Surge in Demand for Solar Power Grids in Emerging Nations to Aid Solar Power Meter Growth

Vaishanavi Kumbalwar || Senior Associate Content Writer || Allied Market Research

A solar power system is much more than just solar panels. They’re the show-stoppers, generating emission- and cost-free electricity from the sun. However, without other components such as distribution panels, inverters, and meters, solar panels wouldn’t be able to give customers free electricity.

A solar system’s meters, in particular, are commonly overlooked. Nevertheless, meters are the link to users’ solar investment. These meters can inform customers about various stats, including data regarding how much electricity the system produces, the amount of energy the user consumes, and how much energy the user still have to buy from the utility.

Solar meters gather PV yield production and local power use to monitor and assess photovoltaic (PV) plant performance. This includes a tracking function that informs unit owners of performance anomalies with PV plants, allowing them to quickly resolve issues with the system and maximize return on investment. Solar power meters are used to measure the projections of real-time PV power generating data from a PV system.

Solar power meters have obtained impressive acceptance in the residential, industrial, and commercial sectors, boosting the growth of the global market for solar power meters. Furthermore, many advantages related to solar power meters, including long-term stability, low cost, massive spectrum range, and automated transmission measurement, contribute to the global market’s expansion. Additionally, rising industrialization in both developed and emerging countries is likely to create a booming business for solar power meters. Moreover, growing concerns about renewable energy sources are driving the solar power meters market forward. According to Allied Market Research, the global solar power meters market is anticipated to grow at a significant CAGR of 9.8% from 2021 to 2030.

Further, the installation of solar power grids in developing countries is increasing the demand for solar power meters, which fuels market expansion. For example, the Indian government, in June 2021, set the targeted goal of the set up of solar systems by the end of 2022, including 40 GW of rooftop solar systems.

In addition, major industry participants are launching solar power meters for commercial and industrial applications. Fluke Corporation, a producer and supplier of industrial diagnostic, test, and measurement equipment, released the Fluke 393 C and Fluke 393 solar clamp meters in October 2021. SATEC, a leading manufacturer of power monitoring instrumentation, logging, and analytical software for the commercial, industrial, and utility markets, launched the PRO collection of revenue-grade energy meters at the beginning of 2021. This creative and novel series of DIN-rail and panel-mounted meters supports either AC or DC current and voltage inputs.

In 2019, the novel coronavirus (COVID-19) speedily spread across numerous countries and areas, wreaking havoc on people’s lives and the wider community. It originated as a human health issue and has since evolved into a major threat to global trade, commerce, and finance. Lockdowns due to the Covid-19 outbreak delayed the manufacture of numerous solar power meter products. However, as the world is getting back to normalcy, solar power meter firms have reopened and are working at full capacity. This is expected to help the global solar power meters market to recoup gradually.