Microgrid
Monitoring System Market Overview
According to an exhaustive study conducted by
Market Research Future, the Microgrid
Monitoring System Market is estimated to develop at
12.05% CAGR over the forecast period. The global microgrid monitoring market is expected to expand at a
promising rate over the forecast period, owing to the surge in renewable energy
generation. As per IEA, by 2022, renewable electricity is estimated to develop
at 40% globally. By 2022, a further 920 GW of renewable capacity would be
installed that is expected to drive the microgrid monitoring market globally.
Surging grid installation activities coupled with focus on clean source of
energy is likely to accelerate the microgrid monitoring market. South East Asia
has plans to invest USD 9.8 billion in smart grid infrastructure. This would
eventually fuel the battery storage and microgrid market growths. Likewise,
Vattenfall (Sweden) has plans to invest USD 2.3 billion from 2019 to 2024 to
expand and renew electricity grid. Such steps are estimated to influence the
microgrid monitoring market positively.
Market
Segmentation
Global
microgrid
monitoring market is segmented based on product, type, region, and
application. Based on product, the market is segmented into software and
hardware. Hardware segment is driving the market as its application is
increasing substantially. It is used in monitoring real-time events of a
microgrid system. Furthermore, growth in investments toward rapid urbanization
and renewable energy activities is spurring the development of the hardware
segment of microgrid monitoring market. Based on application, the global
microgrid monitoring market is segmented government & utilities, military,
telecom, healthcare, and others. Healthcare segment is anticipated to hold the
largest share of microgrid monitoring market over the forecast period.
Requirement for uninterrupted power supply in the healthcare sector is the key
force contributing to the development of microgrid monitoring market.
Healthcare sector demands reliable power that is generated through sustainable
means. Next-generation microgrids provide healthcare sectors with the ideal
power source for having enhanced user experience while optimizing energy usage.
Regional
Analysis
Global
microgrid monitoring market is likely to experience significant developments
over the forecast period due to growing demand for increasing grid
installations and secure power supply globally. Asia Pacific is expected to
reflect a prominent share of microgrid monitoring market owing to surge in
urbanization and industrialization. Similarly, concerns related to energy
conservation and the requirement for offering uninterrupted supply of power to
people in North America and Europe are anticipated to propel the microgrid
monitoring systems market over the coming years. Additionally, in 2017, North
America represented the second largest market share in microgrid monitoring.
Besides, a large number of microgrid providers existing in the market plays
crucial role in encouraging the microgrid monitoring market. National
Instruments (NI) started an Industrial Internet of Things (IIoT) lab in Austin,
Texas, during January 2017, where companies work in collaboration to experiment
with solutions. Such approaches are also responsible for driving the microgrid
monitoring market to a large extent.
Key
Players
The global microgrid monitoring market is
dominated by key players such as Exelon Corporation (US), General Electric
(US), Homer Energy (US), Power Analytics Corporation (US), S&C Electric
Company (US), SEL (US), Siemens AG (Germany), ABB (Switzerland), Enercon
(Germany), Caterpillar, Inc. (US), Eaton (Ireland), and Schneider SE (France).
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