USD 16.0 Billion
Report ID: SQSG55C2001 | Region: Global | Published Date: September, 2022 | Pages: 165
Global Microgrid Monitoring System Market was valued at USD 16.0 Billion in 2021, and it is expected to reach USD 42.56 Billion by 2028, at a CAGR of 15.0% over the forecast period (2022–2028).
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.
Global Market Size
USD 16.0 Billion
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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.
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.
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.
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.
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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.
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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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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
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.
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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.
|Market size value in 2021||USD 16.0 Billion|
|Market size value in 2028||USD 42.56 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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