Press release
Solar Power Meters Market Growth, SWOT Industry Analysis, CAGR Status, Key Companies with a CAGR of 9.8% by 2030
Solar Power Meters Market
The adoption of solar systems helps users in minimizing electricity expenses and increase solar efficiency by timely monitoring and testing solar panels. Increase in investment in renewable energy sources such as solar systems and rise in concerns regarding sustainable energy resulted in increase in demand for solar power meters, thus driving the growth of the global solar power meter market.
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Market Overview:
A solar power meter is adopted for measuring solar radiation in solar systems. The solar power meter has excellent orientation, a consistent spectrum range, and angular direction allowing precise measurement of solar radiation.
As a result, it is widely utilized for measuring solar power radiation, which will aid in the global solar power meters market growth. Owing to the growing number of construction projects, there has been a recent trend of increasing the use of solar power meters all over the world.
As the energy consumption increases, countries all over the world are growing their power generating capacity, either by extending the capacity of existing facilities or by building new ones. Furthermore, governments have forced companies around the world to utilize renewable energy sources such as solar energy for electricity generation. Thus, all of these factors collectively are projected to drive the growth of the solar power meter market.
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Driving Factors:
Asia-Pacific dominated the global solar power meters market in terms of revenue, and accounted for around 52.4% share of the global market, owing to implementation of government regulations on reducing carbon emission and increase in adoption of renewable energy in the manufacturing and construction industries. However, LAMEA is expected to register highest CAGR during the forecast period, owing to rapid infrastructure development and shift toward rooftop solar systems, which in turn, is expected to aid the solar power meters market share during the forecast period.
The net meter segment registered the highest revenue in 2020, owing to increase in adoption in commercial and residential sectors to measure solar radiations and energy consumptions. Further, it can be used during installation, monitoring, testing, and placement of solar panels or photovoltaic systems.
Segmentation Based On -
By Product Type -
Net meter
Bi-directional meter
Dual meter
Others
By Technology -
Digital
Analog
By Application -
Residential
Commercial
Community Solar and Utility
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Top Players:
HT Italia S.r.l, Amprobe, PCE Deutschland GmbH, Canstar Blue Pty Ltd, Fluke Corporation, Megger, FLIR Systems, Inc, Pacific Gas and Electric Company, Omega Engineering Inc, Meco Instruments Pvt. Ltd
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