Off-grid remote sensing power system market: Key market research findings
- The Americas dominate the market geographically
- Oil and gas industry accounts for a majority of the market’s revenue
- Key vendors – Acumentrics, Ensol Systems, HES, SFC Energy, and Tycon Systems
Technavio’s industry experts expect the global off-grid remote sensing power systems market to grow at a CAGR of more than 10% between 2016 and 2020. The growth of this market is fueled by the need for improved infrastructure in the oil and gas industry. Leaks and spills can have a devastating effect on the environment. This is triggering the need for robust pipeline surveillance and control systems. SCADA systems is one of the technologies adopted by the oil and gas industry for monitoring, communication, and automation. These systems are deployed for shutting down the flow of chemical or crude oil remotely in an event of an incident. During 2015, the Americas accounted for almost 49% of the overall market share to become the dominant shareholder in the global off-grid remote sensing power system market. The growth of the market in this region is augmented by increasing installations of remote sensing devices in the oil and gas industry for monitoring and security purposes.
The new market research report from Technavio presents a breakdown and analysis of the off-grid remote sensing power system based on the end-user.
“Several end-users, such as the oil and gas, aviation, and wind power industries and weather monitoring stations, have found new ways of using remote sensors. This is driven by several factors including the growing ability of remote sensing technology to provide world-class applications. Besides, many end-users have increased their investment in remote sensing technology to ensure they have quality data for use. The ability to distribute data quickly over the Internet is another factor that is driving the growth of the industry,” says Thanikachalam Chandrasekaran, Lead Analyst, Energy, Technavio Research.
By 2020, the oil and gas segment is expected to continue its market dominance by accounting for more than 44% of the overall market revenue. The oil and gas industry is increasingly installing industrial control systems like SCADA for real-time data collection, tracking, and monitoring. Real-time monitoring enables oil and gas companies to control production based on the market demand. Remote sensing is applicable in all phases of oil and gas development, including exploration, production, and transportation. Wireless sensors are positioned to monitor, manage, and control everything from tanks, pipelines, and wellheads.
The key vendors in the global off-grid remote sensing power system market include Acumentrics, Ensol Systems, HES, SFC Energy, and Tycon Systems. They have a broad portfolio of off-grid power systems, which cover a wide range of industries and can be customized and scaled according to customers’ needs. These vendors also have high capital resources and dedicated R&D funds for developing new data management systems. This is a challenge for medium and small suppliers that have fewer resources. Though several new vendors are emerging in this market, they find it difficult to compete with the existing vendors regarding quality, functionalities, and services. The competitive environment in this market is likely to intensify during the forecast period because of the increase in product extensions and technological innovations.
A more detailed analysis is available in the Technavio report, Global Off-grid Remote Sensing Power System Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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