Market for Monitoring & Control of Solar & Wind Assets Is Expected to See a 12.5% CAG from 2019-2028
A new report from Navigant Research examines the global market for monitoring and control (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.
According to the report, the global market for renewable energy 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%.
“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.”
Market growth is anticipated to be driven by a maturing installed base in Europe and North America and substantial new capacity additions of renewables assets in Asia Pacific. Asia Pacific will likely contribute to $7.9 billion, or 61%, of the total market revenue by 2028.