Remote Renewable Management Systems Market is projected to register a 7.28% CAGR during the forecast period.
The major factors driving the growth of the global remote renewable management systems market are the increasing growing share of renewable energy sources and the cost reduction potential of solar PV. Moreover, increasing initiatives to prevent carbon emissions is expected to contribute to the growth of the remote renewable management systems market.
The Key Players operating in the Global Remote Renewable Management Systems Market are CGI Inc., SYS TEC electronic AG, Lightings, Hitachi ABB Power Grid, Honeywell, Cummins Inc, Outback Power Inc., Cahors, Capgemini, KEPCO KDN.
Many major players such as CGI Inc., Hitachi ABB Power Grid, Honeywell, and Cummins Inc are actively focusing on signing contracts and agreements. For instance, in August 2020, RUSNANO Group (Russia) and Energy Systems Management Company (US) collaborated to establish first renewable energy facilities using the energy service contract system. Moreover, the agreement included installation of five autonomous hybrid power systems (AHPS) in a region of decentralized energy supply in the Republic of Sakha (Yakutia). AHPS is to be comprised of a photovoltaic power unit, a diesel power plant, and an electricity storage system. It also included remote automatic monitoring and management systems. This venture has helped the company strengthen its product portfolio. Such developments in the market are expected to drive the growth of the global Remote Renewable Management Systems market during the forecast period.
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.
Global Remote Renewable Management Systems Market has been segmented based on Technology, Material, and End Use. Based on component, the remote renewable management systems market is divided into hardware, software, and services. The hardware segment is expected to hold the largest share in the global market during the forecast period as they are 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 boost access to electricity in unelectrified regions are expected to drive the demand for hardware components, as these devices helps to gather the data related to solar panels. These hardware components include communication network devices, such as bridges, gateways, routers, smart meters, switches, transmitters, and human-machine interface (dashboards). By end use, the global remote renewable management systems market is classified into residential, wastewater treatment, agricultural, healthcare, and others. The residential segment is expected to grow at the fastest rate as the rise in the population resulting in urbanization and industrialization across all major economies and the declining costs of renewable systems are the key factors that are boosting the use of solar panels in the residential segment. The government authorities in countries such as India and the US offer numerous financial incentives, which is expected to increase the demand for renewable resources in the residential sector, thereby boosting the demand for remote renewable management systems.
Global Remote Renewable Management Systems Market is anticipated to register high growth during the forecast period owing to the increasing share of renewable energy in the total energy mix. This is expected to drive the demand for remote renewable management systems during the forecast period.
The remote renewable management system enhances the operations of clean energy manufacturers by providing an extensive range of solutions such as weather & production forecasting, real-time monitoring, high scalability to manage multiple sources of energy including wind turbines, solar panels, among others. Moreover, remote renewable energy management system allows electric utility companies to monitor photovoltaic power stations remotely to maximize the investment, thereby optimizing the operations.
Based on region, the Remote Renewable Management Systems market is segmented into Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. North America accounts for the largest share of the remote renewable management systems market due to the rapid development and R&D investment in renewable energy. Moreover, long-term contracts are offered to renewable energy producers proportionate to the cost of generation of each technology in the region. Additionally, the government policy is aimed to boost the growth of the remote renewable management systems market in the region. Also, government policies such as green building codes and Energy Star ratings by the Environment Protection Agency are related to energy conservation and consumer education which are likely to drive the demand for remote renewable management systems products in the region.
|Market Size||2030: Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CGI Inc., SYS TEC electronic AG, Lightings, Hitachi ABB Power Grid, Honeywell, Cummins Inc, Outback Power Inc., Cahors, Capgemini, KEPCO KDN.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Remote Renewable Management Systems market is predicted to grow at 7.28% through forecast period of 2020-2027.
The forecast period for Remote Renewable Management Systems market research report is 2020-2027.
Global REMOTE RENEWABLE MANAGEMENT SYSTEMS market is dominated by North Americaregion.