Solar Power Meters Market Report 2024

This Solar Power Meters market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 observed during the historic period can be attributed to a rising demand for energy-efficient devices, an increase in the need for renewable energy monitoring solutions, a growing number of off-grid solar projects, advancements in solar energy infrastructure, and an expansion 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 anticipated growth during the forecast period can be attributed to an increasing demand for solar energy, a burgeoning industrial sector, the rising adoption of electric vehicles, heightened consumer awareness regarding energy efficiency, and a growing number of projects in the construction industry. Key trends expected to emerge in this period include technological advancements, the integration of IoT, the development of smart solar grids, the implementation of hybrid solar systems, and the utilization of data analytics.

The increasing demand for solar energy is projected to drive the growth of the solar power meters market in the coming years. Solar energy, harnessed from sunlight, can be converted into electricity or heat through various technologies. The rising demand for solar energy is attributed to the need for sustainable energy solutions, decreasing costs of solar technology, government incentives, and growing awareness of climate change effects. As solar energy demand escalates, solar power meters play a critical role in ensuring accurate solar irradiance measurement, optimizing system efficiency, and maximizing energy generation from solar installations. For example, the Energy Information Administration (EIA), a U.S. Department of Energy agency, reported in January 2024 that U.S. solar power generation is projected to increase by 75%, rising from 163 billion kilowatt-hours (kWh) in 2023 to 286 billion kWh by 2025. Additionally, a report published by the International Energy Agency in July 2023 indicated a significant increase in solar photovoltaic (PV) generation, which grew by 270 terawatt-hours - a 26% rise - reaching nearly 1,300 terawatt-hours in 2022. Thus, the growing demand for solar energy is fueling the expansion of the solar power meters market.

Leading companies in the solar power meter sector are focused on creating advanced digital platforms to enhance monitoring capabilities, improve data analytics, and optimize energy management. Digital platforms are online systems or software solutions that facilitate the exchange of information, goods, or services among users. For instance, in June 2024, Orange Energies, a Germany-based company, launched the Orange Smart Energies Platform, designed to protect revenue and promote energy equality. This platform is notable for its commitment to energy inclusion through a unique combination of prepaid solar kits and smart meters. The innovative IoT platform addresses profitability challenges for energy producers in Africa by minimizing non-payment risks. In collaboration with energy producers, Orange Energies provides a digital service and a robust distribution network that ensures energy access in rural regions, even reaching the most remote areas. It is the only platform available that supports pay-as-you-go solar equipment and prepaid smart meters.

In February 2024, EDF Energy, a UK-based electricity and energy services company, acquired Contact Solar for an undisclosed amount. This acquisition allows EDF to leverage the expected increase in solar panel demand, projected to rise by up to 75% by 2030. This strategic move aligns with the company’s goal to offer a comprehensive net-zero home solution, integrating solar power, battery storage, EV charging points, and heat pumps. Contact Solar is a UK-based renewable energy company specializing in the installation of solar power meters.

Major companies operating in the solar power meters market are 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.

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 regions covered in the solar power meters marker report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries 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.

A solar power meter is a device that measures the intensity of solar radiation (solar irradiance) reaching a specific surface. It provides data in units such as watts per square meter (W/m²), which is essential for evaluating solar panel performance, conducting site surveys, and designing solar power systems. These meters help ensure optimal performance of solar panels and assist in site assessments for solar energy installations.

The main types of solar power meters include analog and digital meters. Analog meters utilize mechanical components, such as dials and needles, to indicate solar energy output. Key components typically include a liquid crystal display and a solar light sensor. Various products within this category include net meters, bi-directional meters, and dual meters. These meters are utilized in industrial, commercial, residential, and laboratory settings, serving end-users in sectors such as automotive, healthcare, construction, meteorology, and agriculture.

The solar power meters market research report is one of a series of new reports that provides solar power meters market statistics, including solar power meters industry global market size, regional shares, competitors with a solar power meters market share, detailed solar power meters market segments, market trends and opportunities, and any further data you may need to thrive in the solar power meters industry. This solar power meters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar power meter market consists of sales of pyranometers, data loggers, solar monitoring systems, photovoltaic (PV) testers and insolation meters. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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