Growth in renewable power generation and increasing investments in transmission & distribution infrastructure to drive global microgrid monitoring system market through 2024
According to TechSci Research report, “Global Microgrid Monitoring System Market By Grid Type, By Component, By Ownership, By End User, By Region, Competition, Forecast & Opportunities, 2024”, Global Microgrid Monitoring System Market is projected to grow at a CAGR of over 11% during 2019-2024, on account of growth in renewable power generation, increasing investments in transmission & distribution infrastructure and growing energy demand. Some of the other factors that would have a positive impact on the market are limitations of space availability in densely populated urban areas and government initiatives towards improving electricity access.
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In terms of grid type, Global Microgrid Monitoring System Market has been categorized into on-grid and off-grid. Of these, the off-grid segment is expected to account for the largest market share by 2024, owing to increasing electrification of rural and remote areas across the globe, which would lead to the high adoption rate of remote/islanded microgrid monitoring systems. Remote/islanded networks are energy self-sufficient and provide power security at the time of electricity failure. This energy self-sufficiency substantiates the high deployment of remote/island microgrid systems.
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In 2018, Asia-Pacific accounted for the largest share in Global Microgrid Monitoring System Market, backed by replacement and refurbishment of the existing infrastructure, which is the major requirement in the local utility grid scenario. Moreover, factors such as increasing power consumption, government mandates on energy efficiency, growing influx of renewable sources in the energy mix, and renovation, modernization and upgrade of aging grid infrastructure are anticipated to drive the region’s microgrid monitoring system market. China and India are making huge investments in electrification projects, as well as moderation and upgrade of existing electric networks to meet the growing demand for electricity.
“Over the coming years, Global Microgrid Monitoring System Market is expected to be driven by evolving technologies, growing importance of alternative energy production, and increasing demand for power, globally. Moreover, surging investments in transmission & distribution infrastructure and massive investments in smart grids and energy systems would provide lucrative growth opportunities to microgrid monitoring system market players during the forecast period.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Microgrid Monitoring System Market By Grid Type, By Component, By Ownership, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Global Microgrid Monitoring System Market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Global Microgrid Monitoring System Market.
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