The microgrid monitoring global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Microgrid Monitoring Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Microgrid Monitoring Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Microgrid Monitoring Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the mission management systems market are integrating their efforts into introducing intelligent and advanced solutions, such as uncrewed aircraft fleets and airspace management solutions, to gain a competitive edge in the market. Uncrewed aircraft fleet and airspace management solutions are technologies and systems designed to monitor and control fleets of unmanned aerial vehicles (UAVs) or drones, as well as regulate the airspace in which they operate. For instance, in September 2023, ANRA Technologies, a US-based technology company, launched Mission Manager X, a next-generation complex mission management software platform intended to improve operations in various industries, including unmanned aerial systems and urban air mobility. This powerful system includes complete functionality for mission planning, execution, and monitoring, allowing users to handle complex operations effectively.
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
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Regional Insights –
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.
Key Companies –
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
Table of Contents
1. Executive Summary
2. Microgrid Monitoring Market Report Structure
3. Microgrid Monitoring Market Trends And Strategies
4. Microgrid Monitoring Market – Macro Economic Scenario
5. Microgrid Monitoring Market Size And Growth
…..
27. Microgrid Monitoring Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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