Solar Panel Monitoring System Market Seen Soaring 15.2% Growth to Reach USD 1,370.9 Million by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 19, 2023
- ENERGY & POWER, NEWS
- Solar Panel Monitoring System, Solar Panel Monitoring System Market, Solar Panel Monitoring System Market analysis, Solar Panel Monitoring System Market forecast, Solar Panel Monitoring System Market growth, Solar Panel Monitoring System Market share, Solar Panel Monitoring System Market trends
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Key Highlights of the Report:
1. Increasing prevalence of Solar Panel Monitoring System: The Solar Panel Monitoring System market is driven by a growing number of investments in solar renewable energy by companies due to clean energy policies.
2. Technological advancements: Advancements in solar panels have revolutionized the Solar Panel Monitoring System market. This has resulted in the development of more efficient solar to energy conversion panels which can minimise loss of power in solar panels.
3. Rising demand for cleaner energy: There is a growing demand for renewable energy and clean energy. Consumers are demanding environment-friendly products, thus demand for renewable energy panels is increasing compared to conventional sources of electricity.
4. Increased government support and funding: Governments across the globe are showing an increased commitment to promoting renewable energy by providing funding for research and development in the field of solar energy. This government also supports the market through subsidies and favourable policies which have led to rapid advancements and innovations.
5. Growing adoption of Solar Panel Monitoring System and higher ROI in solar panels: companies have started investing in Solar Panel Monitoring System as they are much more beneficial in the long run.
According to a new report by Univdatos Market Insights, Solar Panel Monitoring System Market, is expected to reach USD 1,370.9 Million in 2030 by growing at a CAGR of 15.2%. 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.
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Government Policies supporting Solar Energy Industry
There has been a rise in demand for renewable energy and many countries are planning to diversify their energy portfolio in order to become less dependent on conventional sources of energy. Most of the governments have started addressing climate issues and have introduced many new renewable energy schemes to reduce carbon emissions globally. Governments across the world are coming together for initiatives such as Paris Climate Agreement and this is acting as a catalyst in the growth of the Solar Panel Monitoring System Market.
Along with national schemes, there are various types of policy that are driving Solar PV capacity growth, including auctions, feed-in tariffs, net-metering and contracts for difference.
Some of the policies that are majorly impacting the Solar Panel Monitoring System market are –
- China published its 14th Five-Year Plan in June 2022, which includes an ambitious target of 33% of electricity generation to come from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
- In August 2022, the federal government of the United States introduced the Inflation Reduction Act, a law significantly expanding support for renewable energy in the next 10 years through tax credits and other measures.
- In July 2021, the European Commission proposed to increase the bloc’s renewable energy target for 2030 from 32% to 40%. The proposed target was further increased by the REPowerEU Plan to 45% in May 2022 (which would require 1 236 GW of total installed renewable capacity, including 600 GW of solar PV). Many European countries have already expanded their solar PV support mechanisms in order to accelerate capacity growth with a view to the 2030 targets and in response to the energy crisis caused by Russia’s invasion of Ukraine.
- During COP26, held in November 2021 in Glasgow, India announced new 2030 targets of 500 GW of total non-fossil capacity and 50% renewable electricity generation share (more than double the 22% share in 2020), as well as net zero emissions by 2070, with solar PV being one of the main technologies used to achieve these goals.
In conclusion, the solar panel monitoring system market is poised for significant growth. The increasing demand for sustainable energy sources and the declining costs of solar energy systems are key factors driving this growth. Solar monitoring systems provide real-time data on solar energy production, enabling immediate detection of any issues or inefficiencies. This not only ensures optimal performance of the solar panels but also aids in strategic decision-making for future solar installations.
Moreover, governments worldwide are promoting the adoption of solar energy systems to reduce carbon emissions. The U.S., for instance, has been investing in research for more efficient solar technology to make it more accessible for residential and commercial uses. Furthermore, advancements in battery technologies for solar energy storage are expected to boost the demand for solar energy systems. Companies are also investing in better solar monitoring systems, with several top-notch options available in the market. Therefore, the solar panel monitoring system market is not only contributing to the growth of renewable energy but is also a promising sector for investment and development.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Component, and End-User
Competitive Landscape – Top Key Vendors and Other Prominent Vendors