Global Microgrid Monitoring Market Overview
According
to an exhaustive study conducted by Market Research Future, the global microgrid monitoring 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.
The concept
of microgrid monitoring implies monitoring of all electrical equipment
controls, and operations in real time. It also includes products that are
configured, standardized, and engineered. This is done with the help of
essential auxiliary equipment. It assists in enhancing the reliability of power
supply and encouraging energy conservation. Surging rate of installation of
grids and rise in demand for electricity from cleaner energy sources have paved
the way for increased demand for microgrid monitoring.
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As per the
Bloomberg New Energy Finance (BNEF), investment in clean technologies attained
USD 138.2 billion in 2018. It, in turn, has propelled the demand for
electricity. Consequently, the microgrid monitoring market witnessed increasing
demand.
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.
Global Global Microgrid
Monitoring Industry 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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