Solar Energy Monitoring Is Estimated To Witness High Growth Owing To Opportunity For Reducing Carbon Emissions

solar energy monitoring market 

Solar energy monitoring helps track the performance of solar panels, photovoltaic modules and systems in real-time. It provides insights on the solar irradiance levels, power output, system efficiencies and alerts on any inconsistencies. Solar monitoring devices such as sensors, controllers and monitoring software help maximize the energy yield from solar installations and minimize downtimes through predictive maintenance. With growing concerns over environmental pollution and climate change, there is an increasing need for clean and renewable sources of energy.

The global solar energy monitoring market is estimated to be valued at US$ 15.9 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Reducing carbon emissions presents a major opportunity for growth in the solar energy monitoring market. Solar energy is one of the most viable solutions to mitigate climate change as it is a clean and renewable source of energy with zero emissions. With effective monitoring of solar energy systems, their performance and efficiencies can be optimized to yield higher power output. This will help displace more energy generated through fossil fuels thereby reducing harmful carbon emissions on a large scale. As countries and organizations worldwide undertake ambitious carbon neutrality targets, widespread adoption of solar energy monitored by effective monitoring solutions can play a key role in transitioning to a low carbon economy.

Porter's Analysis

Threat of new entrants: The transport monitoring market requires high capital investment for R&D, infrastructure development and skilled workforce which acts as barrier for new entrants.

Bargaining power of buyers: The buyers in transport monitoring market includes transportation and logistics companies. The buyer power is moderate as there are substitute products available and customers bargain for favorable pricing and services.

Bargaining power of suppliers: The suppliers include component manufacturers, hardware/sensors providers and connectivity solution providers. The supplier power is moderate due to availability of alternative suppliers and continuous technology advancement.

Threat of new substitutes: Substitutes include fleet management solutions, vehicle tracking systems and others. However, integrated transport monitoring systems offer advanced features.

Competitive rivalry: The market is moderately competitive with presence of global as well as regional players. Companies focus on product differentiation, service quality and partnership strategies.

SWOT Analysis

Strength: Integrated solution offering with fleet management and optimization features. Established global presence of key players.

Weakness: High initial investment and integration complexity requirements. Concerns over data privacy and security.

Opportunity: Growth in smartphone and IoT adoption. Demand from emerging economies for efficient logistics.

Threats: Technological obsolescence. Stringent regulations regarding vehicle networking.

Key Takeaways

The Global Transport Monitoring Market Size is expected to witness high growth during the forecast period of 2023-2030. The market size is projected to grow from US$ 15.9 Bn in 2023 to reach over US$ 34 Bn by 2030, expanding at a CAGR of 10%.

North America dominated the transport monitoring market in 2023 with over 35% share owing to implementation of fleet management solutions across industries. Asia Pacific is expected to be the fastest growing region expanding at a CAGR of 12.5% during 2023-2030. Rapid expansion of logistics sector and infrastructure development in China, India and Southeast Asian countries is driving the demand.

Key players operating in the transport monitoring market are Siemens AG, GeoTraq, Robert Bosch GmbH, Continental AG, Valeo, NEC Corporation, Westbase Technology Ltd, Verizon Communications Inc., Cubic Telecom Ltd., BOSCH Service Solutions GmbH, Fleet Complete, TomTom International BV., Teletrac Navman, Ruptela, Arya Omnitalk, EFKON AG, Frotcom International, Hitachi, Ltd., Garmin Ltd., and Trimble Inc. The companies focus on developing integrated hardware-software solutions and expanding geographic footprint through partnerships.

For more insights, read- https://www.rapidwebwire.com/flourished-by-growing-demand-for-real-time-fleet-tracking-demand