Solar Panel Monitoring System Market: Current Analysis and Forecast (2023-2030)
Emphasis on Component (Hardware and Software); Application (Residential, Commercial & Industrial, and Utility-scale); Region/Country.
The Solar Panel Monitoring System Market, is expected to reach USD 1,370.9 Million in 2030 by growing at a CAGR of 15.2%. A solar panel monitoring system is an essential tool for tracking the performance and output of a solar energy system. It collects data from the solar panels and reports it back to a server, allowing the system owner to monitor the power production in real-time. Some systems even offer the convenience of setting up alerts for sub-optimal performance.
The solar panel monitoring system market is experiencing significant growth globally. This growth is driven by the increasing adoption of solar energy systems and the need for efficient monitoring of these systems. The market size, segmentation, and growth are influenced by various factors including the impact of domestic and global market players, value chain optimization, trade regulations, and recent technological developments. Furthermore, the declining costs of solar energy systems and high investments in solar energy technologies are making solar energy more competitive in the energy generation industry.
Countries all around the world are heavily investing in renewable energy in order to meet their renewable energy targets and the solar energy market is one of the prominent sources of energy which has seen a massive boom in the last decade. For instance, In the USA, one of the leading nations for solar power, In the last decade alone, solar has experienced an average annual growth rate of 33%. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, there are now more than 140 gigawatts of solar capacity installed nationwide, enough to power 25 million homes.
Some of the major players operating in the market include SolarEdge, ABB, Green Power Monitor, Power Factors LLC., SolarMan, Solargis, AlsoEnergy, Inc., SMA Solar Technology AG, MeteoControl, and Solar-Log GmbH. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Component, the Software segment to grow with a high CAGR during the forecast period”
Based on Component, the Solar Panel Monitoring System market is divided into Hardware and Software segments. The Hardware segment acquired a majority share in the Solar Panel Monitoring System market, however, the Software segment is expected to showcase a higher growth rate during the forecast period. A hardware component is typically installed either on each solar panel or alongside a solar string inverter to record power flow. It includes devices connected to your meter that gather and send data to a software program. Some leading manufacturers like SolarEdge and Enphase have their monitors built into their inverters.
“Amongst End-User, the Utility-scale category held dominant share of the market in 2022”
Based on Application, the Solar Panel Monitoring System market is divided into Residential, Commercial & Industrial, and Utility-scale segments. The Utility-scale segment acquired a majority share in the Solar Panel Monitoring System market and is expected to showcase a substantial growth rate during the forecast period. Utility-scale PV remains the most competitive source of PV generation globally; however, building large-scale installations is becoming increasingly challenging in many regions of the world due to the lack of suitable sites. Moreover, Solar PV is the main choice for the private sector if they want to invest in renewable energy. Companies investing in distributed (including rooftop) solar PV installations on their commercial buildings and premises are responsible for around 30% of the total installed PV capacity, moreover, Companies are entering into corporate power purchase agreements with solar PV plant operators which would drive the market for Solar Panel Monitoring System during the forecast period.
“APAC held a dominant share of the market in 2022”
APAC registered the highest market share in the Solar Panel Monitoring System market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar Photovoltaic (PV) Cell projects taking place in China, India, Australia, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B’s AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency.
Solar Panel Monitoring System Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Solar Panel Monitoring System market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solar Panel Monitoring System Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Solar Panel Monitoring System market were the three major steps undertaken to create and analyze the adoption of Solar Panel Monitoring System in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Solar Panel Monitoring System market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the Solar Panel Monitoring System market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Solar Panel Monitoring System market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Component, and End-User. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Solar Panel Monitoring System market. Further, we conducted factor analysis using dependent and independent variables such as Component, and End-User of the Solar Panel Monitoring System market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar Panel Monitoring System market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solar Panel Monitoring System market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Solar Panel Monitoring System market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Solar Panel Monitoring System market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solar Panel Monitoring System market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the Component, and End-User in the global Solar Panel Monitoring System market.
The main objective of the Global Solar Panel Monitoring System Market Study
The current & future market trends of the global Solar Panel Monitoring System market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Solar Panel Monitoring System market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the Component, and End-User
- Define and analysis of the regulatory framework for the Solar Panel Monitoring System industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Solar Panel Monitoring System market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North & South America, and the Rest of the World
- Company profiles of the Solar Panel Monitoring System market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry.
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