possible. The characteristic of smart solar systems assists industrial growth and lowers the costs needed for energy production. Residential and industrial end-users demand more energy for their commercial and industrial activities. Since natural energy resources are diminishing by overuse, controlling energy consumption and switching to cleaner and more efficient energy sources is important.
Meanwhile, smart solar solution startups are constantly developing innovative solutions by integrating technologies like artificial intelligence (AI) and machine learning (ML) in the renewable energy sector and making it accessible to the public. These advanced integrations make the solar sector one of the fastest-growing industries around the global. Also, AI and ML help streamline solar panel installation and maintenance. For instance, researchers from Stanford University have developed a ML algorithm to identify the best places to install solar panels. Moreover, startups like Heliogen use interconnected system data and ML to analyze the most economical way for customers to use solar power.
Some of the major drivers impacting the smart solar solution market includes, increase in the adoption of green power over the globe; the emergence of smart cities in developing regions; rising electricity tariffs due to rapid urbanization and industrialization; and regulatory compliance by federal authorities. On the other hand, factors such as higher maintenance costs, a requirement for higher initial costs, and issues regarding data management are likely to limit the market's performance. One of the most common problems with solar energy is that it can be expensive to install and maintain a system. The cost of solar panels has come down significantly in recent years, but the initial investment can still be sizable. In addition, solar energy systems require regular maintenance to function properly. These aspects are anticipated to generate excellent opportunities for the market players operating in the smart solar solutions industry.
New Product Launches
In January 2023, Smart home company AMP Smart and solar installer Titanium finalized their merger and now offer consumers a complete smart home and solar sales and installation solution. Together, AMP and Titanium offer a spectrum of products, including rooftop solar, meter monitoring, smart thermostats, video surveillance, feature-rich smart home panels, automated lights and door locks, and a full suite of cutting-edge monitored security products.
In January 2023, Schneider Electric unveiled Schneider Home – a first-of-its-kind home energy management solution for homeowners seeking savings, comfort, and energy independence. The Schneider Home energy management solution includes a home battery for clean energy storage, a high-power solar inverter, a smart electrical panel, electric vehicle charger and connected electric sockets and light switches – all controlled by the easy-to-use Schneider Home app. The Schneider Home solution intelligently orchestrates home energy by bringing together utility power, solar, back up battery and EV charging.
In June 2022, Schneider Electric announced the launch of two new solar power solutions for communities that have little or no access to energy. The new solar products are designed to better withstand extensive use for a wide range of power needs. They expand Schneider Electric's portfolio of products and solutions that aim to help reach the United Nations 2030 target of universal access to energy.
In May 2022, Trina Solar, a smart energy total solutions and PV provider, launched its second generation Vertex S universal rooftop module, with a maximum power output of 430W. The Vertex 580W module is for large C&I projects and can be used in conjunction with the Vertex 580W module. Vertex S and Vertex rooftop module generation 2 are the global launches. Smart TrinaTracker solutions maximize yield and Trina Storage high-performance energy storage system are also on display.
Segmental Overview
By product: The smart solar solutions market is divided into five subsegments, includingPV cells, PV panels, invertors, generators, and other products. Solar PV modules are devices that convert sunlight into electricity. They are an essential component of a solar power system and are widely used to produce clean and renewable energy. Meanwhile, a smart solar inverter features a strong software infrastructure, bidirectional communication capability and digital architecture. The cost of solar inverters, including micro and smart inverters, has been declining in recent years, making them more accessible and affordable for consumers.
By solution: The smart solar solutions market is divided into four solution segments, such as asset management, network monitoring, meter data management, and remote metering. The asset management segment dominates the global smart solar solution market. Solar asset management tracks and manages a physical asset, such as a solar plant, farm or site through the operational stages of its lifecycle. Solar asset management ensures the seamless collection of all data, documents and life events of the asset. The surge in the investment among the major manufacturing companies and power generation companies to invest toward the development of clean and renewable energy has led to the demand for asset management solutions in the solar industry. The presence of investment in large scale solar power plants across the globe has propelled the demand for this market. The above-mentioned factors will provide ample opportunities for the development of the market.
By end-user application: The smart solar solutions market is bifurcated into three application areas, including, commercial, industrial, and residential. The industrial segment dominates the global smart solar solution market. The rapid industrialization and decrease in fossil fuel resources across the globe have led to increase in the demand for the industrial utilization of solar panels. Increase in utilization of portable electronic gadgets and are connected with Internet of Things have led to increase in the need for the communication industry. The presence of demand and need for backup energy services have led to the demand for the solar panels in the communication industry. The presence of low pure water resources in the Middle East countries in LAMEA region has led to the increasing investment in the desalination plants. The increasing construction of desalination plants has positive impact on the demand for solar power generation. The presence of this demand is expected to provide ample opportunities for the development of the market.
By region: The smart solar solutions market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America region dominates the global smart solar solution market. In 2021, the solar industry generated more than USD33 billion of private investment in the American economy. According to Electric Power Annual, solar power accounted for 3% of U.S. electricity generation from all sources in 2020. In EIA Short-Term Energy Outlook, forecast that solar will account for 5% of U.S. electricity generation in 2022. In total U.S. power generation, solar energy accounts for 2% as of 2019 and 3% in 2020 to serve 16.4 million and 18 million average American homes respectively. According to the U.S. National Renewable Energy Laboratory, since 2010, there has been a 64%, 69%, and 82% reduction in the cost of residential, commercial-rooftop, and utility-scale PV systems in the U.S., respectively. Over the past decade, the efficiency of solar PV panels has risen steadily.
Competition analysis
This report includes a competitive analysis and profiles of major players in the smart solar solutions market, including, ABB Ltd., Aclara Software Inc., Echelon Co., GE renewable energy, Schneider Electric SE, Siemens AG, Silver Spring Networks, Smart Solar Ltd., Trilliant Incorporated, and Urban Green Energy Inc.
Since 2009, the price of solar photovoltaic (PV) modules has dropped by nearly 80%. This has been a key driving factor for the adoption of solar systems in households as well as commercial premises. In addition, government initiatives and the increased efficiency of PV cells are accelerating the adoption of smart solar solutions globally. A smart solar system is one that is interconnected with the premise’s energy-consuming devices. It provides data on that specific premise’s energy consumption and its solar energy production. These systems go beyond monitoring to provide better control and a comprehensive overview of energy consumption patterns and practices to a great extent. By analyzing energy production and consumption data, households can sell up to 50% of solar energy back to the grid.
Trends such as the boosting adoption of smart cities and green energy initiatives, followed by the demand for smart solar solutions, have expanded enormously across all the countries. Supervisory authorities across China, Europe, and North America also boost the market's growth over the review era. Smart solar systems refer to solar devices capable of communicating over the internet. Unlike traditional solar systems, the smart solar solutions can be controlled with computers or smartphones. Smart solar solutions enable the user to monitor the solar performance and production of the device from remote places. These factors are anticipated to boost the smart solar solutions market growth during the forecast period.
The global smart solar solution market has displayed tremendous expansion in the last few years compared to conventional solar systems, and smart solar systems assist in lowering wastage and using power in the best way possible. The characteristic of smart solar systems assists industrial growth and lowers the costs needed for energy production. Residential and industrial end-users demand more energy for their commercial and industrial activities. Since natural energy resources are diminishing by overuse, controlling energy consumption and switching to cleaner and more efficient energy sources is important.
Meanwhile, smart solar solution startups are constantly developing innovative solutions by integrating technologies like artificial intelligence (AI) and machine learning (ML) in the renewable energy sector and making it accessible to the public. These advanced integrations make the solar sector one of the fastest-growing industries around the global. Also, AI and ML help streamline solar panel installation and maintenance. For instance, researchers from Stanford University have developed a ML algorithm to identify the best places to install solar panels. Moreover, startups like Heliogen use interconnected system data and ML to analyze the most economical way for customers to use solar power.
Some of the major drivers impacting the smart solar solution market includes, increase in the adoption of green power over the globe; the emergence of smart cities in developing regions; rising electricity tariffs due to rapid urbanization and industrialization; and regulatory compliance by federal authorities. On the other hand, factors such as higher maintenance costs, a requirement for higher initial costs, and issues regarding data management are likely to limit the market's performance. One of the most common problems with solar energy is that it can be expensive to install and maintain a system. The cost of solar panels has come down significantly in recent years, but the initial investment can still be sizable. In addition, solar energy systems require regular maintenance to function properly. These aspects are anticipated to generate excellent opportunities for the market players operating in the smart solar solutions industry.
New Product Launches
In January 2023, Smart home company AMP Smart and solar installer Titanium finalized their merger and now offer consumers a complete smart home and solar sales and installation solution. Together, AMP and Titanium offer a spectrum of products, including rooftop solar, meter monitoring, smart thermostats, video surveillance, feature-rich smart home panels, automated lights and door locks, and a full suite of cutting-edge monitored security products.
In January 2023, Schneider Electric unveiled Schneider Home – a first-of-its-kind home energy management solution for homeowners seeking savings, comfort, and energy independence. The Schneider Home energy management solution includes a home battery for clean energy storage, a high-power solar inverter, a smart electrical panel, electric vehicle charger and connected electric sockets and light switches – all controlled by the easy-to-use Schneider Home app. The Schneider Home solution intelligently orchestrates home energy by bringing together utility power, solar, back up battery and EV charging.
In June 2022, Schneider Electric announced the launch of two new solar power solutions for communities that have little or no access to energy. The new solar products are designed to better withstand extensive use for a wide range of power needs. They expand Schneider Electric's portfolio of products and solutions that aim to help reach the United Nations 2030 target of universal access to energy.
In May 2022, Trina Solar, a smart energy total solutions and PV provider, launched its second generation Vertex S universal rooftop module, with a maximum power output of 430W. The Vertex 580W module is for large C&I projects and can be used in conjunction with the Vertex 580W module. Vertex S and Vertex rooftop module generation 2 are the global launches. Smart TrinaTracker solutions maximize yield and Trina Storage high-performance energy storage system are also on display.
Segmental Overview
By product: The smart solar solutions market is divided into five subsegments, includingPV cells, PV panels, invertors, generators, and other products. Solar PV modules are devices that convert sunlight into electricity. They are an essential component of a solar power system and are widely used to produce clean and renewable energy. Meanwhile, a smart solar inverter features a strong software infrastructure, bidirectional communication capability and digital architecture. The cost of solar inverters, including micro and smart inverters, has been declining in recent years, making them more accessible and affordable for consumers.
By solution: The smart solar solutions market is divided into four solution segments, such as asset management, network monitoring, meter data management, and remote metering. The asset management segment dominates the global smart solar solution market. Solar asset management tracks and manages a physical asset, such as a solar plant, farm or site through the operational stages of its lifecycle. Solar asset management ensures the seamless collection of all data, documents and life events of the asset. The surge in the investment among the major manufacturing companies and power generation companies to invest toward the development of clean and renewable energy has led to the demand for asset management solutions in the solar industry. The presence of investment in large scale solar power plants across the globe has propelled the demand for this market. The above-mentioned factors will provide ample opportunities for the development of the market.
By end-user application: The smart solar solutions market is bifurcated into three application areas, including, commercial, industrial, and residential. The industrial segment dominates the global smart solar solution market. The rapid industrialization and decrease in fossil fuel resources across the globe have led to increase in the demand for the industrial utilization of solar panels. Increase in utilization of portable electronic gadgets and are connected with Internet of Things have led to increase in the need for the communication industry. The presence of demand and need for backup energy services have led to the demand for the solar panels in the communication industry. The presence of low pure water resources in the Middle East countries in LAMEA region has led to the increasing investment in the desalination plants. The increasing construction of desalination plants has positive impact on the demand for solar power generation. The presence of this demand is expected to provide ample opportunities for the development of the market.
By region: The smart solar solutions market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America region dominates the global smart solar solution market. In 2021, the solar industry generated more than USD33 billion of private investment in the American economy. According to Electric Power Annual, solar power accounted for 3% of U.S. electricity generation from all sources in 2020. In EIA Short-Term Energy Outlook, forecast that solar will account for 5% of U.S. electricity generation in 2022. In total U.S. power generation, solar energy accounts for 2% as of 2019 and 3% in 2020 to serve 16.4 million and 18 million average American homes respectively. According to the U.S. National Renewable Energy Laboratory, since 2010, there has been a 64%, 69%, and 82% reduction in the cost of residential, commercial-rooftop, and utility-scale PV systems in the U.S., respectively. Over the past decade, the efficiency of solar PV panels has risen steadily.
Competition analysis
This report includes a competitive analysis and profiles of major players in the smart solar solutions market, including, ABB Ltd., Aclara Software Inc., Echelon Co., GE renewable energy, Schneider Electric SE, Siemens AG, Silver Spring Networks, Smart Solar Ltd., Trilliant Incorporated, and Urban Green Energy Inc.
Smart Solar Solutions Market Report Highlights
| Aspects | Details |
 By Product |
|
 By Solution |
|
 By End-User Application |
|
 By Region |
|
 Key Market Players | Siemens AG, ABB Ltd., Echelon Corporation, Schneider Electric SE, Urban Green Energy Inc., Trilliant Incorporated, Aclara Software Inc., ge renewable energy, Silver Spring Networks, Smart Solar Ltd. |
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