Growing Demand for Reliable Energy Drives the Microgrid Monitoring...

Growing Demand for Reliable Energy Drives the Microgrid Monitoring Market

Posted 2023-03-29 13:07:42

Microgrid Monitoring Market Highlights:

Microgrid Monitoring Market size is expected to grow at 12.05% CAGR during the forecast period.

The microgrid monitoring market refers to the industry that provides monitoring and control solutions for microgrids, which are small-scale power grids that can operate independently or in conjunction with the main power grid. Microgrids are often used in remote or rural areas where access to electricity from the main grid is limited or unreliable, and they are also increasingly used in urban areas to increase energy reliability and reduce greenhouse gas emissions.

Microgrid Monitoring helps in monitoring real-time operations of the grid. They control all the equipment according to safe and stable operational requirements. The real-time monitoring is mainly done through hardware and software components to gather equipment information. Microgrid monitoring helps in energy conservation and improves the reliability of power supply.

Based on application, the market is segmented as Utilities, Institutions & Campuses, Commercial & Industrial, and others. Utilities segment is estimated to dominate the microgrid monitoring market during the forecast period. It helps the utilities to maintain and improve the reliability and manage energy use. Similarly, microgrid monitoring can produce sustainable energy that provides long-term cost savings along with supply during periods of decreased power supply or loss of power. Considering the product segment, the market is segmented as hardware and software. Hardware segment is expected to have a larger market share during the forecast period.

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Key Players

The key players of the global microgrid monitoring market are General Electric (US), Exelon Corporation (US), Power Analytics Corporation (US), Homer Energy (US), S&C Electric Company (US), Siemens AG (Germany), SEL (US), Enercon (Germany), ABB (Switzerland), Schneider SE (France), Caterpillar, Inc. (US), and Eaton (Ireland).

Market Research Analysis:

Asia Pacific accounts for the largest market share for microgrid monitoring market

Region wise, Asia Pacific held the largest market share of the global microgrid monitoring market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the increase in grid installations and rise in electricity generation from renewable sources. Over the years, China has become a strategic center for the development of microgrid monitoring systems. This is projected to boost demand for microgrid monitoring systems in Asia Pacific during the forecast period.

Scope of the Report

This report provides an in-depth analysis of the global microgrid monitoring market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, and share for Asia-Pacific (APAC), North America, Europe, Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the microgrid monitoring market by its type, product, application, and by region.

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