The solar power meters market is expected to rise from $2.1 billion in 2023 to $2.32 billion in 2024, growing at a CAGR of 10.7%. This growth is driven by the increasing demand for energy-efficient devices, the need for renewable energy monitoring solutions, the expansion of off-grid solar projects, development of solar energy infrastructure, and the growing market for portable solar power measurement devices.
The solar power meters market is projected to grow to $3.5 billion by 2028 at a CAGR of 10.8%. The growth is due to rising solar energy demand, industrial sector growth, electric vehicle adoption, consumer awareness of energy efficiency, and rising construction projects. Trends include technological advancements, IoT integration, smart solar grids, hybrid solar systems, and data analytics.
Major Driver In The Solar Power Meters Market
The increasing demand for solar energy is also expected to propel the growth of the solar power meters market. Solar energy, which is increasingly sought after due to its sustainable nature, decreasing solar technology costs, government incentives, and rising awareness of climate change, requires accurate measurement for optimizing system efficiency. Solar power meters are essential tools for accurately measuring solar irradiance, optimizing system efficiency, and maximizing energy generation from solar installations. In January 2024, the Energy Information Administration projected that U.S. solar power generation would rise by 75%, from 163 billion kWh in 2023 to 286 billion kWh by 2025. Additionally, the International Energy Agency reported in July 2023 that solar photovoltaic (PV) generation saw a significant rise, reaching nearly 1,300 terawatt-hours in 2022, a 26% increase. Therefore, the growing demand for solar energy is driving the solar power meters market.
Request A Free Sample Of The Solar Power Meters Market Report
Solar Power Meters Market Competitive Landscape
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
Key Solar Power Meters Market Trend
Companies in the solar power meter market are developing advanced digital platforms to enhance monitoring and optimize energy management. These platforms facilitate data exchange and improve energy monitoring capabilities. In June 2024, Orange Energies, a Germany-based company, launched the Orange Smart Energies Platform. This digital platform combines prepaid access to solar kits and smart meters, addressing profitability challenges in Africa. It reduces non-payment risks and improves energy access in rural areas, supporting pay-as-you-go solar equipment and prepaid smart meters.
Purchase The Global Solar Power Meters Market Report Directly And Get A Swift Delivery
Global Solar Power Meters Market Segmentation
The solar power meters market covered in this report is segmented –
1) By Type: Analog, Digital
2) By Components: Liquid Crystal Display, Solar Light Sensor
3) By Product: Net Meter, Bi-Directional Meter, Dual Meter
4) By Application: Industrial, Commercial, Residential, Solar Radiation Measurement, Physics And Optics Laboratories
5) By End-User: Automotive, Hospitals, Construction, Meteorology, Agriculture
By Geography:The regions covered in the solar power meters marker report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the solar power meters market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Solar Power Meters Global Market Report 2024 furnishes information about the global solar power meters market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
