USD 318.6 million
Microgrid Monitoring System Market Size, Share, Growth Analysis, By Grid Type(On-Grid, Off-Grid), By Component(Software, Hardware), By End User(Residential & Commercial, Industrial, Utility, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55C2010 |
Region:
Global |
Published Date: April, 2024
Pages:
165
|Tables:
89
|Figures:
78
Microgrid Monitoring System Market Insights
Microgrid Monitoring System Market size was valued at USD 318.6 million in 2019 and is poised to grow from USD 358.26 million in 2023 to USD 776.76 million by 2031, growing at a CAGR of 12.33% in the forecast period (2024-2031).
A microgrid is a self-reliant, localized energy system that serves a specific area including a hospital complex, college campus, and business centers. It can operate autonomously without any support from a centralized grid. A smart microgrid can also function when connected to the main grid and even when it is not connected to the main grid, it acts as an electrical island. It helps in the reduction of harmful emissions resulting in optimal use of renewable resources, improved efficiency, and long-term predictable energy cost.
Microgrid Monitoring System helps distribution grid operators to integrate and optimize energy assets in order to lower the overall energy cost of a local distribution grid. It's a microcosm of the larger energy network, but on a smaller scale. Without anticipating a blackout, the Microgrid Control System provides a consistent supply of electricity. It helps the main grid by sharing the load and providing additional support. The integration of various DERs into the power grid has aided the development of microgrids, and as a result, the system has experienced a technical boom after the high penetration of distributed energy resources into power systems. Microgrid monitoring systems are made up of a variety of products that have been designed, set up, and standardized with necessary auxiliary hardware. In the upcoming years, the microgrid monitoring system market is anticipated to be driven by factors such as an increase in demand for microgrids in China and India in the Asia Pacific region, a gradual recovery in industrial activity, and government initiatives to provide reliable and safe electricity.
US Microgrid Monitoring System Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
12.33% CAGR
Global Microgrid Monitoring System Market 2021-2028 ($ Mn)
Country Share for North America Region- 2021 (%)
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Microgrid Monitoring System Market Segmental Analysis
The Global Microgrid Monitoring System market segmentation is done based on grid type, component, end-user, and region. By grid type, the market is segmented into on-grid and off-grid. Based on components, the market is segmented into software and hardware. Based on End Use, the market is segmented into residential & commercial, industrial, utility, and others. based on region the global microgrid monitoring system market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Microgrid Monitoring System Market Analysis by Grid Type
Based on grid type, the market is segmented into on-grid and off-grid. The grid-connected network is typically used to offer energy in accordance with the end needs. user's The grid networks' cost-effectiveness has aided house owners in meeting their power-related needs. Due to electrification in rural regions, it is predicted that the off-grid segment would become the largest share-holder by 2028, as it is self-sufficient and provides electricity security.
Microgrid Monitoring System Market Analysis by Component
Based on component, the Global Microgrid Monitoring System Market is segmented into software and hardware. Hardware components with all physical components are likely to dominate the market in the coming years, as huge power plants such as manufacturing, oil and gas, chemical, and mining have already begun to benefit from the hardware component's effectiveness.
Microgrid Monitoring System Market Analysis by End User
Based on End Use, the market is segmented into residential & commercial, industrial, utility, and others. Each of them is likely to grow their need in the near future, however, the residential and commercial sector has emerged as the most promising segment due to the ease with which home electricity consumption may be met through microgrids. The government's monetary incentives are one of the main causes of the private sector's including residential and commercial segment’s dominance.
Global Microgrid Monitoring System Market By Light Source, 2021 (%)
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Microgrid Monitoring System Market Regional Insights
Based on region the global microgrid monitoring system market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA. North America is the leading region in the Microgrid Monitoring System Market among the four regions, due to the increased emphasis on grid modernization. The regional growth is likely to be driven by factors such as increased power consumption, government regulations on energy efficiency, the rising intake of renewable sources in the energy mix, and restoration and modernization. On the other hand, the Asia-Pacific region is also likely to grow significantly in the upcoming years. Countries like Japan, China, and India will lead to the growth of the Asia Pacific region due to the industrial development and supporting government initiatives such as China’s thirty-five-year plan for electricity development, the National Solar Mission of India, and many other policies.
Global Microgrid Monitoring System Market By Geography, 2021 - 2028
- Largest
- Fastest
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Microgrid Monitoring System Market Dynamics
Microgrid Monitoring System Market Driver
- Increasing investments in transmission and distribution facilities: The market is boosted by rising energy consumption and the requirement for an optimal power supply. The off-grid segment is expected to rise in the coming years due to rising electrification in remote areas. Microgrids are being used to reduce the carbon footprints emitted by industries, which account for 23% of worldwide carbon emissions. Microgrids are being used because of their high efficiency and low carbon generation.
- Rising usage of software to boost the microgrid monitoring system: The rapid use of software for managing and controlling distributed energy resources across diverse end-user categories, such as industrial, healthcare, commercial, and government. The increasing number of cyberattacks on energy systems is fueling industry expansion.
Microgrid Monitoring System Market Restraint
- High installation and maintenance costs of microgrids to hamper the growth: Microgrids' high installation and maintenance costs are projected to stifle market expansion. In addition, there is a lack of standard and legal frameworks for microgrid operations, as well as technical issues in island mode. Building a new microgrid or converting an existing system to a hybrid microgrid can cost anywhere from tens of thousands to hundreds of millions of dollars. The generation assets, such as solar PV arrays, batteries, and/or combined heat and power systems, are the most expensive aspect of a microgrid.
- Investments in grid automation and microgrid monitoring systems that can intelligently monitor and manage all of the components, managing the way the microgrid consumes and generates energy, will also demand a significant amount of capital. Microgrids are more expensive than regular grids since they can store, convert, and recycle energy, as well as provide superior reliability and power quality. This functions as a stumbling block to the microgrid monitoring system market growth.
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Microgrid Monitoring System Market Competitive Landscape
The key players in the microgrid monitoring system market are working on continuous innovation and product portfolio enhancement. Companies are focusing on plotting market strategies, mergers, and acquisitions so as to grow their market share. Some of the prominent players operating in the market include ABB (Switzerland), General Electric Company (US), Siemens AG (Germany), Eaton Corporation Inc. (Ireland), Schneider Electric SE (France), and Honeywell International Inc. (US) among others.
Top Players in Microgrid Monitoring System Market
- ABB Ltd.
- Eaton Corporation PLC
- Honeywell International Inc.
- Schneider Electric SE
- Siemens AG
- General Electric Company
- S&C Electric Company
- Advanced Microgrid Solutions LLC
- Schweitzer Engineering Laboratories Inc.
- Power Analytics Corporation
- Spirae LLC
- Opus One Solutions Energy Corporation
- Powerhive Inc.
- EnSync Inc.
- NRG Energy Inc.
- Toshiba Corporation
- Mitsubishi Electric Corporation
- Hitachi Ltd.
- Panasonic Corporation
- Echelon Corporation.
Microgrid Monitoring System Market Recent Developments
- In June 2022, Chevron completes the acquisition of Renewable Energy Group, acquisition it aims to grow its renewable fuels production capacity to 100,000 barrels per day by 2030. Renewable Energy Group operates 11 biorefineries in the U.S. and Europe and produced 519 million gallons of biofuels in 2020.
- In June 2022, Siemens acquired a minority stake in wireless charging specialist WiTricity for USD 25 million. The two companies seek to bridge gaps in the global standardization of wireless charging for electric passenger and light-duty commercial vehicles, to enable interoperability between vehicles and infrastructure, as well as support market penetration. In addition, they will collaborate on wireless charging systems.
Microgrid Monitoring System Key Market Trends
- Increasing trends of grid-connected systems contribute to market growth. Grid-connected or grid-tied refers to a grid network that is entirely connected and installed to deliver energy in accordance with the needs of the relevant end-user. Most homeowners and small businesses prefer grid-connected microgrid systems to meet their own power needs since they stand out as the most cost-effective option among the available micro-grid alternatives.
Large-scale grid-tied microgrid networks are now common on college campuses, in the military, and in the defense sector, which has accelerated the market's adoption of control systems. Manufacturers have made large investments to create a private network of power in case conventional sources of power go down due to the impending changes toward the evolution of a connected world.
Microgrid Monitoring System Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the off-grid segment is projected to be the largest share-holding segment by 2028, as it is self-sufficient and provides electricity security dominated other segments of the global Microgrid Monitoring System market in 2021, and is anticipated to maintain its dominance throughout the forecast period. On the other hand, in the upcoming years, the Asia-Pacific will continue its dominance in the global microgrid monitoring system market owing to the increased emphasis on grid modernization.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 318.6 million |
| Market size value in 2031 | USD 776.76 million |
| Growth Rate | 12.33% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Microgrid Monitoring System Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Microgrid Monitoring System Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Microgrid Monitoring System Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Microgrid Monitoring System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microgrid Monitoring System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microgrid Monitoring System Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microgrid Monitoring System Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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