Europe Smart Solar Market

The Europe Smart Solar market segmentation, based on Device, includes Smart Solar Meters, IntelliGrid, and RFID. The IntelliGrid segment dominated the market. The Intelligent Grid, also referred to as the Smart Grid, is a transformative concept aimed at modernizing the electric power grid through the utilization of advanced automatic control, communication techniques, and various information technologies. It incorporates cutting-edge tools and technologies across the entire spectrum of power generation, transmission, distribution, and consumer appliances.

The prevalence of aging power transmission infrastructure in developed nations, coupled with the rising demand for Intelligent Grid solutions in developing countries seeking to build smart cities, will propel the demand for Intelligent Grid solutions within the smart solar power market.

The Europe Smart Solar market segmentation, based on Solutions, includes Asset Management, Network Monitoring, Meter Data Management, Analytics, SCADA, Remote Metering, and Outage Management. The meter data management segment dominated the market. As smart meters and smart grids continue to proliferate, Meter Data Management (MDM) is expected to experience significant expansion. MDM refers to software designed to store and manage the vast volumes of data generated by smart metering systems over time. This data typically encompasses user statistics and events imported from head-end servers in advanced metering infrastructure (AMI) or automatic meter reading (AMR) systems responsible for data collection.

MDM serves as a vital component of utility companies' smart grid technology. It may also encompass meter data analytics, which involves analyzing data from electric smart meters that track energy consumption. Technological advancements have bolstered the capabilities of Meter Data Management, enabling it to support various business operations across the utility value chain, including customer billing, credit management, and meter asset management, thereby driving the growth of Meter Data Management solutions.

The Europe Smart Solar market segmentation, based on Services, includes Consulting, System Integration and Deployment, Support and Maintenance, and Demand Response. The consulting category generated the most income. The segment's expansion is propelled by the growing preference for alternative and renewable energy sources, along with the emergence of smart cities in developed nations. Additionally, the proliferation of solar energy projects worldwide is further bolstering the growth of the smart solar market.

The Europe Smart Solar market segmentation, based on Application, includes Commercial & Industrial and Residential. The commercial & industrial category generated the most income. Commercial entities are poised to dominate the Smart Solar market, driven by the increasing necessity for renewable energy solutions in commercial establishments. With their substantial energy consumption, there is a heightened demand for Smart Solar systems to diminish reliance on fossil fuels and enhance environmental sustainability. The declining cost of solar panels has rendered solar energy more economically viable for businesses, further propelling this expansion.

According to the Institute for Energy Economics & Financial Analysis, fiscal year (FY) 2024 is anticipated to witness the largest rooftop solar installations to date, estimated at approximately 4 gigawatts (GW). Of this, 2 GW has already been installed between April and July 2023.

The Europe Smart Solar market segmentation, based on Industry Sectors, includes Government, Utilities, Healthcare, Construction, Education, Agriculture, and Others. The agriculture category generated the most income. The EU Solar Energy Strategy urges EU member states to advance agrivoltaics, integrating them into their agricultural policy frameworks. Italy allocates €1.1 billion to foster agri-PV development and €1.5 billion for agrisolar initiatives, with a target of exceeding 1GW in capacity. Germany is poised to deploy as much as 1 GW of agri-PV installations by 2025.

This emphasis on agrivoltaics is expected to stimulate the smart solar market by encouraging the integration of solar technologies into agricultural landscapes, thereby maximizing land use efficiency and enhancing renewable energy generation.

The rise in solar system installations is impacting the market significantly. According to data from the Federal Statistical Office (Destatis), there has been a 10.1% increase in the number of solar photovoltaic power stations compared to the same month in 2021. As of 2022, Germany boasted a cumulative solar photovoltaic capacity of over 67 gigawatts. During the period under review, Germany's solar PV capacity saw an increase of 25 gigawatts. In 2022 alone, Germany added over seven gigawatts to its solar PV network. Moreover, there was a year-on-year growth rate of 9.7% in installed capacity between 2021 and 2022.

The Germany Solar Package, introduced by the government, aims to install 215 GW of solar by 2030. Additionally, for residential areas, the Government of Germany raised the feed-in tariff for solar energy power plants to 750 kW in June 2022, incentivizing end-consumers to install solar PV rooftop power plants and generate revenue by supplying electricity to the conventional grid.