24 Aug 2015 11:08:00
Smart Solar Market to Expand owing to Soaring Electricity Bills and Environmental Concerns
A large variety of energy sources, namely tidal, wind, nuclear, and solar, have been implemented in several regions in the past several years. Amongst these, solar energy is amongst the most copious sources of energy available on earth. A large volume of energy requirement can be fulfilled by utilizing solar energy systems. Smart solar technology is amongst the leading innovations that have come up in the market. The global smart solar market is built in addition to the present solar power systems and operates in sync with the present system. This technology has made already present solar energy systems more efficient and reliable. For instance, smart grids have enhanced the operational activities pertaining to solar installations and individual devices.
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Smart Solar Solutions Increase Performance and Efficiency of Distribution System
Smart solar solutions have been highly demanded in a wide range of industries. This is why the industry for smart solar systems is consistently evolving. Additionally, there have been top-notch innovations and developments in solutions, components, applications, and services around all the verticals of the smart solar systems industry. Smart solar systems are very helpful in reducing the grid’s maintenance cost, supply stability, in raising the performance, and help accurate computation of the distribution in the system. The demand for smart solutions and energy management is high owing to the fact that smart solutions inhibit wastage and make maximum utilization of the available energy, and that too in a smart manner.
Environmental Concerns and Soaring Electricity Bills to Increase Adoption of Smart Solar Systems
The introduction of enhanced technology is raising the demand for smart solar services, solutions, and components all around the world. Additionally, environmental concerns, investments, cost controlling, advent of the latest technological innovations, and soaring electricity bills have stimulated the adoption of smart solar systems all around the globe. Furthermore, owing to the rising economies of several nations, the smart solar market will have a lot of new opportunities coming its way that will increase the overall growth potential of the smart solar market in the near future. On the other hand, the huge initial investment, absence of awareness on a wider scale, inefficiency, and product volatility could impede the growth of the market for smart solar systems.
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North America and Asia Pacific Smart Solar Markets to Display Exponential Growth
On the basis of geography, the smart solar market is segmented into regions such as South and Central America, North America, Africa, the Middle East, Asia Pacific, and Europe. Amongst these, in North America and Asia Pacific, the smart solar market is predicted to grow exponentially in the coming years. Spain, the U.S., Iran, Africa, India, China, and Egypt are amongst the key countries that have contributed to the growth of the smart solar systems market.
BPL Global Ltd., ABB Schweiz AG, Echelon Inc., Itron Inc., HCL Technologies Ltd., Schneider SunPower Inc., and Electric Inc are the major players in the global smart solar market. A few other key players in the smart solar market are Trilliant Holdings, Inc., Urban Green Energy Inc., and Silver Spring Networks Inc., among others.
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