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The Smart Solar Market is Gaining Substantial Traction at the Global Upfront
Due to increasing adoption of green energy and strict regulatory mandates, the smart solar market is gaining substantial traction at the global upfront. Depleting conventional sources of energy, increasing electricity tariffs, and cost efficiency provided by smart solar solutions are the major factors adding to the growth of this market. However, factors such as high initial investment and reducing subsidies are expected to limit the market growth can be seen hindering the growth of the market but will be impactful for only a short period of time.
Technological giants such as ABB Group, GE Power, Itron Inc., Schneider Electric, and Siemens AG have created leading smart solar solutions and services to cater to the needs and demands of the market. These players adopted various growth strategies, such as expansions, acquisitions, agreements, and joint ventures with partnerships and new product launches being the key strategies. Partnerships and agreements have been a major strategical trend, accounting for almost half of the market share of all the growth strategies adopted by the major market players.
ABB Group and GE Power are the two key players who adopted these strategies to grow in the market. ABB has adopted a strategic mix of organic and inorganic growth strategies, such as new product launch and partnerships to expand its presence to new regions. Some of the new developments of ABB include partnership with Enertiva Energia Alternativa in Costa Rica. The company also launched new smart solar technologies consisting of products such as Solar Tap, TRIO 50kW Inverters, Symphony Plus SCADA solution, and a WiFi Logger Card to support the solar industry growth in the U.S.
GE Power is also one of the leading players whose main strategic move has been based on strengthening its market standing and product portfolio in the rapidly growing areas of the market. The recent partnership with Solargise India Pvt Ltd. helped the company to launch GE’s 1.5kV inverters and smart solar solutions in the local Indian market. The company also signed a 20 year long term strategic service contract with Pacifico Energy, Japan to support the mega-solar project in Furukawa by providing its Brillance solar skid solutions.
Key players are engaging in collaborations and partnerships to provide innovative offerings and increase profitability. Some of the companies that have engaged in partnerships and collaborations in the smart solar market are Siemens AG, Itron Inc., Sensus USA, Inc., and UGE International.
Smart Solar Market by Solutions (Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, Asset Management), Services (Consulting, Demand Response), Application (Commercial & Industrial, Residential) - Global Forecast to 2020
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