Press release
Solar Power Meters Market New Business Opportunities is Expected to Hit at a CAGR of 9.8% by 2030
Solar Power Meters Market
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.
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Solar power meters serve a critical function in measuring solar radiation within solar systems. Featuring exceptional orientation, a consistent spectrum range, and precise angular direction capabilities, these meters enable accurate measurement of solar radiation. This reliability in measurement contributes significantly to the expansion of the global solar power meters market. With an increasing number of construction projects underway worldwide, the utilization of solar power meters is witnessing a notable surge. As energy consumption continues to escalate, nations are actively bolstering their power generation capacities, often turning to renewable sources like solar energy.
Asia-Pacific dominated the global solar power meters market in terms of revenue, and accounted for around 52.4% share of the global market, owing to implementation of government regulations on reducing carbon emission and increase in adoption of renewable energy in the manufacturing and construction industries. However, LAMEA is expected to register highest CAGR during the forecast period, owing to rapid infrastructure development and shift toward rooftop solar systems, which in turn, is expected to aid the solar power meters market share during the forecast period.
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Top Players:
Meco Instruments Pvt. Ltd, Amprobe, Fluke Corporation, HT Italia S.r.l, Omega Engineering Inc, FLIR Systems, Inc, Canstar Blue Pty Ltd, Pacific Gas and Electric Company, Megger, PCE Deutschland GmbH
Governments across the globe are enacting policies to encourage the utilization of renewable energy sources for electricity generation, further propelling the demand for solar power meters. This collective momentum towards sustainability, coupled with the imperative to expand power generation capacities, is poised to fuel the growth trajectory of the solar power meter market in the coming years.
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