February 5 (Renewables Now) - The global market for monitoring and control (M&C) systems for solar photovoltaic (PV) and wind power assets is projected to exhibit a compound annual growth rate (CAGR) of 12.5% to reach an estimated USD 82.9 billion (EUR 75.4bn) in cumulative revenues between 2019 and 2028.
The estimates come from market analyst Navigant Research, which expects that the growing investments in renewables will give tailwinds to M&C solutions suppliers.
The installed fleet in Europe and North America is expected to fuel the M&C market growth, while the Asia-Pacific region is likely to account for 61% of the total revenue by 2028 as new renewables capacity gets added.
“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,” commented Pritil Gunjan, senior research analyst with Navigant Research.
(USD 1.0 = EUR 0.909)