Market drivers include booming rates of adoption for solar and storage as well as demands for efficiency and security
BOULDER, Colo., Sept. 13, 2022 /PRNewswire/ -- A new report from Guidehouse Insights 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 globe, industry stakeholders increasingly recognize the enhanced value proposition that M&C solutions can deliver. These solutions can have a significant effect on optimizing the overall cost of energy with the help of sophisticated data analysis and sensors to detect any operational issues across these assets. According to a new report from Guidehouse Insights, the annual revenue additions for the solar and storage M&C market is 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 is providing asset owners with more actionable insights to improve operational efficiencies and reduce lifetime costs," says Michael Kelly, senior research analyst with Guidehouse Insights. "M&C solutions that can quickly identify and accurately detect deviations in yield are particularly well positioned for success in this burgeoning market."
Multiple dynamics are responsible for the growth of the M&C market and the hurdles it faces. The primary driving forces pushing growth are the booming rates of adoption for solar and storage and demands for efficiency, security, and the need for predictive maintenance for remote assets. Still, challenges such as costs, lack of data sharing, and the need for continuing technology updates, could hinder M&C's growth, according to the report.
The report, Solar and Storage Monitoring and Controls, outlines key trends and industry players who are currently active in the M&C space. As M&C can be a rapidly evolving set of technologies, more advances are likely—especially in the form of AI and machine learning—in coming years. This report determines that despite the declining cost of M&C capabilities, revenues for this market across solar and storage will continue to increase due in large part to the accelerating deployments of solar and storage systems. Guidehouse Insights expects annual revenue additions for the solar and storage M&C market to reach nearly $3 billion by 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.
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 insights are built on in-depth analysis of global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. By combining our public and private sector expertise, we help clients address their most complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that help our clients outwit complexity and position them for future growth and success. The company has more than 13,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Solar and Storage Monitoring and Controls, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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