By Pamela Largue
According to a new report from Navigant Research, the global market for renewable energy monitoring and control (M&C) solutions is expected to reach an estimated $82.9 billion in cumulative revenue between 2019 and 2028, experiencing a compound annual growth rate (CAGR) of 12.5%.
The new report, Renewable Energy Monitoring and Control Market, examines the global market for M&C of solar PV and wind power assets, providing regional forecasts through 2028.
As renewable energy investments expand and grow rapidly across on-grid and off-grid locations, investments in M&C are also gaining momentum.
M&C systems can prevent or detect instances of outages and equipment failures, along with random surges in power demand, that can cost solar and wind asset owners millions of dollars per day in lost revenue.
“A well-integrated M&C system can affect return on capital and lower total cost of ownership,” says Pritil Gunjan, senior research analyst with Navigant Research. “M&C offers a huge opportunity for asset-intensive industries by reducing downtime and ensuring that the assets are optimized to operate at their highest level of efficiency.”
The report indicates that market growth is anticipated to be driven by a maturing installed base in Europe and North America and substantial new capacity additions in Asia Pacific.
Furthermore, Asia Pacific will likely contribute to $7.9 billion, or 61%, of the total market revenue by 2028.
The report analyzes the global market for M&C of solar PV and wind power assets. The study provides an analysis of the market issues, including drivers and challenges, related to distributed and utility-scale solar PV and wind power.