Smart Solar Market worth $15.34 Billion by 2018

Dallas - MarketsandMarkets recently conducted a study on "Smart Solar Market: Global Advancements, Trends, Market Forecasts and Analysis (2013 - 2018)". The study analyzes the major market drivers, restraints, and opportunities in North America, Western Europe, Eastern Europe, Middle East and Africa, Asia-Pacific (including Japan) and Latin America.

The recent trend in the industry shows that there is a high demand for energy management solutions and demand response services across verticals. There have been innovations in components, solutions, services and applications across verticals of smart solar. The market is driven by advancements in technology and its adoption, which is fast resulting in the sophisticated mechanisms. As there is a tremendous market opportunity, most of the companies are providing complete package involving components deployment to the consulting services.

Most of the industries and commercials are extensively using smart solar applications across their respective industries, big players and start-up companies are shifting towards smarter technology and its solutions to meet the requirements of today's business and customer needs. The introduction of enhanced technologies in components such as smart meters, grid intelligent components is giving boost to the adoption of smart solar components, solutions and services across various verticals such as utility, government and public affairs, healthcare, construction, education and 'Others' which includes logistics, and distribution.

18,7 percent CAGR

The study reports that the global smart solar market is expected to grow from $6.51 billion in 2013 to $15.34 billion by 2018, at an estimated Compound Annual Growth Rate (CAGR) of 18.7 percent from 2013 to 2018.

The report also draws the competitive landscape of the Smart Solar Market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors. The key strategies followed by most companies in the global smart solar market are new technology, customized solutions and acquiring relatively small domain expert players. Some of the major players in this market are GE Energy, Siemens, Schneider Electric, Cooper Industries, Echelon, Itron and SunPower.

Source: IWR Online, 26 Aug 2013