ID: MRFR/E&P/5584-HCR | February 2021 | Region: Global | 111 pages
Microgrid monitoring market is expected to grow at 12.05% CAGR during the forecast period.
Increase in the installation of grids and increase in demand for electricity from cleaner energy sources have led to rise in demand for microgrid monitoring. According to the Bloomberg New Energy Finance (BNEF), investment in clean technologies reached USD 138.2 billion in 2018 which has increased the demand for electricity. This would drive the microgrid monitoring market.
Increasing grid installation activities and focus on clean source of energy would drive the microgrid monitoring market. South East Asia is planning to invest USD 9.8 billion in smart grid infrastructure which would result in high levels of microgrids and battery storage market growths. Similarly, Vattenfall (Sweden) is planning to invest USD 2.3 billion from 2019 to 2024 to renew and expand electricity grid. Such developments would in turn have a positive impact on the microgrid monitoring market.
The global microgrid monitoring market is projected to grow at a high rate during the forecast period, mainly due to the rise in renewable energy generation. According to IEA, renewable electricity is set to grow 40% globally by 2022. A further 920 GW of renewable capacity would be installed by 2022 which would drive the microgrid monitoring market globally.
The key players of global microgrid monitoring market are General Electric (US), Exelon Corporation (US), Power Analytics Corporation (US), Homer Energy (US),SEL (US), S&C Electric Company (US), Siemens AG (Germany), Enercon (Germany), ABB (Switzerland), Schneider SE (France), Caterpillar, Inc. (US), and Eaton (Ireland).
Global microgrid monitoring market has been segmented based on type, product, application, and region. Based on product, the market is classified into hardware and software. Hardware segment is leading the market as its usage is increasing significantly to efficiently monitor real-time events of a microgrid system. Moreover, rise in investments in renewable energy activities and rapid urbanization is propelling the growth of hardware segment of microgrid monitoring market. The global microgrid monitoring market is further segmented based on application, including, military, government & utilities, telecom, healthcare, and others. Healthcare segment is estimated to be the largest market for microgrid monitoring during the forecast period. Need for uninterrupted power supply in the healthcare vertical is the key factor contributing to the growth of microgrid monitoring market. Healthcare requires reliable power that is generated in a sustainable manner. Next-generation microgrids offer healthcare facilities the ideal power source for maintaining user experience while optimizing energy consumption.
Global Microgrid Monitoring Market
Global microgrid monitoring market is expected to witness substantial growth during the forecast period owing to increasing demand for secure power supply and increase in grid installations globally. Asia Pacific is estimated to be a prominent region for microgrid monitoring market due to rise in industrialization and urbanization. Similarly, awareness about energy conservation and the need for providing uninterrupted supply of electricity to people in Europe and North America are projected to drive the microgrid monitoring systems market in the coming years. Moreover, North America held the second largest market share in microgrid monitoring in 2017. It has presence of large number of microgrid providers. In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions.
Microgrid monitoring refers to monitoring of all electrical equipment controls, and operations in real time. It also consists of products that are engineered, configured, and standardized with essential auxiliary equipment. It helps in improving the reliability of power supply and aids in energy conservation.
|Market Size||2027: Significant Value|
|CAGR||12.05% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Product and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||General Electric (US), Exelon Corporation (US), Power Analytics Corporation (US), Homer Energy (US),SEL (US), S&C Electric Company (US), Siemens AG (Germany), Enercon (Germany), ABB (Switzerland), Schneider SE (France), Caterpillar, Inc. (US), and Eaton (Ireland)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The microgrid monitoring market is supposed to augment at 12.05% CAGR.
Increasing installation of grids is supposed to drive the growth of the microgrid monitoring market in the near future.
Based on product, the segments of the microgrid monitoring market are hardware and software.
The hardware segment is prognosticated to lead the microgrid monitoring market.
The key participants are General Electric (US), Power Analytics Corporation (US), Exelon Corporation (US), Homer Energy (US), S&C Electric Company (US), SEL (US), Caterpillar, Inc. (US), Siemens AG (Germany), ABB (Switzerland), Enercon (Germany), Schneider SE (France), and Eaton (Ireland).