LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global remote renewable management systems market is expected to grow at a CAGR of almost 8% during the forecast period.
This research report titled ‘Global Remote Renewable Management Systems Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Conventional sources of energy, such as petroleum and coal, are considered as the major contributors to greenhouse gas emissions and global warming. Increasing consumption of energy, climate change, increased energy risks, and diminishing levels of easily accessible fossil fuels are driving investments in renewable sources of energy.
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Technavio’s analysts categorize the global remote renewable management systems market into three major segments by the application. They are:
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The top three segments based on technology for the global remote renewable management systems market are discussed below:
Global remote renewable management systems market by software
Smart energy management systems ensure that renewable sources are harnessed as effectively as possible. Improved cost savings and business efficiency are driving the market growth. The software segment contributes the maximum in the total market revenue, wherein licensing accounts for a major part of the overall software expenditure.
According to Anju Ajaykumar, a lead power research analyst from Technavio, “The energy management software is implemented in accordance with government policies related to energy conservation and consumer education, such as green building codes and Energy Star ratings by the Environment Protection Agency for energy efficient buildings.”
Global remote renewable management systems market by hardware
Hardware is an essential part of any energy management system. This segment has energy management programs that monitor and log energy usage patterns in industries. It includes communication network devices, such as gateways, bridges, routers, smart meters, switches, transmitters, and human-machine interface (dashboards).
“Solar generators are connected to main controllers through a wired communication system within the local perimeter. Wireless communication allows solar generators to communicate with the central SCADA system,” says Anju.
Global remote renewable management systems market by services
An extensive service system ensures the effective implementation of remote energy management systems. Services, such as consulting, maintenance, and system integrators, reduce the overall cost of the project by regularly providing assistance in plant operations.
There are numerous services available for remote renewable management systems, such as alarm management, facility services, and condition-based services. Enterprises, with focused, comprehensive services and solutions, will have a strong market position.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Northern Power Systems
- OutBack Power
- SMA Solar Technology
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