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.
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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.
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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.
Scope of the Report
This research report provides insights
into various levels of analysis, such as industry analysis and market share
analysis for the leading industry competitors, along with their profiles. It
also helps in studying the target segments by providing views on the emerging
& high-growth segments. The market data comprises the basic assessment of
the competitive scenarios and strategies in the global microgrid monitoring
market, including high-growth regions and/or countries, and political and
economic environments. The project report further provides both – historical
market values and pricing & cost analysis
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