The Photovoltaic Software Market is expected to grow at a 8.47 % CAGR during the forecast period for 2023-2031.
Solar manufacturers may construct projects that appropriately match the client's needs thanks to photovoltaic design and simulation software, allowing them to project detailed simulation data on the project's functioning. Most solar software incorporates financial feasibility modelling, allowing developers and their clients to assess the projects' economic benefits. The demand for software-based solutions and services in this industry has expanded as solar rooftop installations become more popular globally. Photovoltaic software has gone a long way in recent years, from software used to design and simulate solar installations to monitoring projects to software used to increase manufacturer sales.
The primary drivers of the photovoltaic software market have been the rising demand for solar rooftop installations as the world moves away from fossil fuels and government initiatives worldwide to promote solar energy generation. Most nations are building new solar power facilities or expanding the capacity of their current ones in order to satisfy the rising demand. During the projected period, this is anticipated to fuel the expansion of the solar power market. The market is anticipated to be driven by rising demand for software solutions for asset management, monitoring, and impromptu project ideas.
The scarcity of workers with the necessary skills has been one of the PV industry's main issues. Solar or PV systems need a lot of land for utility purposes. There is little probability that solar power plants will coexist with agricultural operations, in contrast to wind power. Acquiring suitable land is a key issue. It is projected that factors like expensive installation, storage, and power conversion equipment costs, as well as low PV module efficiency, will limit the growth of this market.
Market Segmentation:
The Photovoltaic Software Market is segmented on the basis of Component, Application, Device Type, and End-User. Based on Component, the market is categorized as Solutions and Services. Based on Application, the market is segmented as Design and Simulation Software, Asset Management Software, Sales Software, and Monitoring Software. Based on Device Type, the market is segmented as Mobile Software and PC Software. Based on End-User, the market is segmented into Residential, Industrial, and Research Institutions.
Based On Application, The Design And Simulation Software Segment Is Accounted As A Significant Contributor To The Photovoltaic Software Market.
The market was dominated by design and simulation software. Design and simulation software historically entered the solar software market first. Manufacturers of solar panels and research organizations frequently employ such software to analyze the potentials and constraints of a project. In the upcoming years, it is anticipated that the rising demand for new projects and the rising number of solar projects will further propel this market. It is anticipated that factors like planned solar projects and government support to lessen dependency on fossil fuels will increase the adoption of renewable energy sources. During the projected period, it is anticipated that this will increase the demand for solar PV panels, which will increase the demand for PV design. One of the key factors influencing the use of solar PV design and simulation software in the commercial, industrial, and residential sectors is the increasing understanding among the general population of the benefits of using low-carbon technology to minimize carbon footprint.
Based On End-User, The Industrial Segment Is Accounted As A Major Contributor To The Photovoltaic Software Market.
Of all the segments, the industrial one is predicted to develop at the quickest rate. In order to meet their needs, industrial end-users use photovoltaic software for project design, sales optimization, project monitoring, and customer-facing software. The main driver of this market has been the extensive functionality that commercial users need to satisfy both their and clients' needs. Governments in several nations, including those in India, China, and the US, provide financial incentives and tax breaks to industrial users who install PV systems, which is anticipated to drive the market's expansion for these systems in industrial applications throughout the course of the forecast period. Extra-large rooftop solar PV systems have been used in order to adopt large-scale storage systems to protect against variations in peak demand power supply and store the needed power in batteries. It is anticipated that rising energy consumption brought on by industrialization and population increase will propel segment expansion.
The North America Photovoltaic Software Market Holds A Significant Revenue Share In The Region.
It's expected that North America will control a significant portion of the market. The North American region has been the epicenter of software innovation for the past few decades. This, together with the governments' active promotion of renewable energy sources in the region, has contributed to the region's domination of the global photovoltaic software market. High power demand, rising living standards, and adequate solar irradiation are a few of the major drivers of the area's market's expansion. The major drivers of the market's growth include favourable rules, targets for renewable energy, and an increase in the number of solar farms. The region is the most significant manufacturer and consumer in terms of PV modules and related PV components. The demand for PV systems in the region is anticipated to increase over the course of the forecast period as a result of several initiatives and advantageous policies by governments of various regions to encourage the usage of solar energy.
Competitive Landscape
Competitive Landscape
Some major key players in the Photovoltaic Software Market:
- PVSyst,
- Homer Energy,
- Greenius,
- SunSniffer,
- Folsom Labs,
- Aurora Solar,
- Energy Toolbase,
- Schneider Electric,
- Tigo Energy,
- Verdiseno,
- Blu Banyan,
- Scanifly,
- Sofdesk,
- SunbaseData,
- Ardexa Pty Ltd.,
- AZZO,
- Nextracker,
- SMA America,
- Solar Data Systems,
- SolarView Technologies,
- PowerHub,
- Heliolytics,
- geothinQ,
- Valentin Software.
Photovoltaic Software Market Report Scope
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Report Attribute |
Specifications |
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Growth rate CAGR |
CAGR of 8.47 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Component, Application, Device Type, End-User |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
PVSyst, Homer Energy, Greenius, SunSniffer, Folsom Labs, Aurora Solar, Energy Toolbase, Schneider Electric, Tigo Energy, Verdiseno, Blu Banyan, Scanifly, Sofdesk, SunbaseData, Ardexa Pty Ltd., AZZO, Nextracker, SMA America, Solar Data Systems, SolarView Technologies, PowerHub, Heliolytics, geothinQ, and Valentin Software. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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