The ‘Global Microgrid Monitoring System Market Size, Share, Demand, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global microgrid monitoring system market, assessing the market on the basis of its segments like grid type, component, application, and major regions.
Global Microgrid Monitoring System Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 12.40%
Expansion of microgrid networks and increasing demand for reliable energy are driving the growth of the microgrid monitoring system market. The adoption of microgrids is on the rise as they offer increased reliability of electricity supply and can lower overall energy costs. Microgrid monitoring systems are becoming an essential component of microgrids because of their ability to examine microgrid performance and identify any potential concerns with microgrid operations.
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Industrial applications account for a sizable share of the market for microgrid monitoring systems as more industries adopt microgrids to combat fluctuations in power frequency and voltage. In electricity-critical sectors, microgrids are utilised to remove dependence from overall main grids while providing reliable electricity at reasonable costs. Industrial end users are equipping microgrids with efficient microgrid monitoring systems to ensure seamless operations.
Rising focus towards sustainability and renewable energy generation are anticipated to offer lucrative opportunities to the microgrid monitoring system market in the coming years. The growing affordability of renewable energy technologies and systems for energy storage are increasing the utilisation of microgrids that are integrated with renewable energy sources. The demand for microgrid monitoring systems for renewable energy microgrids is surging as these systems can aid in optimising the generation and management of renewable energy.
Microgrid Monitoring System Industry Definition and Major Segments
A microgrid monitoring system comprises of software and hardware tools that are utilised to monitor energy flow within microgrids to ensure adequate functioning. The hardware of a microgrid monitoring system includes sensors, data recorders, and communication devices to collect, store, and transmit data while software tools are used to analyse the display the data.
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Based on grid type, the market is divided into:
On the basis of application, the market is classified into:
- Residential and Commercial
By region, the market is categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Microgrid Monitoring System Market Trends
Advancements in technology of microgrid monitoring systems is among the key trends influencing the microgrid monitoring system market. With the rising popularity of smart grids, microgrid monitoring systems are increasingly being equipped with advanced sensors, hardware, and software capabilities, bolstering their capabilities. Integration of microgrid monitoring systems with artificial intelligence and machine learning would further boost the functionalities of these systems. Artificial intelligence and machine learning can aid in identifying problem areas accurately and quickly, thereby further reducing downtime and challenges with microgrids. Flexible microgrid monitoring systems would also have wider compatibilities with grid types, supporting scalability and expansion as needed.
Regionally, the Asia Pacific occupies a growing share of the global microgrid monitoring system market, supported by increasing development of microgrids across countries in the region. Countries such as China, Japan, and South Korea are increasingly deploying microgrids in rising industries such as healthcare and life sciences, manufacturing, and oil and gas. Accordingly, there is a growing demand for microgrid monitoring systems to optimise the performance of microgrids. In the Asia Pacific, countries including the Philippines, Myanmar, and Indonesia are utilising remote microgrids as a cost-effective alternative to grid extension in rural areas, further increasing the demand for microgrid monitoring systems.
Key Market Players
The major players in the global microgrid monitoring system market report are Schneider Electric SE, ABB Ltd, Emerson Electric Co., Bloomy Controls, Inc., ELM Fieldsight, LLC, and Siemens AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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