Portland, OR, May 10, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global solar power meters market generated $1.57 billion in 2020, and is estimated to generate $3.99 billion by 2030, witnessing a CAGR of 9.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Increase in acceptance of solar power meters in industrial, residential, and commercial sectors and various advantages associated with these meters including economical cost, long-term stability, wide spectral range, and automated transmission measurement drive the growth of the global solar power meters market. However, decrease in the efficiency of collecting data on solar power meters due to changing weather impedes the market growth. On the other hand, rapid industrialization in developed and developing nations and surge in concerns regarding sustainable energy sources create new opportunities in the coming years.
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Covid-19 Scenario:
- The outbreak of Covid-19 negatively affected the global solar power meters market. The imposed lockdown across various nations to curb the spread of virus caused delay in manufacturing of solar power meters which are utilized in the commercial, residential, and utility sectors.
- Solar power meter firms, on the other hand, are reopening and running at full capacity as the world is getting back to normalcy and Covid-19 cases are decreasing.
The report offers detailed segmentation of the global solar power meters market based on product type, technology, application, and region.
Based on product type, the net meter segment held the highest market share in 2020, accounting for nearly two-fifths of the total share, and is projected to maintain its leadership status during the forecast period. However, the bi-directional meter segment is estimated to grow at the fastest CAGR of 11.4%from 2021 to 2030.
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Based on technology, the digital segment accounted for the largest share in 2020, contributing to more than 90% of the global solar power meters market, and is expected to maintain its lead position during the forecast period. Moreover, the same segment is projected to portray the highest CAGR of 9.9% from 2021 to 2030.
Based on region, Asia-Pacific contributed the highest share in 2020, accounting for more than half of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, LAMEAis projected to manifest the largest CAGR of 11.3% during the forecast period.
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Leading players of the global solar power meters market discussed in the research include FLIR Systems, Inc, Meco Instruments Pvt. Ltd, Megger Group Ltd, Amprobe, HT Italia Srl, Canstar Blue Pty Ltd, Fluke Corporation, PCE Deutschland GmbH, Pacific Gas and Electric Company, and Omega Engineering Inc.
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