Press release
Solar Power Meters Market Growth Driven by Adoption of Advanced Technologies at a CAGR of 9.8% by 2030
Solar Power Meters Market
Rapid industrialization in developed and developing nations and surge in concerns regarding sustainable energy sources create new opportunities in the coming years.
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Introduction to Solar Power Meter:
The solar power meters market size was valued at $1,575,513.20 thousand in 2020, and is estimated to reach $3,998,869.00 thousand by 2030, growing at a CAGR of 9.8% from 2021 to 2030.
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.
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.
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The report offers detailed segmentation of the global solar power meters market based on product type, technology, application, and region.
Based on product type, the net meter segment held the highest market share in 2020, accounting for nearly two-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the bi-directional meter segment is estimated to grow at the fastest CAGR of 11.4%from 2021 to 2030.
Based on technology, the digital segment accounted for the largest share in 2020, contributing to more than 90% of the global solar power meters market, and is expected to maintain its lead position during the forecast period. Moreover, the same segment is projected to portray the highest CAGR of 9.9% from 2021 to 2030.
Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than half of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, LAMEAis projected to manifest the largest CAGR of 11.3% during the forecast period.
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Top Runners:
Global solar power meters market discussed in the research include FLIR Systems, Inc, Meco Instruments Pvt. Ltd, Megger Group Ltd, Amprobe, HT Italia Srl, Canstar Blue Pty Ltd, Fluke Corporation, PCE Deutschland GmbH, Pacific Gas and Electric Company, and Omega Engineering Inc.
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