Solar Panel Monitoring System Market: Current Analysis and Forecast (2023-2030)

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 expected to grow at a strong CAGR of 15.2% during the forecast period owing to the rising sale of solar panels and increasing investment in the renewable sector. 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.

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.

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.

For a better understanding of the market adoption of the Solar Panel Monitoring System industry, the market is analyzed based on its worldwide presence in countries such as North & South America (U.S.A., Brazil, Rest of North & South America), Europe (Germany, Netherland, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), Rest of World. 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.

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.