Overview and Scope
Microgrid monitoring refers to the process of continuously observing and analyzing the performance, status, and condition of a microgrid system. A microgrid is a localized energy system operating independently or in conjunction with the main power grid. Microgrid monitoring helps optimize energy usage, detect faults, and improve reliability in decentralized power systems, ensuring efficient operation and cost savings.
Sizing and Forecast
The microgrid monitoring market size has grown rapidly in recent years. It will grow from $3.07 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to economic and social benefits, industry 4.0 growth, global energy consumption, industrial development, focus on modernization.
The microgrid monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The growth in the forecast period can be attributed to demand for stable energy supply, smart grids and IoT integration, decarbonization efforts, resilience and automation, government initiatives. Major trends in the forecast period include increasing installation of land based renewable energy projects, focus on modernization, global leaders in microgrid technology, growth in solar energy installations, investments in smart grid infrastructure.
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The microgrid monitoring market covered in this report is segmented –
1) By Component : Hardware, Software, Service
2) By Grid type: On Grid, Off Grid
3) By Application: Military, Campus, Community, Island, Remote
4) By End User: Residential, Commercial, Industrial, Utilities
Asia-Pacific was the largest region in the microgrid monitoring market in 2023. The regions covered in the microgrid monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing demand for clean energy is expected to propel the growth of the microgrid monitoring market going forward. Clean energy refers to energy sources that produce minimal or no pollution when converted into usable energy, typically derived from renewable resources such as solar, wind, hydroelectric, geothermal, and biomass. Demand for clean energy is rising due to increasing awareness of environmental concerns and the desire for energy independence. Microgrid monitoring optimizes clean energy distribution, ensuring efficient utilization and reliability within localized electricity systems. For instance, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, the electricity generated by wind surged by 265 terawatt hours (TWh), a 14% increase from 2021 and standing as the second-largest growth among all power generation technologies. Therefore, the growing demand for clean energy is driving the growth of the microgrid monitoring market.
Key Industry Players
Major companies operating in the microgrid monitoring market are Hitachi Ltd., Siemens AG, Lockheed Martin Corporation, Caterpillar Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Exelon Corporation, EnerconSBS, Aggreko Ltd., Schweitzer Engineering Laboratories, SMA Solar Technology AG, S&C Electric Company, GE Power India Ltd., Scale Microgrid Solutions, Viridity Energy Solutions, Homer Energy, Power Analytics Corporation, Advanced Microgrid Solutions, Spirae
The microgrid monitoring market report table of contents includes:
1. Executive Summary
2. Microgrid Monitoring Characteristics
3. Microgrid Monitoring Trends And Strategies
4. Microgrid Monitoring – Macro Economic Scenario
5. Global Microgrid Monitoring Size and Growth
…..
32. Global Microgrid Monitoring Competitive Benchmarking
33. Global Microgrid Monitoring Competitive Dashboard
34. Key Mergers And Acquisitions In The Microgrid Monitoring
35. Microgrid Monitoring Future Outlook and Potential Analysis
36. Appendix
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