Intensified power demand of the developed and developing nations is a serious cause of worry for the governments and authoritative bodies worldwide. In order to save power and provide energy to a larger section of the world, innovative methods and technologies are being developed. Smart solar systems are one of such innovative technologies that depend on conventional solar energy but provide a modern view to the traditional approach. Deepening demand for power is considered to be the strongest driver for the global smart solar market. Apart from demand, innovative technologies and better deployment of existing systems is also creating positive atmosphere in the global market for smart solar energy systems.
Factors Causing Rising Demand in Smart Solar Systems Market
The market for these innovative systems is currently in its maturity stage, which is a great sign for new investments and long-term business aspirations. As mentioned before, rapidly developing nations are creating growth in demand for energy solutions, which is coming across as a major challenge for the global power sector. To tackle this challenge, companies are coming up with innovative technologies and alternative power sources. While emerging markets and developed regions of the world will provide potential marketplaces to these systems, the industry is also expected face certain challenges in the process of coping up with this major shift. Inefficiency of existing components is anticipated to be the major challenge for the smart solar market. According to the experts, advanced technology is the only possible solution to outdo such challenges.
Smart Solar Systems Industry Components and Growth
For the sake of researching convenience, experts have segmented global smart solar market based on the types of components, solutions and various services provided by the industry. These segments are further divided based on their specifications and latest positioning within different geographic regions of the market. Being in maturity stage is expected to work as an asset for smart solar market. Different potential applications of smart solar panels will bring in more revenue and diversity. Apart from conventional industrial verticals like utility, the market will also aim at spreading its wings across other vital verticals. These verticals include government and public affairs, distribution and logistics, manufacturing, education, construction, healthcare, agro-industry and such other vital markets.
Considering the rapid growth across all the aforementioned industrial verticals, global smart solar market is expected to maintain steady yet impressive run during the forecasting period. According to the market research reports, the industry is estimated to grow at an anticipated compound annual growth rate of 18.7% for the next four years. It means from 2013 to 2018, the industry is expected to grow from $6.51 billion figure (2013) to $15.34 billion by the end of 2018. Along with developed regions like Europe and North America, Asia Pacific, BRICS and other regions from emerging markets are estimated to maintain great CAGR during the forecasting span. Rapid industrial growth is giving way to energy demands in emerging markets, which is a great sign for smart solar market.