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.
Browse xx market data Tables and xx Figures spread through 110 Pages and an in-depth TOC on “Global Microgrid Monitoring System Market”
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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