Photovoltaic monitoring technology connects the inverters, combiner boxes, radiation meters, meteorological instruments, electricity meters and other equipment of photovoltaic power plants through data cables, collects data using data collectors, and uploads it to network servers or local computers through GPRS, Ethernet, WIFI and other methods, allowing users to remotely view and manage the operation data of photovoltaic power plants.

Photovoltaic monitoring technology helps to detect and solve problems in a timely manner, improve power generation efficiency and system reliability, and is crucial for ensuring the efficient operation of photovoltaic systems.

Market Development Status Analysis and Prospect Trend Prediction

Market size and growth: In recent years, the global energy transition and the growth of photovoltaic installed capacity have driven the demand for monitoring technology, and the global photovoltaic monitoring technology market has shown a steady growth trend. According to our research data, the estimated revenue size of the global photovoltaic monitoring technology market in 2024 is $700 million, an increase of 9.23% compared to 2023, and is expected to continue to increase to $1002 million by 2029. The CAGR for 2024-2029 is estimated to be 7.44%

Policy support: Governments of various countries have introduced policies to encourage the development of renewable energy, including monitoring technologies.

Technological innovation: New materials, new processes, and digital and intelligent technologies drive product upgrades.

Technology integration: Integrating with other technologies such as the Internet of Things and big data to improve monitoring efficiency and accuracy.

Segmented Market Analysis

From the perspective of types, the photovoltaic monitoring technology market can be divided into hardware market and software market. Among them, the hardware segment market holds a higher share, estimated at 53.53% in 2024.

From the perspective of downstream application patterns, the photovoltaic monitoring technology market is widely used in public utilities, residential, commercial, and industrial sectors. Among them, the public utilities sector is the largest downstream application market, with an estimated application share of 42.77% in 2024.

Source: www.globalmarketmonitor.com

Market Analysis of Major Regions

From a regional perspective, the global photovoltaic monitoring technology market is mainly concentrated in North America, Europe, and the Asia Pacific region. Among them, Europe is the largest revenue market. Data shows that the estimated revenue of the European photovoltaic monitoring technology market in 2024 is $328 million, and the revenue share is expected to reach 46.86%; The Asia Pacific and North American markets are expected to rank second and third with revenue shares of 24.86% and 22.00%, respectively.

Regions	Market Revenue (Million USD)	Revenue Share
North America	154	22.00%
Europe	328	46.86%
Asia Pacific	174	24.86%
South America	21	3.00%
Middle East & Africa	24	3.43%