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

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).

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. '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.', '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 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.'

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.

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.

Based on region the 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.