Raptor Maps’ Global Solar Report Finds $4.6B Annual Revenue Loss in Worldwide Solar Industry

Increasing equipment underperformance will affect long-term profitability and sustainability of solar if left unaddressed

Boston, MA — Raptor Maps, solar's leading asset health management platform, released the sixth edition of its Global Solar Report, which features data that starkly showcases the underperformance of solar assets.

The report finds that global revenue loss due to equipment-driven underperformance last year reached $4.6 billion, and that power loss due to equipment anomalies on solar farms rose from 3.13% to 4.47% year-over-year.

The report can be viewed here: https://raptormaps.com/resources/2024-global-solar-report

The Global Solar Report draws on data from 125GW of PV systems from thousands of solar sites, and the report's findings assume heightened significance given the solar industry's unprecedented growth.

"The world surpassed the 1 terawatt mark for global solar installations two years ago, and our sights are firmly set on the 10 terawatt milestone," remarked Raptor Maps CEO and Co-founder Nikhil Vadhavkar. "Our sector is foundational to meeting our climate goals of 1.5°C. As the pace of installation increases, asset owners are turning to technology to address the challenges outlined in our Global Solar Report to restore production, optimize asset management, and ensure the investability of the sector for years to come."

As solar emerges as the dominant force in the clean energy transition, growth will increasingly hinge on autonomous systems.

"Owners and operators who are already working with digital twins of their sites can now leverage robotics and AI to tackle labor challenges directly impacting power production," noted Eddie Obropta, CTO and Co-founder of Raptor Maps. "We just launched a new AI tool, Instant Inspections, based on customer demand, which enables the detection and categorization of thermal anomalies 99% faster than conventional solar aerial inspections at C&I sites."

About Raptor Maps

Raptor Maps is solar's leading asset health management platform built to deliver an AI-powered future for solar in order to give the industry a unified playbook for scalability. Our software addresses critical challenges in the industry including site underperformance, labor constraints, enabling robotics, and resolving component quality and installation errors. We empower owners and operators to recover power production loss, streamline and scale operations, and protect financial returns.

Powered by 125 GW+ of PV system data analyzed, Raptor Maps deploys advanced, AI-powered solutions to provide actionable insights and tools. Our goal is clear—to help solar asset owners & operators ensure peak performance and navigate the complexities of an exponentially expanding industry. For more information, visit: https://raptormaps.com

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