World to surpass 524 GW of monitored PV capacity by 2020

The global photovoltaic (PV) monitoring market will exceed 524 GW by 2020, with expectations for a cumulative 242 GW to be reached at the end of the current year.

GTM Research and SoliChamba Consulting say in a new report they anticipate some 58 GW of monitored PV to be added in 2016 alone.

In terms of cumulative installed capacity by 2020, the Asia-Pacific region will continue to lead with a 56% share thanks mainly to deployment in China and Japan. North America will be second with 27%, followed by Europe, the Middle East and North Africa (MENA) and Latin America.

The top 10 PV monitoring firms, include six independent software vendors, two power electronics vendors, and two downstream solar companies. GTM Research and SoliChamba highlighted Solarrus Corp’s recent announcement that it will buy renewables monitoring software provider Power Factors as a proof that the significant merger and acquisition (M&A) activity seen in the segment last year will continue in 2016 as well.

Choose your newsletter by Renewables Now. Join for free!