Global PV Monitoring Sector Set To Reach 242 GW In 2016

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A new report published today by GTM Research has concluded the global market for solar PV monitoring is set to reach 242 GW in 2016.

According to the fourth edition of GTM Research’s Global PV Monitoring 2016-2020: Markets, Trends, and Leading Players, 58 GW of monitored solar PV will be added in 2016, bringing the market’s cumulative total up to 242 GW.

The report also concluded that the PV monitoring market “is undergoing tremendous change” with integration into the broader PV software ecosystem, dealing with additional regulatory and cybersecurity requirements, and facing challenges from the energy management market driving the sector’s evolution.

Solar PV monitoring is defined in the report “as software allowing stakeholders to track the output of a solar PV system, assess its performance, detect system issues, and create reports on these topics.” The report focuses on software as a product, dismissing software embedded into hardware.

GTM Research noted in its press release, regarding the sector:

“Monitoring is business-critical for the technical, commercial, and financial operation of PV assets, and investors are now considering bankability as an important factor when selecting a provider, especially after seeing large players in all vendor categories go through financial turmoil, including bankruptcies.” 

The sector is led by China’s massive utility-scale segment, followed by Japan’s feed-in tariff backed market — with the Asia-Pacific region as a whole account for 56% of the global total.

Global PV Monitoring Market, 2015-2020E 

GTM-56

North America falls in second, followed by Europe, the Middle East and North Africa, and then Latin America.

The report also found that solar PV monitoring vendors are both diverse in geography and business model, with vendors in three segments — independent software vendors (ISVs), power electronics vendors, and downstream solar firms. Specifically, of the top ten firms globally, six are ISVs, two are power electronics vendors, and two are downstream solar companies.

Global PV Monitoring Vendor Landscape 

GTM-57


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Joshua S Hill

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

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