Microgrid Monitoring Systems Market – Snapshot
The electric power industry has made significant progress due to constant innovation over the years. Microgrid is an important component of distributed power generation. Microgrid monitoring helps in improving the reliability of power supply. It also aids in energy conservation and protects the environment. Microgrid systems help in the efficient monitoring of all electrical equipment controls, and operations in real time.
Rise in Renewable Energy Generation has Propelled Demand for Microgrid Monitoring Systems
Microgrid monitoring systems consist of a wide range of products that are engineered, configured, and standardized with essential auxiliary equipment. Factors such as rise in demand for microgrids in China and India in Asia Pacific, a gradual recovery in industrial activities, and government initiatives to provide efficient and safe electricity are expected to drive the microgrid monitoring system market in the coming years. Developing economies are expected to present significant opportunities for the market as they are significantly increasing their focus on renewable energy. In 2017, the industrial sector saw a rebound due to a rejuvenated residential market, particularly in developed economies. This was attributed to the robust economic growth in North America and Europe. In North America, market expansion and increase in demand for military microgrid repairs created favorable conditions last year. These are expected to continue during the forecast period.
However, development in smart microgrid systems is estimated to hamper the microgrid monitoring system market during the forecast period. This is because smart technologies are replacing microgrid monitoring systems in developed countries such as the U.S., Canada, Germany, and the U.K.. Moreover, rise in concerns about an economic recession and an unpredictable political scenario across the globe are likely to delay or lead to the cancellation of renewable energy and grid installation activities. Rise in industrialization and urbanization in most regions across the globe is estimated to boost the microgrid monitoring system market in the near future. Governing bodies impose fines and take stringent action against violations of norms or illegal installation of grids. High installation costs of microgrid monitoring systems are likely to restrain their adoption in undeveloped countries with less capital investment.
Hardware Segment to Dominate the Microgrid Monitoring Systems Market
Considering the importance of quality of microgrid installation and monitoring, the usage of hardware is increasing significantly in order to efficiently monitor real-time events of a microgrid system. Rise in investments in renewable energy activities due to rapid industrialization and urbanization is propelling the hardware segment of the microgrid monitoring systems market.
Development and Innovation in Product and Technology
In July 2018, HOMER Energy LLC released new software features regarding the usage of renewable energy that are easy to understand. This is likely to help solar developers, engineers, and energy and business planners to lower the costs of developing complex renewable energy projects.
Demand for Microgrid Monitoring Systems is Likely to Increase in Asia Pacific
Asia Pacific is estimated to be a prominent region of the microgrid monitoring systems market. Awareness about energy conservation and the need for providing uninterrupted supply of electricity to people in Europe and North America are projected to drive the microgrid monitoring systems market in the near future. Moreover, a large number of collaborations between manufacturers and technology developers during the next few years is likely to fuel the microgrid monitoring systems market.
Highly Competitive Market with a Few Dominant Players
The global microgrid monitoring systems market is highly competitive, with a few dominant players. Key players operating in the microgrid monitoring systems market are Enercom GmbH, ABB Ltd, General Electric, Power Analytics Corporation, S & C Electric Company, Caterpillar Inc., Eaton Corporation, Exelon Corporation, Siemens AG, and others.
Microgrids are designed to provide uninterrupted power and balance the load requirements of an organization with changing power needs. With a change in trend toward renewable energy projects, wind turbines have become a prime source of renewable energy in the software sector. Distributed power generation offers advantages such as less pollution, higher reliability, higher efficiency, and flexible installation. The potential energy that can be harvested from tidal movements on a global scale is extremely high. Rise in investments in software wind farms has increased the usage of microgrid monitoring systems.
This report analyzes and forecasts the microgrid monitoring systems market at the global and regional level. The market has been forecast based on revenue (US$ Mn) from 2018 to 2026, considering 2017 as the base year. The study includes drivers and restraints of the global microgrid monitoring systems market. It also covers the impact of these drivers and restraints on demand for microgrid monitoring systems during the forecast period. The report also highlights opportunities in the microgrid monitoring systems market at the global and regional level.
The report includes a detailed value chain analysis, which provides a comprehensive view of the global microgrid monitoring systems market. The Porter’s Five Forces model for the microgrid monitoring systems market has also been included to help understand the competitive landscape. The study encompasses market attractiveness analysis, wherein products and applications are benchmarked based on their market size, growth rate, and general attractiveness.
The study provides a decisive view of the global microgrid monitoring systems market by segmenting it in terms of application, product, and region/country. In terms of application, the microgrid monitoring systems market has been classified into military, campus, community, island, and remote. In terms of product, the global microgrid monitoring systems market has been categorized into hardware and software. These segments have been analyzed based on present and future trends. Regional segmentation includes current and forecast demand for microgrid monitoring systems in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The report provides the actual size of the microgrid monitoring systems market for 2017 and estimated size for 2018 with forecast for the next nine years. The global microgrid monitoring systems market has been provided in terms of revenue. Market numbers have been estimated based on product and application of the microgrid monitoring systems market. Market revenue and size have been provided in terms of global, regional, and country level markets.
The report comprises profiles of major companies operating in the global microgrid monitoring systems market. Key players operating in the microgrid monitoring systems market include Enercom GmbH, ABB Ltd, General Electric, Power Analytics Corporation, S & C Electric Company, Caterpillar Inc., Eaton Corporation, Exelon Corporation, and Siemens AG, Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
The global microgrid monitoring systems market has been segmented as follows:
Microgrid Monitoring Systems Market, by Product
Microgrid Monitoring Systems Market, by Application
Microgrid Monitoring Systems Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
- Currently, North America is a leading region in terms of capacity utilization and monitoring services. The region constitutes more than 35% share of the global market, and its share is expected to rise at a moderate rate in the coming years.
- In the past few years, the microgrid capacity has increased drastically. A majority of microgrid capacity is utilized by the U.S. and China.
- North America is the leading consumer of micro grid monitoring across the globe, followed by Asia Pacific
- Microgrid monitoring Systems prices are highly dependent on the type of service and price of hardware and software and services