Renewables Management System (RMS): Introduction
- Renewables Management System (RMS) is an integrated set of tools that is used to optimize energy production, control energy losses, and improve overall operational performance.
- RMS enables managers, owners, and teams to monitor, operate, and boost the performance of their renewable assets
Key Drivers of Global Renewables Management System (RMS) Market
- Demand for electricity has been rising significantly across the world along with an increase in the prices of fossil fuels. Significant rise in energy prices has raised the focus of manufacturers toward the adoption of cost-effective sources of electricity generation such as solar, wind, and hydro. An increase in usage of renewable energy is expected to drive the global renewable management system market during the forecast period.
- Shift in trend toward adoption of renewable technologies to reduce greenhouse gas emissions is also expected to propel the global renewables management system (RMS) market during the forecast period. Policymakers have introduced several norms & directives to achieve renewable targets and reduce GHG emissions. For instance, regulators in the European Union aim to minimize GHG emissions by 20% by 2020 from the 1990 levels, thus enhancing the utilization of renewable resources.
- Implementation of smart metering and digitization of substations and smart grids are likely to propel the demand for renewable energy management system, as new systems would be installed during infrastructure development. Thus, implementation of smart metering, smart grids, and digitization of substations is expected to boost the global renewable management system market during the forecast period.
COVID-19 Impact Analysis
- Governments of various countries have enforced nationwide lockdowns as part of measures to limit the spread of the COVID-19 pandemic. During the lockdown, several restrictions have been placed on movement of individuals. Furthermore, economic activities have come to a halt, barring the activities related to essential goods and services.
- Implementation of renewable energy projects needs a preliminary survey; therefore, restriction on movement of individuals to limit spread on coronavirus has negatively impacted the investment of investors in renewable energy projects. This, in turn, is expected to hamper the demand for renewables management system.
Commercial & Industrial End-user Segment Expected to Hold Major Share of Global Market
- The global renewables management system (RMS) market can be segmented based on end-user and region
- Based on end-user, the global renewables management system (RMS) market can be divided into residential, commercial, industrial, and utilities. Increase in demand for integrate renewable energy technologies in commercial and industrial buildings in order to save electricity bills is anticipated to drive the renewable management system market.
Global Renewables Management System (RMS) Market: Regional Segmentation
- In terms of region, the global renewables management system (RMS) market can be classified into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- North America held a key share of the global renewables management system (RMS) market in 2019. This trend is anticipated to continue during the forecast period. Expansion of the market is due to increase in focus on reduction of GHG emissions by promotion of utilization of clean resources such as wind, solar, and hydro. Furthermore, rapid increase in number of renewable energy projects across the U.S. and Canada is also expected to boost the market in the region.
- The renewables management system (RMS) market in Asia Pacific is likely to expand at a significant pace during the forecast period. Rise in infrastructure, industrialization, coupled with initiatives by policymakers to promote renewable energy are expected to drive the market in Asia Pacific in the near future.
- The renewables management system (RMS) market in Europe is projected to expand at a rapid CAGR during the forecast period. Expansion of the market in the region can be ascribed to introduction of renewable energy projects in several countries in Europe, such as Sweden, Germany, Italy, and France, to reduce carbon emissions.
- The renewables management system (RMS) market in Latin America and Middle East & Africa is expected to expand at a sluggish pace during the forecast period, due to high untapped potential for solar energy in these regions
Key Players Operating in Global Market
Leading companies operating in the global market are:
- CGI Inc.
- KEPCO KDN
Global Renewables Management System (RMS) Market: Research Scope
Global Renewables Management System (RMS) Market, by Application
Global Renewables Management System (RMS) Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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