The Global Smart Solar Market is expected to grow at a CAGR of 18.4 percent from 2014-2018, according to a research report from TechNavio.
Smart solar is the next generation of solar energy technology system, which provides enhanced integration, support, communication, distribution, monitoring and planning capabilities for energy delivery systems.
The report focuses on increasing solar energy consumption that globally inspires governments to concentrate on smart solar technology to increase overall energy production.
In addition, it highlights increased demand for solutions and services due to innovative technological components like smart meters, solar simulators and grid intelligent components.
First Solar and GE Energy provides complete solutions for smart solar energy generation, since higher demand for energy is requiring the need for energy management solutions and demand response services integrated with installations, says, Faisal Ghaus, VP, TechNavio.
Increase in solar energy consumption is the major market growth driving factor. Long-term bankability of smart solar projects is a key market challenge. Increase in demand for solutions and services are the major trend displayed in the market.
Major vendors of this smart solar market are ABB, First Solar and GE Energy.
Vishal Kawadkar
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