UK based energy market research firm Technavio forecasts the global smart solar market to grow by 15% between 2016 and 2020.The growth of the smart solar market is driven by increased installation of solar power systems and smart energy devices and technologies to ensure grid reliabilities and at the same time lower carbon emissions.
The smart energy devices and technologies sector will experience a rapid growth due to increasing investments in platforms smart grid solutions, smart meters and energy storage systems.
Sayani Roy, a researcher at Technavio, said: “…The smart energy technologies are reducing carbon footprints in an environment apart from increasing the comfort of the user, and providing them with a solution for energy and cost saving.”
Smart solar market, pricing and government policies
According to Technavio, a reduction in the price of solar systems will continue to increase adoption of smart solar systems.
The price of solar systems, has in the past ten years, decreased by over 40% with a 3.5KW residential solar system costing $15,200 in 2011 declining to $9,120 in 2013.
[quote] Continued efforts by governments to expand smart solar and smart grid markets by providing subsidies and grants is also expected to contribute largely toward the increase in adoption of smart solar systems.
For instance, China is planning to complete its deployment of smart meters in 2017 to allow net metering services to its population. The system is expected to provide capabilities such as grid to home and grid to utility connections.
Net metering allows consumers to generate their own energy using solar systems and sell surplus energy to utilities. [Indian utilities top investments in smart metering and solar]
In addition, the emergence and rapid growth of the distributed energy sources and energy storage systems is also expected to drive the smart solar market.
“The distributed energy systems and energy storage are attached with the smart solar systems, which directly boosts the smart solar market worldwide,” added Roy.
Companies like NetExtra which has announced its plan to invest more than $100 million in energy storage to back solar and wind energy portfolio will boost market growth.
Image credit: www. smartpowerint.com.