A new market study, titled “Global Microgrid Monitoring Market Size, Status and Forecast 2020-2023” has been featured on Market Research Future.
Global Microgrid Monitoring Market Overview
According to an exhaustive study conducted by Market Research Future, the global microgrid monitoring market is estimated to develop at 12.05% CAGR over the forecast period. The global microgrid monitoring market is expected to expand at a promising rate over the forecast period, owing to the surge in renewable energy generation.
The concept of microgrid monitoring implies monitoring of all electrical equipment controls, and operations in real time. It also includes products that are configured, standardized, and engineered. This is done with the help of essential auxiliary equipment. It assists in enhancing the reliability of power supply and encouraging energy conservation. Surging rate of installation of grids and rise in demand for electricity from cleaner energy sources have paved the way for increased demand for microgrid monitoring.
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As per the Bloomberg New Energy Finance (BNEF), investment in clean technologies attained USD 138.2 billion in 2018. It, in turn, has propelled the demand for electricity. Consequently, the microgrid monitoring market witnessed increasing demand.
As per IEA, by 2022, renewable electricity is estimated to develop at 40% globally. By 2022, a further 920 GW of renewable capacity would be installed that is expected to drive the microgrid monitoring market globally. Surging grid installation activities coupled with focus on clean source of energy is likely to accelerate the microgrid monitoring market. South East Asia has plans to invest USD 9.8 billion in smart grid infrastructure. This would eventually fuel the battery storage and microgrid market growths. Likewise, Vattenfall (Sweden) has plans to invest USD 2.3 billion from 2019 to 2024 to expand and renew electricity grid. Such steps are estimated to influence the microgrid monitoring market positively.
Global Global Microgrid Monitoring Industry Segmentation
Global microgrid monitoring market is segmented based on product, type, region, and application.
Based on product, the market is segmented into software and hardware. Hardware segment is driving the market as its application is increasing substantially. It is used in monitoring real-time events of a microgrid system. Furthermore, growth in investments toward rapid urbanization and renewable energy activities is spurring the development of the hardware segment of microgrid monitoring market.
Based on application, the global microgrid monitoring market is segmented government & utilities, military, telecom, healthcare, and others. Healthcare segment is anticipated to hold the largest share of microgrid monitoring market over the forecast period. Requirement for uninterrupted power supply in the healthcare sector is the key force contributing to the development of microgrid monitoring market. Healthcare sector demands reliable power that is generated through sustainable means. Next-generation microgrids provide healthcare sectors with the ideal power source for having enhanced user experience while optimizing energy usage.
Global microgrid monitoring market is likely to experience significant developments over the forecast period due to growing demand for increasing grid installations and secure power supply globally. Asia Pacific is expected to reflect a prominent share of microgrid monitoring market owing to surge in urbanization and industrialization. Similarly, concerns related to energy conservation and the requirement for offering uninterrupted supply of power to people in North America and Europe are anticipated to propel the microgrid monitoring systems market over the coming years.
Additionally, in 2017, North America represented the second largest market share in microgrid monitoring. Besides, a large number of microgrid providers existing in the market plays crucial role in encouraging the microgrid monitoring market. National Instruments (NI) started an Industrial Internet of Things (IIoT) lab in Austin, Texas, during January 2017, where companies work in collaboration to experiment with solutions. Such approaches are also responsible for driving the microgrid monitoring market to a large extent.
The global microgrid monitoring market is dominated by key players such as Exelon Corporation (US), General Electric (US), Homer Energy (US), Power Analytics Corporation (US), S&C Electric Company (US), SEL (US), Siemens AG (Germany), ABB (Switzerland), Enercon (Germany), Caterpillar, Inc. (US), Eaton (Ireland), and Schneider SE (France).
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