Microgrid Monitoring System Market - Global Industry Analysis, Size 2025
Increasing
global demand for energy spurred by rapid industrialization and
economic growth is expected to be one of the major growth drivers of the
global micro grid monitoring market. To achieve the goal of energy
security, governments across the world are investing in sustainable
energy development projects.
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The
micro grid power generation system consists of grouping of generating
sources and end-use sinks that are placed and operated for the benefit
of its members. Power can be generated through solar cell panels, grid
inverters, wind power generation systems and intelligent switches.
Furthermore a microgrid provides numerous economic, technical,
environmental, and social benefits to the stakeholders of the microgrid.
Economic and technical benefits offered by microgrids include improved
power quality and reliability, reduced emissions, and improved energy
efficiency. A shift towards renewable or low-emission fuels is one of
the major environmental benefits, which can be achieved through the
deployment of microgrids. Several social benefits of microgrids include:
electrification of remote or underdeveloped areas and creation of new
research and development projects and job opportunities.
The
burgeoning demand for power, along with an increased need for secure,
reliable, and emission-free power propels the demand for microgrids. The
advantage of energy storage technology has enabled microgrids to work
independently. As a result, microgrids can be installed in remote
geographical locations, which are not connected to the main grid.
Currently, microgrids are used by militaries, universities, and
commercial and industrial users to provide primary or backup power.
Increasing power outages, fluctuating cost, and supply of fossil fuels
and concerns related to energy security have encouraged users to
incorporate renewable energy generation into their energy portfolios.
Increase
in demand for power coupled with rise in clean technologies has driven
researchers to develop distributed power generation systems using
renewable energy sources. This has further increased apprehensions
towards the monitoring system which monitors the real time running
status of all equipment, and controls them according to the safe and
stable operation requirements. The microgrid monitoring system can be
further divided into hardware and software systems. The hardware type
monitoring system includes equipment for communication, control
interface, and Industrial personal computers. The software type includes
LabVIEW programming software, which is based on a data flow graphical
development platform.
Based
on region, the microgrid monitoring system market can be classified
into North America, Latin America, Europe, Middle East & Africa, and
Asia Pacific. Asia Pacific is expected to dominate the microgrid
monitoring system market during the forecast period due to the rise in
demand for automated grid system and enhancement in microgrid
connectivity through the integration of IoT activities. Various policy
support for exploration could boost the investments in the market. The
microgrid monitoring system market in countries such as China, India,
Japan, Vietnam, Malaysia, Thailand, and Australia is likely to witness
significant growth during the forecast period. North America holds the
major share of the global microgrid monitoring system market, led by the
strong support for microgrid development from the U.S. and Canadian
governments. Additionally, various large players and startups in the
region are investing significantly for technological enhancement of
microgrid.
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Key
players operating in the Microgrid Monitoring System Market are ABB,
General Electric, Eaton Corporation, Siemens AG, Exelon Corporation, and
Schneider Electric, Caterpillar Inc., Power Analytics Corporation,
HOMER Energy LLC, and S&C Electric Company.
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