Global PV Monitoring Technologies Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global PV Monitoring Technologies Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Solar PV monitoring software is defined as software allowing stakeholders to track the output of a solar PV system, assess its performance, detect system issues,

Market Overview:

The latest research study on the global PV Monitoring Technologies market finds that the global PV Monitoring Technologies market reached a value of USD 591.63 million in 2022. It’s expected that the market will achieve USD 926.96 million by 2028, exhibiting a CAGR of 7.77% during the forecast period.

Impacts from the short-term

In the short term, due to the economic recession caused by the COVID-19 outbreak and the financial uncertainty faced by customers, the demand for residential PV monitoring technology will be severely affected. Commercial and industrial facilities are also expected to be adversely affected, as discretionary spending will be delayed, and maintaining short-term cash flow will be a priority. In addition, in the field of utilities, supply chain disruption and weak investment will cause delays in the commissioning of photovoltaic monitoring technology projects.

Impacts from the long-term

Due to the relatively late peak of the epidemic in many countries and the high uncertainty, the recovery of PV Monitoring Technologies' demand has been delayed accordingly. The export level is expected to start to recover in Q3 or even Q4, depending on the time when the country lifts the complete blockade. The risks will gradually be passed on to the entire supply chain. Although it is expected to slow down in 2020 due to the challenges of the coronavirus pandemic, the outlook for solar energy is still strong in the medium term. As the cost of solar photovoltaic power generation continues to increase, the PV Monitoring Technologies market is expected to be compared with other product markets Recovery is faster.

Strength

Monitoring and control of photovoltaic systems is essential for reliable functioning and maximum yield of any solar electric system. The simplest monitoring of an inverter can be performed by reading values on display - display (usually LCD) is part of almost each grid-connected inverter. Most important inverter and grid related parameters are available on LCD screen in such case. Values like PV array power, AC grid power, PV array current are usually available. For sophisticated monitoring and control purposes environmental data - like module temperature, ambient temperature, solar radiation, wind speed can also be data logged, stored and analyzed later. Remote control and monitoring can be performed by various remote connections: analog modem, ISDN, GSM etc. The most common connection for local/remote control is USB (sometimes even RS232) for local monitoring, RS485 and powerline for inverter interconnection. For wireless connection Bluetooth and Wi-Fi are most common used.

Weakness

PV Monitoring Technology has to be possible to monitor all of the components connected to the PV plant. These components include, for example: devices such as inverters, meters, sensors and battery storage systems - in case of malfunctions or outages; individual strings which require immediate reactions in case of a drop in performance or outage; the module fields - to detect damages or installation errors; and production and consumption data - to check the consumption of various appliances. If a malfunction of a component or a performance drop of a string is detected, the system then has to reliably notify the installer or PV plant operator about what has happened and which component is involved.

PV Monitoring Technology is also necessary to define what exactly should be monitored based on the particular PV plant and components. Monitoring a small PV plant with one inverter is less complex than monitoring a large plant with several dozen inverters.

Region Overview:

In global comparison, a significant portion of the revenue was generated in Europe (47.41% in 2022).

Company Overview:

SMA Solar is one of the major players operating in the PV Monitoring Technologies market, holding a share of 7.5% in 2023.

SMA Solar

SMA Solar Technology AG is a German solar equipment supplier, founded in 1981 and headquartered in Niestetal, northern Hesse, Germany. SMA is a manufacturer and manufacturer of solar inverters for photovoltaic systems, which have grid-connected, off-grid power supply and backup functions.

meteocontrol GmbH

meteocontrol GmbH renewable energy products. The Company offers data loggers, sensors, accessories, interfaces, weather data, module testing, system monitoring, solar power forecasting, and other products and services. meteocontrol serves customers in worldwide.

Segmentation Overview:

As for product types, the Hardware segment held the largest market share in 2022.

Hardware

The exclusion of hardware-based products does not extend to software products offered by hardware vendors, providing that the software product exists separately from the hardware device. Examples include many cloud-based software monitoring portals offered by PV inverter manufacturers and PV data logging equipment, regardless of whether the software is priced separately or bundled as ‘free’ with a piece of hardware.

Software

Most of the products offered by vendors are cloud-based platforms sold under a software-as-a-service (SaaS) model, although some products may consist of enterprise software sold under a perpetual license model. The latter is more common in the case of traditional supervisory controls and data acquisition (SCADA) systems user for control of some industrial and many utility-scale PV systems.

Application Overview:

In the PV Monitoring Technologies market, 44.43% of the total value was generated through the Utility-scale segment by application in 2022.

Key Companies in the global PV Monitoring Technologies market covered in Chapter 3:

First Solar
Energy Intelligence
Enphase
AlsoEnergy
GreenPowerMonitor
Nextracker
ABB
SolarEdge
SMA Solar
meteocontrol GmbH
Solytics
Solar-Log
Fronius
IGEN Tech

In Chapter 4 and Chapter 14.2, on the basis of types, the PV Monitoring Technologies market from 2018 to 2029 is primarily split into:

Hardware
Software

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the PV Monitoring Technologies market from 2018 to 2029 covers:

Residential
Commercial
Industrial
Utility-scale

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)