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The Remote Renewable Management Systems (RRMS) market has been expanding significantly due to several factors that indicate the growing importance of efficient management & monitoring of renewable energy resources. One catalyst for this growth is a steadily increasing global renewable energy sector, with most installations being solar power plants as well as wind turbines. As deployment continues to expand across various parts of the globe, there arises the need for effective remote monitoring & management policies. Government policies relating to the adoption of renewable energies form part of the forces shaping the RRMS market. Globally, many countries have supportive instruments such as feed-in tariffs (FITs), tax credits, and renewable portfolio standards (RPSs) that promote clean energy adoption, thus creating conducive platforms for renewable investments like solar and wind projects.
Advancements in data analytics are driving the RRMS market, the Internet of Things (IoT), and cloud computing technologies. This facilitates the implementation of highly sophisticated monitoring and control systems able to collect, analyze and manage remotely large amounts of data from renewable energy installations. Sustainability focus and corporate social responsibility are other key factors driving the RRMS market. Moreover, many corporations adopt renewable solutions with a view to reducing their carbon footprint while at the same time affirming their commitment to being environmentally responsible. When renewables become part of the company's energy management strategy, they request more robust RRMS solutions. These systems enable tracking and reporting on environmental impacts as well as performance from an organization's renewable assets.
The grid integration challenges and variability in renewable energy sources drive the demand for RRMS. The intermittent nature and unpredictability of solar and wind power resources, as more renewable energy projects are integrated into existing power grids, present operational challenges. A global drive towards remote operations and maintenance practices is also supporting the growth of the RRMS market through partnerships within the renewable energy ecosystem that promote innovation and broaden RRMS capabilities. Software solutions companies, data analytics companies, and those specializing in renewable energy technologies are combining their efforts to create comprehensive management and optimization features on single integrated platforms. These collaborations boost the functionalities of RRMS so that they can align with the changing requirements of green power operators.
Remote Renewable Management Systems Market Highlights:
Remote Renewable Management Systems Market Scenario
The Remote Renewable Management Systems Market industry is projected to grow from USDÂ 66,503.3 Million in 2023 to USDÂ 117,345 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.45% during the forecast period (2023 - 2030).Â
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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.
Key Players
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.
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.
Market Segmentation
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.
Intended Audience
- Government and Research Organization
- Consulting Companies in the Renewable Industry
- Research Consultants
- Investors and Shareholders
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