Guidehouse Insights estimates the monitoring and controls market for solar and storage technologies will reach $3 billion by 2031
Market drivers include booming adoption rates for solar power and storage, as well as demands for efficiency and security
BOULDER, Col., September 13, 2022 /PRNewswire/ — A new report from Glimpses of the House of Guides explores the monitoring and controls (M&C) market for solar and storage technologies.
As the market for renewable energy systems, such as solar PV and energy storage, continues to proliferate around the world, industry stakeholders are increasingly recognizing the enhanced value proposition that M&C solutions can offer. These solutions can have a significant effect on optimizing overall energy cost using sophisticated data analytics and sensors to detect any operational issues on these assets. According to a new report from Guidehouse Insights, annual revenue additions for the solar power and M&C storage market are expected to reach nearly $3 billion by 2031.
“From SCADA gateways and data loggers to performance monitoring and predictive maintenance tools, the combination of sensing and measurement technologies and data analytics provides asset owners with more actionable insights to improve the operational efficiency and lower lifetime costs,” says Michael Kelly, senior research analyst at Guidehouse Insights. “M&C solutions that can quickly identify and accurately detect yield gaps are uniquely positioned to succeed in this growing market.
Multiple dynamics are responsible for the growth of the M&C market and the barriers it faces. The main drivers of growth are the booming adoption rates of solar power and storage, as well as efficiency, security requirements and the need for predictive maintenance for remote assets. Still, challenges such as cost, lack of data sharing, and the need for continuous technology updates could hamper M&C’s growth, according to the report.
The report, Solar and storage monitoring and controls, outlines the key trends and industry players that are currently active in the M&C space. As M&C may be a rapidly evolving set of technologies, further advancements are likely, particularly in the form of AI and machine learning, in the years to come. This report determines that despite the decline in the cost of M&C capacities, revenues from this market across solar and storage will continue to increase largely due to the acceleration of solar and storage system deployments. Guidehouse Insights expects annual revenue additions for the solar power and storage market to reach nearly $3 billion by 2031. An executive summary of the report is available for free download from the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data and benchmarking services for today’s rapidly changing and highly regulated industries. Our knowledge is based on an in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, primary end-user research, and demand assessment, coupled with an in-depth review of technology trends, to provide a comprehensive view emerging resilient infrastructure systems. Additional information on Guidehouse Insights is available at www.guidehouseinsights.com.
Guidehouse is a leading global provider of advisory services to the public sector and commercial markets, with extensive risk management, technology and advisory capabilities. By combining our public and private sector expertise, we help our clients address their most complex challenges and overcome significant regulatory pressures focused on transformational change, business resilience and technology-driven innovation. Through a range of consulting, advisory, outsourcing and digital services, we create scalable and innovative solutions that help our clients navigate complexity and position them for future growth and success. The company has more than 13,000 professionals in more than 50 locations worldwide. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda issues that drive national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release regarding the report, Solar and storage monitoring and controls, is a summary and reflects current expectations of Guidehouse Insights based on market data and trend analysis. Forecasts and market expectations are inherently uncertain and actual results may differ materially from those contained in this press release or report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s findings and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes to update the information contained in this press release or the report.
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SOURCE Guidehouse Insights