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Solar Power Meters Global Market Report 2024 Global Market Analysis, Trends, Growth, Research And Forecast 2033
Solar Power Meters Global Market
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According to The Business Research Company's, The solar power meters market size has grown rapidly in recent years. It will grow from $2.1 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to increasing demand for energy-efficient devices, rise in demand for renewable energy monitoring solutions, rise in the number of off-grid solar projects, growth in solar energy infrastructure development, and growth in portable solar power measurement devices.
The solar power meters market size is expected to see rapid growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to growing demand for solar energy, growing industrial sector, growing electric vehicle adoption, rising consumer awareness of energy efficiency, and rising projects in the construction industry. Major trends in the forecast period include technological advancements, integration of IoT, smart solar grids, hybrid solar systems, and data analytics.
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Market Drivers and Trends:
The growing demand for solar energy is expected to propel the growth of the solar power meters market going forward. Solar energy is the energy obtained from sunlight, which can be converted into electricity or heat using various technologies. The demand for solar energy is rising due to the need for sustainable energy solutions, declining solar technology costs, government incentives, and heightened awareness of climate change impacts. Solar power meters are essential as the demand for solar energy rises to ensure accurate solar irradiance measurement, optimize system efficiency, and maximize energy generation from solar installations. For instance, in January 2024, according to the Energy Information Administration (EIA), a US-based Department of Energy, U.S. solar power generation is expected to rise by 75%, increasing from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh by 2025. Additionally, according to report published in July 2023 by the International Energy Agency, a France-based intergovernmental organization, solar photovoltaic (PV) generation experienced a significant rise of 270 terawatt-hours, representing a 26% increase, reaching nearly 1,300 terawatt-hours in 2022. Therefore, the growing demand for solar energy is driving the growth of the solar power meters market.
Major companies operating in solar power meters are developing advanced digital platforms to enhance monitoring capabilities, improve data analytics, and optimize energy management. Digital platforms refer to online systems or software solutions that facilitate the exchange of information, goods, or services between users. For instance, in June 2024, Orange Energies, a Germany-based company that provides services to make electricity more accessible and affordable, launched the Orange Smart Energies Platform, a digital platform to protect revenue and advance energy equality. The Orange Smart Energies Platform stands out for its commitment to enhancing energy inclusion through a unique combination of prepaid access to solar kits and smart meters. This innovative IoT platform tackles profitability challenges for energy producers in Africa by reducing non-payment risks. Through a partnership with energy producers, Orange Energies delivers a digital service and a robust distribution network that ensures energy access in rural areas, reaching even the last kilometer. Notably, it is the only platform on the market supporting pay-as-you-go solar equipment and prepaid smart meters.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Ato S.p.A., MRC Technology, Megger Limited, Jaycar Electronics Pty Ltd., OMEGA Engineering Inc., TES Electrical Electronic Corp., CEM Instruments Co. Ltd., Meco Instruments, General Tools & Instruments LLC, SGM Lab Solution, Extech Instruments LLC, Amprobe Test Tools, Tamilnadu Engineering Instruments, Reed Instruments, Nunes Instruments, OMNI Controls Inc., Vedsri I.T. Solutions Pvt. Ltd., Kimo Instruments, Schelt Technology, TENMARS Electronics, Dr. Meter
Solar Power Meters Market 2024 Key Insights:
• The solar power meters market size is expected to see rapid growth in the next few years. It will grow to $3.5 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Rising Demand For Solar Energy Fuels Growth In The Solar Power Meters Market
• Innovative Advancements In Solar Power Metering
• North America was the largest region in the solar power meters market in 2023
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