Market
Highlights
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.
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.
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Key Players
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).
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Segmental
Analysis:
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.
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