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The Microgrid Monitoring market is witnessing robust growth due to changing dynamics in the field of energy where decentralization has become key word towards sustainability. Various companies are constantly seeking to strategically position themselves in the market so that they can capture a significant part of the market. For instance, one way is by differentiation, through which firms distinguish their microgrid monitoring solutions from those of their rivals. In this case, one may offer distinguishing features such as advanced analytics, real-time monitoring capabilities and integration with renewable energy sources. By giving unique attributes to their microgrid-monitoring systems, companies target utilities and communities who are looking for more efficient energy management tools.
On the other hand, cost leadership also plays a key role in Microgrid Monitoring market. The company optimizes software development processes, utilizes cloud-based solutions and seeks economies of scale to be able to provide monitoring systems at an affordable price to customers. This approach has proved highly attractive to value-conscious utilities and enterprises especially in areas where budgetary considerations are paramount during investments on microgrids. Consequently, such players’ aim is to deliver inexpensive but strong monitoring systems that will enable them spread across wider markets where low costs are important factor influencing choice of energy management solution.
Innovation plays a vital part in positioning market shares for the Microgrid Monitoring sector. These firms spend on research and development to come up with advanced technologies, e.g., machine learning algorithms, predictive analytics or cybersecurity features. By doing this, they not only serve the changing needs of customers but also establish themselves as the leaders in smart energy management. Consequently, this can attract utilities and business entities that need cutting-edge microgrid monitoring solutions that align with the latest developments in energy technology and digitalization.
Collaboration and partnerships bring out a strategic approach in Microgrid Monitoring industry. Alliances with utilities, energy service providers or other participants in the energy ecosystem create synergies and expand the market reach. Consequently, companies that incorporate their microgrid monitoring solutions into broader energy infrastructure while working together with major players in the industry can improve its visibility as well as credibility among many clients. This strategy is especially effective when there is seamless integration within present energy systems and collaboration with reputable energy services providers are among key factors influencing adoption choices.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Growing demand in microgrids in Healthcare, Military, and Government sector Increasing government investments in microgrid projects |
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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