According to a new report from market research and advisory firm Navigant Research, the global market for renewable energy monitoring and control (M&C) of solar PV and wind power assets 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%.
As renewable energy investments expand and grow rapidly across on-grid and off-grid locations, investments in monitoring and control (M&C) are also gaining momentum. Monitoring and Control 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.
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.
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.
Pritil Gunjan, senior research analyst with Navigant Research said:
“A well-integrated M&C system can affect return on capital and lower total cost of ownership. 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.”
Source: Press Release by Navigant Research.