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The Microgrid Monitoring market growth rates are influenced by several factors working together. One major driver behind this is the growing interest in resilient distributed generation systems. The central grid can be completely bypassed through microgrids which represent small-scale localized power systems capable of generating storing and distributing electricity autonomously. Thus, the demand for efficient microgrid-monitoring technologies rises given concerns about grid reliability issues climate change as well as secure supply sources.
The technological advancement such as sensors; electronic communication devices like IoT (internet of things), communication technology etc have been seen to impact on the dynamics within Microgrid Monitoring market considerably. With constant improvement on monitor systems it becomes possible for real-time control over how different components within a unit function. Advanced manufacturer-supported R&D investments help create smart microgrid monitoring technologies enhancing system efficiency while improving its reliability and overall performance respectively. Smart sensors ,internet od things (IoT) gadgets {Things}),and improved analysis{(analytics)} contribute to better monitoring and control functions of the microgrid operators.
Regulatory frameworks as well as government incentives play a key role in shaping the market of Microgrid Monitoring. Worldwide, governments and regulatory agencies have begun implementing policies that promote adoption of microgrids thereby enhancing energy resilience while supporting renewable energy integration. Any incentive for adopting a microgrid monitoring solution is thus tied to wider initiatives aimed at renovating the energy infrastructure and ultimately relieving sustainable power practices.
Economic factors such as energy costs affect the Microgrid Monitoring market. For instance, industries and communities evaluate whether it makes economic sense to establish microgrids depending on factors such as reliability, potential savings and cost of energy. They are attractive investments especially in regions with either high electricity prices or unreliable distribution networks due to their ability to optimize energy usage, manage peak demand and lower operations expenses."
Environmental considerations along with an increasing use of renewable sources shape the dynamics within Microgrid Monitoring markets. In other words, microgrids are often made up of both conventional generation sources plus a mix of renewable ones like renewable energy storage systems for stable power supply provision. These solutions play a major role in ensuring efficient operation and successful integration of renewable sources into microgrids which lead to reduction in overall carbon emissions thereby reducing environmental impact."
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Product and Application |
Microgrid Monitoring Market Highlights:
Microgrid monitoring market is expected to grow at a CAGR of 10.73%, with a valuation of USD 679.3 Billion during the forecast period (2024–2032).
Microgrid Monitoring Market Scenario
The microgrid monitoring market is expected to grow at a significant rate during the forecast period. The term microgrid monitoring refers to the real-time monitoring of all electrical equipment controls and activities. It also includes goods that have been engineered, configured, and standardized to include necessary auxiliary equipment. It contributes to increased power supply dependability and energy conservation. Microgrid monitoring has become more popular as the number of grids installed and the need for electricity from cleaner energy sources has increased.
Factors driving the microgrid market's growth include a growing focus on decarbonization by various end-users and governments, increased need for reliable electricity, expanding adoption of microgrids for rural electrification, and an increase in cyberattacks on energy systems. Government initiatives to stimulate the construction of microgrids are also boosting the industry's growth. However, the power plants' limitations in terms of inefficient power transmission have grown more apparent. Traditional systems rely heavily on fossil fuels to generate energy, resulting in pollution and global warming. Natural disasters can potentially pose a threat to these grids, resulting in network outages or blackouts.
Increasing grid installation activities and focus on clean source of energy would drive the microgrid monitoring market. South East Asia is planning to invest USD 9.8 billion in smart grid infrastructure which would result in high levels of microgrids and battery storage market growths. Similarly, Vattenfall (Sweden) is planning to invest USD 2.3 billion from 2019 to 2024 to renew and expand electricity grid. Such developments would in turn have a positive impact on the microgrid monitoring market.
Microgrid Monitoring Market Key Players
The key players of global microgrid monitoring market are General Electric (US), Exelon Corporation (US), Power Analytics Corporation (US), Homer Energy (US),SEL (US), S&C Electric Company (US), Siemens AG (Germany), Enercon (Germany), ABB (Switzerland), Schneider SE (France), Caterpillar Inc. (US), and Eaton (Ireland).
Industry News
- EconiQTM, Hitachi ABB Power Grids' range of products, services, and solutions that have been proven to offer superior environmental performance, was launched in April 2021. The corporation is reaffirming its commitment to a carbon-free energy future through EconiQ.
- In April 2021, Hitachi ABB Power Grids Ltd. and GE Renewable Energy's Grid Solutions company announced a cross-licensing agreement for the use of a substitute for the sulfur hexafluoride (SF6) gas used in high voltage equipment. Both firms will exchange intellectual property relating to their respective SF6-free technologies, which will be complementary.
- Hitachi ABB Power Grids Ltd. reported in May 2021 that it had received an order from Windtel, a Poland-based construction business, to deliver a high-voltage grid link for the Witnica Solar Park in northern Poland, which has a capacity of 65 megawatts (MW).
The global microgrid monitoring market is projected to grow at a high rate during the forecast period, mainly due to the rise in renewable energy generation. According to IEA, renewable electricity is set to grow 40% globally by 2022. A further 920 GW of renewable capacity would be installed by 2022 which would drive the microgrid monitoring market globally.
Microgrid Monitoring Market Segmentation
Global microgrid monitoring market has been segmented based on type, product, application, and region. Based on product, the market is classified into hardware and software. Hardware segment is leading the market as its usage is increasing significantly to efficiently monitor real-time events of a microgrid system. Moreover, rise in investments in renewable energy activities and rapid urbanization is propelling the growth of hardware segment of microgrid monitoring market. The global microgrid monitoring market is further segmented based on application, including, military, government & utilities, telecom, healthcare, and others. Healthcare segment is estimated to be the largest market for microgrid monitoring during the forecast period. Need for uninterrupted power supply in the healthcare vertical is the key factor contributing to the growth of microgrid monitoring market. Healthcare requires reliable power that is generated in a sustainable manner. Next-generation microgrids offer healthcare facilities the ideal power source for maintaining user experience while optimizing energy consumption.
Microgrid Monitoring Market Analysis
Global microgrid monitoring market is expected to witness substantial growth during the forecast period owing to increasing demand for secure power supply and increase in grid installations globally. Asia Pacific is estimated to be a prominent region for microgrid monitoring market due to rise in industrialization and urbanization. Similarly, awareness about energy conservation and the need for providing uninterrupted supply of electricity to people in Europe and North America are projected to drive the microgrid monitoring systems market in the coming years. Moreover, North America held the second largest market share in microgrid monitoring in 2017. It has presence of large number of microgrid providers. In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions.
Microgrid monitoring refers to monitoring of all electrical equipment controls, and operations in real time. It also consists of products that are engineered, configured, and standardized with essential auxiliary equipment. It helps in improving the reliability of power supply and aids in energy conservation.
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