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).

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.