Market for Monitoring and Control of Solar and Wind Assets Is Expected to Experience a 12.5% Compound Annual Growth Rate from 2019-2028
Monitoring and control reduces downtime and ensures renewable energy assets are optimized for highest levels of efficiency
A new report from Navigant Research examines the global market for monitoring and control (M&C) of solar PV and wind power assets, providing regional forecasts through 2028.
As renewable energy investments expand and grow rapidly across on-grid and off-grid locations, investments in M&C are also gaining momentum. M&C systems can prevent or detect instances of outages and equipment failures, along with random surges in power demand, that can cost solar and wind asset owners millions of dollars per day in lost revenue. Click to tweet: According to a new report from @NavigantRSRCH, the global market for renewable energy M&C solutions is expected to reach an estimated $82.9 billion in cumulative revenue between 2019 and 2028, experiencing a compound annual growth rate (CAGR) of 12.5%.
“A well-integrated M&C system can affect return on capital and lower total cost of ownership,” says Pritil Gunjan, senior research analyst with Navigant Research. “M&C offers a huge opportunity for asset-intensive industries by reducing downtime and ensuring that the assets are optimized to operate at their highest level of efficiency.”
According to the report, market growth is anticipated to be driven by a maturing installed base in Europe and North America and substantial new capacity additions of renewables assets in Asia Pacific. Asia Pacific will likely contribute to $7.9 billion, or 61%, of the total market revenue by 2028.
The report, Renewable Energy Monitoring and Control Market, analyzes the global market for M&C of solar PV and wind power assets. The study provides an analysis of the market issues, including drivers and challenges, related to distributed and utility-scale solar PV and wind power. Global market forecasts, broken out by region and segment O&M, extend through 2028. The report also examines the key hardware and software revenue related to renewables M&C systems. An Executive Summary of the report is available for free download on the Navigant Research website.
*The information contained in this press release concerning the report, Renewable Energy Monitoring and Control Market, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.