““Increasing adoption of green energy and regulatory compliances are expected to drive the smart solar market”
The smart solar market size is estimated to grow from USD 6.47 billion in 2015 to USD 13.26 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 15.4% due to the increasing adoption of green energy. Strict regulatory mandates across North America, Europe, and APAC and increased technological spending in developing countries such as China, India, and Mexico are also driving the growth of the market.
“Commercial and Industrial application to dominate during the forecast period”
In 2015, C&I dominates the smart solar market, by application, during the forecast period due to greater spending capacity. Due to budgetary constraints, residential consumers are hesitant in investing in smart solar solutions even when the penetration of traditional solar solutions is high in residential market.
“Asia-Pacific to witness highest growth during 2015-2020”
North America is expected to hold the largest market share of the smart solar market in 2015 due to government mandates and conservation in the U.S. and Canada. Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period as it is witnessing the high rate of adoption of smart solar technologies.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up of profile of primary discussion participants is given below.
• By Company Type: Tier-1 (35%), Tier-2 (45%), and Tier-3 (20%) companies
• By Designation: C-level (35 %), Director Level (25 %), and Others (40%)
• By Region: North America (45 %), Europe (20%), Asia-Pacific (APAC) (30%), and Rest of World (5%)
The major trends in the smart solar segment include growing smart cities initiatives. The integration of IoT with solar technology has increased the...