According to the report, revenue generation within the solar and wind sector will increase by 12.5% per annum.
An estimated $82.9 billion in cumulative revenue between 2019 and 2028 is expected as renewable energy investments expand and grow rapidly across on-grid and off-grid locations.
Monitoring and control systems help prevent or detect instances of outages and equipment failures, along with random surges in power demand, that can cost solar and wind asset owners millions of dollars per day in lost revenue.
Europe and North America are expected to dominate the market and new renewable energy capacity additions in the Asia Pacific will contribute to $7.9 billion, or 61%, of the total market revenue by 2028.
Pritil Gunjan, a senior research analyst with Navigant Research, said: “A well-integrated M&C system can affect return on capital and lower total cost of ownership.
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.”
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