Raptor Maps finds $4.6 billion annual revenue loss in Global Solar Report

Raptor Maps global solar report

A new report from Raptor Maps has data that starkly showcases the underperformance of solar assets. The sixth edition of the Global Solar Report finds that global revenue loss due to equipment-driven underperformance last year reached $4.6 billion. In addition, the report showed power loss due to equipment anomalies on solar farms rose from 3.13% to 4.47% year-over-year. 

The Global Solar Report draws on data from 125 GW 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 (TW) mark for global solar installations two years ago, and our sights are firmly set on the 10 TW milestone,” said Raptor Maps CEO and cofounder 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,” said Eddie Obropta, CTO and cofounder 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.”

The report shows that the global solar market continued to boom in 2023, with an estimated 413 GW installed globally in 2023, up 58% from the prior year, thanks to favorable legislation and decreases in the levelized cost of energy (LCOE) that reduced development expenses.

Underperformance from equipment-driven power loss has increased every year since Raptor Maps began compiling an annual report. The latest edition shows that there are considerable variances in underperformance depending on geography, site size and module type.

“Nevertheless, associated power loss has increased by 178% since 2019 and 43% in the last year alone,” the report states.

Raptor Maps identified $177.7 milling in preventable annualized revenue loss for customers in 2023, an average of $4,696 per MWdc, which, leading to the aforementioned total of $4.6 billion when extrapolated to the whole industry.  

The Global Solar Report can be viewed here.

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