Microgrid
is a small-scale power grid that operates independently with other power grids.
Microgrid monitoring controls all the equipment in microgrid according to safe
and stable operational requirements. According to the Department of Energy
(DOE), the US suffers power outages wherein microgrids help by providing source
of backup power. Moreover, microgrid monitoring help the institutions,
businesses, and utilities around the world to become more energy secure and
reduce the need to import energy. These advantages would help microgrid
monitoring market to witness increase in demand during the forecast period. The
Global
Microgrid Monitoring Market is estimated to expand at 12.05% CAGR
during the forecast period.
The
growing demand for microgrid monitoring market is attributed to the rise in
renewable energy generation. Factors such as rise in demand for microgrids in
China and India in Asia Pacific, a gradual recovery in industrial activities,
and government initiatives to provide efficient and safe electricity are
expected to drive the microgrid monitoring system market in the coming years.
Moreover, developing economies around the world are expected to present
opportunities for the market with increasing focus on renewable energy. One of
the major restraints for the global microgrid monitoring market includes high
installation and maintenance cost of microgid monitoring system.
Industry Segmentation
The
microgrid monitoring market has been segmented based on product into hardware
and software. Among these types, hardware is the fastest growing segment in the
microgrid monitoring market as it efficiently monitors real-time events of
microgrid system. Rise in investments in renewable energy activities due to
rapid industrialization is also accelerating the growth of microgrid monitoring
market.
Based
on application, the market is segmented as Utilities, Institutions &
Campuses, Commercial & Industrial, and others. Utilities segment is
estimated to dominate the microgrid monitoring market during the forecast
period. It helps the utilities to maintain and improve the reliability and
manage energy use.
Regional Outlook
Asia
Pacific held the largest market share of the global microgrid monitoring market
in 2017. It is estimated that Asia-Pacific region would be the fastest growing
market during the forecast period, mainly due to the increase in grid
installations and rise in electricity generation from renewable sources. Over
the years, China has become a strategic center for the development of microgrid
monitoring systems. This is projected to boost demand for microgrid monitoring
systems in Asia Pacific during the forecast period.
Prominent Players
The
key players of the global microgrid monitoring market are General Electric
(US), Exelon Corporation (US), Power Analytics Corporation (US), Homer Energy
(US), S&C Electric Company (US), Siemens AG (Germany), SEL (US), Enercon
(Germany), ABB (Switzerland), Schneider SE (France), Caterpillar, Inc. (US),
and Eaton (Ireland.
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