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Renewable Energy Monitoring and Control System: Introduction
- Renewable energy production is not continuous, as it is depends on numerous external and environmental factors. Renewable energy production systems require continuous monitoring, as failure of these systems may lead to grid failure. Hence, renewable energy monitoring and control systems are utilized to predict and detect small changes that may lead complete system failure.
Key Drivers and Restraints of Global Renewable Energy Monitoring and Control System Market
- Increase in usage of renewable energy, such as solar, wind, and hydro, is estimated to drive the renewable energy monitoring and control system market in the near future. Various companies are investing in renewable energy sources, which is estimated to boost the demand for the monitoring and controlling systems. Therefore, an increase in usage of renewable energy is expected to drive the global renewable energy monitoring and control system market during the forecast period.
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- Implementation of smart grids, smart metering, and digitization of substations is likely to drive the demand for renewable energy monitoring and control system, as new systems would be installed during infrastructure development. Thus, implementation of smart grids, smart metering, and digitization of substations is expected to boost the global renewable energy monitoring and control system market in the near future.
- High initial investment is projected to restrain the global renewable energy monitoring and control system market. These monitoring and control system employ advanced technology that is expensive, which in turn hampers adoption of these systems among companies. Thus, high initial investment is expected to restrain the global renewable energy monitoring and control system market during the forecast period.
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Global Renewable Energy Monitoring and Control System Market: Segmentation
- The global renewable energy monitoring and control market can be segmented based on type, component, and end-user
- In terms of type, the global renewable energy monitoring and control system market can be classified into solar, wind power, hydroelectric power, geothermal, bio fuel, and tidal. Solar hydroelectric and wind energy segments are anticipated to expand at a high CAGR during the forecast period.
- Based on component, the global renewable energy monitoring and control system market can be bifurcated into hardware and software. The hardware segment is estimated to expand at a significant CAGR, owing high demand from renewable energy generation companies.
- Based on end-user, the global market can be split into residential, commercial, industrial, and utilities. Utility and industrial segments are expected to lead the market.
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Global Renewable Energy Monitoring and Control System Market: Regional Segmentation
- Based on region, the global renewable energy monitoring and control market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific dominated the global renewable energy monitoring and control system market in 2019. The market in the region is projected to expand during the forecast period, owing to a rise in infrastructure, industrialization, coupled with initiatives by governments to promote renewable energy.
- The market in North America is likely to expand significantly during the forecast period owing to rapid increase in number of renewable energy projects in the U.S. and Canada.
- Europe is estimated to be a key region of the global renewable energy monitoring and control system market in the near future. In countries such as Sweden, Germany, Italy, and France, various renewable projects are being undertaken to reduce the emission of greenhouse gases.
- The renewable energy monitoring and control system market in Latin America and Middle East & Africa is anticipated to expand at a steady pace during the forecast period. These regions have considerably large crude oil & gas reserves, which has led to less investment in renewable energy systems in these regions.
Key Players Operating in the Market
- Schneider Electric
- ABB
- Eaton
- Siemens
- General Electric
- Emerson
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