Yahoo Finance Remote Renewable Management Systems Market to grow at an 7.28% CAGR by 2027 | Market Research Future (MRFR)
Key companies profiled include CGI Inc., SYS TEC electronic AG, Lightings, Hitachi ABB Power Grid, Honeywell, Cummins Inc, Outback Power Inc., Cahors, Capgemini, KEPCO KDN., among others.
Pune, April 28, 2021 (GLOBE NEWSWIRE) -- Global Remote Renewable Management Systems Market Overview
The global remote renewable management systems market can display a stupendous CAGR of 7.28% CAGR over the forecast period (2020-2027). Remote renewable management systems are capable of operating loads without being in proximity to the energy grid or substation. Effective management of power for ensuring adequate supply of power coupled with impending need to boost revenues of power plants can drive the market demand significantly.
The market is expected to expand owing to large rollout of renewable energy schemes and focus of utility companies to maximize their profits. Increasing share of renewable energy sources, dipping prices of solar PV panels, and efforts to prevent carbon emissions are major drivers of the market. Real-time calculation of the possibility of inclement climate and diagnostic applications for taking informed decisions can bode well for the market. Support by government schemes can push the market growth prospects.
But the pullout of various renewable energy producers owing to cap on energy prices can hamper market growth.
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COVID-19 Impact:
The COVID-19 pandemic has boosted the demand for remote renewable management systems owing to efforts to curb the coronavirus. Remote systems can aid large corporations in maintaining their production schedule and adhere to strict delivery times. Rise of remote working and rise of technological advances in applications can bode well for the market. Reduction in renewable energy prices and declining costs of installation of these systems can bode well for the overall market.
Industry Trends:
The soaring use of energy prices and use of electricity owing to remote working can drive the demand for remote renewable management systems. Awareness of climate change and change in consumer attitudes pertaining to power may drive the market demand. Adherence to energy codes by the Environmental Protection Agency can lead to various cities deploying such systems. End-users across industries, residential settings, and enterprises can push the market demand. Energy requirements in remote areas are likely to evoke the need for intelligent solutions. Rising bids to provide power and effective management of renewables can see a surge in private-public partnerships. Utilization of centralized remote-control solutions with the assistance of wireless hubs to increase the coverage area and enhancing customer convenience can bolster the remote renewable management system market.
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Segmentation:
Based on component, the remote renewable management systems market is segmented into hardware, software, and services. The hardware segment is expected to capture a humongous share in the global market during the forecast period due to being integral part of any renewable energy installation. For instance, installation of solar panels has been growing rapidly in recent years in the residential and non-residential sectors. Furthermore, the increasing initiatives to for electrification of grids to connect rural areas to urban areas can drive the demand for hardware components, as these devices helps to gather the data related to solar panels. These hardware components include human-machine interface (dashboards), gateways, routers, smart meters, switches, bridges, and transmitters.
By end use, the global remote renewable management systems market is segmented into residential, wastewater treatment, agricultural, healthcare, and others. The residential segment is expected to grow at a robust rate owing to the rise in the population. Urbanization and industrialization across all major economies and declining costs of renewable systems are key factors boosting the use of solar panels in the residential segment. The government authorities in countries of India and the U.S. offer numerous financial incentives and subsidies for installation of renewable energy systems. The schemes can induce a massive demand for remote renewable management systems for maintaining operations of microgrids. Alternative energy studies by reputed government organizations have supported the use of such systems in residential settings.
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Regional Segmentation:
The remote renewable energy management systems market covers regions of North America, Europe, South America, Asia Pacific (APAC), and the Middle East & Africa (MEA).
North America is touted to dominate the global market due to investments in renewable energy schemes. Government backed initiatives and long-term contracts with renewable energy producers coupled with consumer awareness can drive the market demand significantly. The U.S. Department of Energy has vowed to work with remote island communities to boost their energy infrastructure. Remote renewable management systems can be used in harnessing the power of wind, hydro, and solar projects and redirecting the energy to other large grids. The inclination towards clean electricity by the government can bode well for the region.
APAC is estimated to perform exceptionally owing to efforts by governments of China, India, Japan, and Australia to shift their dependence from fossil fuels. Identification of energy challenges and need for clean energy solutions can bolster the demand for remote energy management systems. For instance, the Indian Oil Corporation (IOC) has launched the first remote monitoring system for oil refineries.
Competitive Analysis:
The remote renewable energy management systems market is experiencing several strategical implementations such as expansions, collaborations, mergers, and acquisitions. This is exemplified by the collaboration of Energy Systems Management Company and RUSNANO Group in 2020. Autonomous hybrid power systems (AHPS) were installed in the Republic of Sakha to supply a steady flow of electricity without being connected to a power grid.
Key players involved in the market are KEPCO KDN, SYS TEC electronic AG, Capgemini, Outback Power Inc., Cahors, Lightings, CGI Inc., Honeywell, Cummins Inc, and Hitachi ABB Power Grid.
Industry News
PXiSE Energy and Toshiba Energy Systems & Solutions have signed a memorandum of understanding for collaborating on future projects on microgrids in Japan. The microgrid control system can be operated remotely and manage loads within an electrical grid.
Control of Microgrids to Drive Global Remote Renewable Management Systems Market
The global remote renewable management systems market is set to enjoy a massive demand owing to investments in renewable energy schemes and efforts for electrification by governments. Control over power usage and energy conservation schemes can dominate the market demand significantly. The pandemic has boosted the demand for such systems owing to efforts by governments to curb the spread of the virus. Rise of remote working and demand for uninterrupted power supply can bode well for the market.
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