Microgrid is a small-scale power grid that operates independently with other power grids. Microgrid monitoring controls all the equipment in microgrid according to safe and stable operational requirements. According to the Department of Energy (DOE), the US suffers power outages wherein microgrids help by providing source of backup power. Moreover, microgrid monitoring help the institutions, businesses, and utilities around the world to become more energy secure and reduce the need to import energy. These advantages would help microgrid monitoring market to witness increase in demand during the forecast period. The global microgrid monitoring market is estimated to expand at 12.05% CAGR during the forecast period. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19 on Microgrid Monitoring Market is included in the present report.The growing demand for microgrid monitoring market is attributed to the rise in renewable energy generation. Factors such as rise in demand for microgrids in China and India in Asia Pacific, a gradual recovery in industrial activities, and government initiatives to provide efficient and safe electricity are expected to drive the microgrid monitoring system market in the coming years. Moreover, developing economies around the world are expected to present opportunities for the market with increasing focus on renewable energy. One of the major restraints for the global microgrid monitoring market includes high installation and maintenance cost of microgid monitoring system.
Industry Segmentation
The microgrid monitoring market has been segmented based on product into hardware and software. Among these types, hardware is the fastest growing segment in the microgrid monitoring market as it efficiently monitors real-time events of microgrid system. Rise in investments in renewable energy activities due to rapid industrialization is also accelerating the growth of microgrid monitoring market.
Based on application, the market is segmented as Utilities, Institutions & Campuses, Commercial & Industrial, and others. Utilities segment is estimated to dominate the microgrid monitoring market during the forecast period. It helps the utilities to maintain and improve the reliability and manage energy use.
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Regional Outlook
Asia Pacific held the largest market share of the global microgrid monitoring market in 2017. It is estimated that Asia-Pacific region would be the fastest growing market during the forecast period, mainly due to the increase in grid installations and rise in electricity generation from renewable sources. Over the years, China has become a strategic center for the development of microgrid monitoring systems. This is projected to boost demand for microgrid monitoring systems in Asia Pacific during the forecast period.
Prominent Players
The key players of the global microgrid monitoring market are General Electric (US), Exelon Corporation (US), Power Analytics Corporation (US), Homer Energy (US), S&C Electric Company (US), Siemens AG (Germany), SEL (US), Enercon (Germany), ABB (Switzerland), Schneider SE (France), Caterpillar, Inc. (US), and Eaton (Ireland.