The global solar power meters market was valued at $15,75,513.2 thousand in 2020, and is projected to reach $39,98,869.0 thousand by 2030, registering a CAGR of 9.8% from 2021 to 2030. Solar power meter, also known as pyranometer, is used to measure power unit of solar radiation flux density. It measures and display the real-time produced photovoltaic energy from the solar systems. It can measure the solar power transmission up to 2,000 W/m2. Solar power meters are used in various applications such as calculation and verification of heat reduction, which are caused by direct sunlight, solar panels, and solar water heater. Furthermore, applications of solar power meters include commercial residential and industrial buildings.
Solar power meters are used in solar panels for surveying, installation, monitoring solar radiations, and inspection. In addition, they are used for solar energy research and to measure solar power range from 400 to 1,100 nanometer. They are adopted to calculate overall energy, efficiency, and placement of solar systems.
The growth of the global solar power meter market is driven by increase in adoption of solar power meters in construction activities. Moreover, rise in demand for solar energy due to sustainable development in developed countries is expected to propel the market growth during the forecast period.
Furthermore, companies operating in solar power meters market are rapidly investing in research and development activities to manufacture new and innovative power meters. Furthermore, key players are implementing strategic moves such as product launch, acquisition, agreement, and collaboration to expand their product portfolio and strengthen their market position. For instance, in August 2021, Fluke Corporation introduced 393 FC Cat III solar clamp meters which can measure up to 1,500 V dc current. The new solar clamp meter has audio and visual polarity to ensure solar panels are properly installed. It can be adopted in various applications such as measuring solar arrays, electric railways and wind power. As a result, strategic moves from key players are driving the global market growth.
The global solar power market is segmented into product type, technology, application, and region. On the basis of product type, the market is categorized into net meter, bi-directional meter, dual meter, and others. By technology, it is bifurcated into digital and analog. Depending on application, it is segregated into residential, commercial, and community solar & utility. Region wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Solar power meters are used in solar panels for surveying, installation, monitoring solar radiations, and inspection. In addition, they are used for solar energy research and to measure solar power range from 400 to 1,100 nanometer. They are adopted to calculate overall energy, efficiency, and placement of solar systems.
The growth of the global solar power meter market is driven by increase in adoption of solar power meters in construction activities. Moreover, rise in demand for solar energy due to sustainable development in developed countries is expected to propel the market growth during the forecast period.
Furthermore, companies operating in solar power meters market are rapidly investing in research and development activities to manufacture new and innovative power meters. Furthermore, key players are implementing strategic moves such as product launch, acquisition, agreement, and collaboration to expand their product portfolio and strengthen their market position. For instance, in August 2021, Fluke Corporation introduced 393 FC Cat III solar clamp meters which can measure up to 1,500 V dc current. The new solar clamp meter has audio and visual polarity to ensure solar panels are properly installed. It can be adopted in various applications such as measuring solar arrays, electric railways and wind power. As a result, strategic moves from key players are driving the global market growth.
The global solar power market is segmented into product type, technology, application, and region. On the basis of product type, the market is categorized into net meter, bi-directional meter, dual meter, and others. By technology, it is bifurcated into digital and analog. Depending on application, it is segregated into residential, commercial, and community solar & utility. Region wise, the global market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Competition Analysis
The key players that operating in the global solar power meters are Ht Italia S.r.l., Amprobe, Jaycar Electronics, Itron Inc., Solar Data System Inc., ATP Instruments, MECO Instruments, Pacific Gas and Electric Company, PCE Deutschland, and Omega Engineering,Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging market trends and dynamics.
- In-depth solar power meters market analysis is conducted by constructing market estimations for key market segments between 2021 and 2030.
- Extensive analysis of the solar power meters market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global solar power meters market forecast analysis from 2021 to 2030 is included in the report.
- The key players within solar power meters market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the solar power meters industry.
Key Market Segments
By Product Type
- Net meter
- Bi-directional meter
- Dual meter
- Others
By Technology
- Digital
- Analog
By Application
- Residential
- Commercial
- Community Solar and Utility
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Italy
- Rest of Europe
- Germany
- France
- U.K.
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Europe
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Meco Instruments Pvt. Ltd
- FLIR Systems, Inc
- Amprobe
- Megger
- HT Italia S.r.l
- Fluke Corporation
- Canstar Blue Pty Ltd
- Pacific Gas and Electric Company
- PCE Deutschland GmbH
- Omega Engineering Inc
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLAR POWER METERS MARKET, BY PRODUCT TYPE
CHAPTER 5: SOLAR POWER METERS MARKET, BY TECHNOLOGY
CHAPTER 6: SOLAR POWER METERS MARKET, BY APPLICATION
CHAPTER 7: SOLAR POWER METERS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, '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.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. As the energy consumption increases, countries all over the world are growing their power generating capacity, either by extending the capacity of existing facilities or by building new ones. Furthermore, governments have forced companies around the world to utilize renewable energy sources such as solar energy for electricity generation. Thus, all of these factors collectively are projected to drive the growth of the solar power meter market.
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.
The net meter segment registered the highest revenue in 2020, owing to increase in adoption in commercial and residential sectors to measure solar radiations and energy consumptions. Further, it can be used during installation, monitoring, testing, and placement of solar panels or photovoltaic systems.
Furthermore, market key players have implemented various strategic moves such as collaboration, acquisition, and product launch to expand their solar power meter products and strengthen their position in global market. For instance, in February 2022, Schneider Electric and Cisco partnered to provide smart solar grid solution in Egypt. Both the companies will focus on manufacturing highly efficient network for renewable energy sources. All such factors are expected to create growth opportunity for solar power meters and thus will drive the global solar power meters market.
However, during the pandemic, various manufacturers in the solar power meters market had to stop their business in the countries such as China, the U.S., and India. This break directly impacted sales of solar power meter companies. In addition, lack of manpower and raw materials constricted supply of equipment of solar power meters, which negatively influenced the growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of solar power meters companies.
Key findings of the Study
- The report provides an extensive analysis of the current and emerging solar power meters market trends and dynamics.
- Depending on product type, the net meter dominated the solar power meters market, in terms of revenue in 2020, however, the bi-directional is projected to grow at a significant CAGR during the forecast period.
- By technology, the digital meter has registered highest revenue in 2020.
- Asia-Pacific is projected to register highest growth rate in the coming years.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth solar power meters market analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
The global solar power meters market forecast analysis from 2021 to 2030 is included in the report.
Companies Mentioned
- Meco Instruments Pvt. Ltd
- FLIR Systems, Inc
- Amprobe
- Megger
- HT Italia S.r.l
- Fluke Corporation
- Canstar Blue Pty Ltd
- Pacific Gas and Electric Company
- PCE Deutschland GmbH
- Omega Engineering Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 242 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 1575513.2 thousand |
| Forecasted Market Value ( USD | $ 3998869 thousand |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
