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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.