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Dynamic alterations in the Microgrid Monitoring market are due to the increase in microgrid system installations, integration of renewable energy sources and more focus on energy resilience. One of the key factors shaping the dynamics of this market include increase in use of microgrids as decentralised and resilient energy solution. On one hand, microgrids are flexible and provide reliable supply of power being smaller-scale localized power systems which can operate independently or with main grid. Grid disruptions prone regions particularly demand for energy resilience leading to deployment of microgrids hence increasing necessity for efficient monitoring solutions influencing these dynamics positively.
The inclusion of renewable energy sources into microgrid systems is a major driver behind the changing nature of Microgrid Monitoring market. Often, in trying to reduce carbon emissions and promote sustainability, solar and wind power among other renewables will be involved in many microgrids. The performance optimization of these renewable assets within microgrids greatly rely on monitoring solutions. This makes market dynamics to assume the shape they do because it is necessary even monitor and manage variations in clean and sustainable source availability.
Government initiatives along with incentives that foster growth of microgrid projects are among the factors that affect market dynamics greatly. Numerous governments worldwide appreciate importance attributed to having such establishments for purposes like achieving energy security, improving grid resilience, and enabling penetration by renewable energies. Investment into microgrid schemes is being promoted through a variety incentives program, subsidies as well as favourable regulatory structures thus creating an enabling business environment for Microgrid Monitoring markets’ expansion. This support is behind market dynamics since governments prioritise sustainable and resilient forms of energy thus advocating for installation various types.
Furthermore, rising consciousness on vulnerability aspects inherent within traditional electricity grids regarding both natural catastrophe impact plus cyber threats depicts where Market Dynamics go concerning Microgrid Monitoring industry also rises out from this situation. As compared to centralised grids, advanced control & monitoring systems equipped on micro-grids offer a stronger option during instances such as storms attacks. During such electricity outages, a microgrid makes it possible to continue power supply to places like hospitals and data centres that cannot afford blackouts. The growing need for improved energy resilience in the face of climate-related challenges and cyber security threats has led to increased use of microgrid monitoring solutions thereby influencing these market dynamics.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2023-2030 |
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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