The global microgrid monitoring systems market, valued at approximately US$472 million in 2022, is projected to experience substantial growth and reach a valuation of over US$1,328.8 million by the end of 2029. Between 2022 and 2029, the market is anticipated to witness a robust CAGR of 15.9%.
Rapid Growth in Renewable Energy Sector Boosts Adoption of Microgrid Monitoring Systems:
As the global energy landscape undergoes significant transformation, microgrids have emerged as an ideal solution for ensuring a steady power supply, especially in remote areas. The expansion of the renewable energy sector, coupled with the need for efficient monitoring systems to manage microgrids, is driving the growth of the microgrid monitoring systems market. Furthermore, initiatives such as the Global Energy Interconnection (GEI) are facilitating major power interconnections regionally and internationally, aiming to modernize electricity networks and meet the worlds growing energy demands.
Key Role of Microgrid Monitoring Systems:
Microgrid monitoring systems play a crucial role in ensuring the safe and reliable operation of microgrids. These systems monitor real-time data and regulate equipment to maintain safe operational conditions. They are essential for optimizing the use of renewable energy sources and minimizing carbon footprints. The increasing demand for cleaner and more sustainable energy solutions is expected to drive the growth of the microgrid monitoring systems market.
Renewable Power Grid-Integration Projects Drive Market Growth:
The declining costs of renewable energy technologies and energy storage, coupled with the focus on smart grids and asset management, are contributing to the expansion of the microgrid monitoring systems market. Governments worldwide are committing to universal electrification, and favorable policy frameworks are encouraging the deployment of microgrid monitoring systems. Asset management remains a key driver for the adoption of these systems.
Shift Towards Software Solutions Expected:
- Hardware vs. Software: While hardware components currently dominate the microgrid monitoring systems market, software solutions are expected to witness significant growth. Software programs in microgrid monitoring systems play a vital role in real-time monitoring and control. Increasing investment in software development for microgrid monitoring is anticipated to drive this segments growth during the forecast period.
Applications Across Various Sectors:
- Remote Areas Lead: In 2021, remote applications constituted the largest segment in the microgrid monitoring systems market, accounting for over 42% of the global market. Remote microgrids provide uninterruptible backup power for critical infrastructure in remote locations, making them essential for ensuring power reliability in such areas.
- Military Microgrids: The military microgrid segment is expected to grow lucratively in the market due to increased investments in security and defense-related data. Microgrids offer an alternative for ensuring power reliability and security.
Asia Pacific Emerging as a Key Market:
- North America Dominates: In 2021, North America dominated the microgrid monitoring systems market, representing 36.3% of the global market share. The regions growth is attributed to investments in microgrid networks, especially for integrating renewable energy sources.
- Asia Pacific Growth: Asia Pacific is expected to surpass North Americas demand for microgrid monitoring systems by 2024. The regions growth is driven by the increasing need for secure electricity generation, transmission, and distribution, particularly in countries like India and China.
Global Microgrid Monitoring Systems Market: Competitive Landscape:
Key players in the global microgrid monitoring systems market include GE, Mitsubishi Heavy Industries, Ltd., Siemens AG, Toshiba Corporation, ABB Ltd., Eaton Corporation, Power Analytics Corporation, Exelon Corporation, Schneider Electric SE, Caterpillar Inc., and HOMER Energy LLC. These companies are actively participating in the market through various growth strategies to strengthen their market presence.
Browse Global Microgrid Monitoring Systems Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2029 (By Type Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/microgrid-monitoring-systems-market
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This press release first seen on Brilad
COMTEX_440956528/2840/2023-09-26T04:53:17
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