Smart Solar Market Growing, Will Be Worth $15.34 Billion by 2018

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A new study by MarketsandMarkets finds that the smart solar market is growing and should be worth $15.34 billion by 2018. The smart solar market research report focuses on solutions, components, and services used in effectively managing energy and monitoring energy demand.

Updated 3/1/14. Correction: This article originally indicated that the smart solar market would grow to $15.34 million by 2018. That’s not nearly as big as the market will actually get according to MarketsandMarkets: $15.34 billion. MarketsandMarkets has also corrected their press release to reflect this.

A new study by MarketsandMarkets finds that the smart solar market is growing and should be worth $15.34 billion by 2018. The study, “Smart Solar Market [Communication, RFID, Automation, Metering, Automated Meter Reading, Solar Meter, Intelligrid, Integration and Platform Monitoring, IT & Analytics]: Global Advancements, Trends, Market Forecasts and Analysis (2013 – 2018),” 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 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 throughout the smart solar area. The market is driven by advancements in technology and its adoption, which is quickly getting more sophisticated. As there is a tremendous market opportunity, most of companies in the space are providing complete package involving components deployment and consulting services.

 

The study finds 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% from 2013 to 2018.

 

The report also outlines 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 the acquisition of 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.