Solar Panel Monitoring System Market To Increase at Steady Growth Rate
Solar energy is not produced continuously, as it is depends on various external and environmental factors. Solar energy systems require continuous monitoring, as failure of renewable energy production systems may lead to grid failure. Hence, solar panel monitoring systems are used to predict and detect small changes that may lead to complete system failure.
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Key Drivers and Restraints of Global Solar Panel Monitoring System Market
Increase in usage of renewable energy, such as solar, wind, and hydro, is estimated to drive the solar panel monitoring system market in the near future. Various companies are investing in renewable energy sources. This is estimated to boost the demand for monitoring and controlling systems. Therefore, increase in usage of renewable energy is projected to drive the global solar panel monitoring system market during the forecast period.
Implementation of smart grids and smart metering; and digitization of substations are likely to boost the demand for solar panel monitoring systems
High initial investment is projected to restrain the global solar panel monitoring system market. These monitoring and control systems employ an advanced technology that is expensive. This hampers the adoption of these systems among companies. Thus, high initial investment is expected to restrain the global solar panel monitoring system market during the forecast period.
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Global Solar Panel Monitoring System Market: Segmentation
The global renewable energy monitoring and control market can be segmented based on component and end-user
Based on component, the global solar panel monitoring system market can be bifurcated into hardware and software. The hardware segment is estimated to expand at a significant CAGR, owing to high demand for hardware components among renewable energy generation companies.
Based on end-user, the global market can be split into residential, commercial, industrial, and utility. Utility and industrial segments are expected to lead the market in the near future.
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COVID-19 Impact on Global Solar Panel Monitoring System Market
Since December 2019, the solar power industry has been adversely affected by the global lockdown announced due to the COVID-19 pandemic. Lockdown in various countries across the globe has caused delays in solar projects, due to supply chain disruptions, unavailability of manpower, and issues in project financing. Thus, the outbreak of the COVID-19 pandemic is hampering the global solar panel monitoring system market.
Key Players Operating in the Market
Rockwell Automation, Inc.
Mitsubishi Electric Corporation
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