A December report by the analyst sheds light on how the growth of microgrid monitoring systems market will unfold over the course of next few years. Surpassing the valuation of US$472 Mn in the year 2022, global microgrid monitoring systems market is all set for a whopping 2.8x expansion in revenue through the end of 2029. The report foresees a spike in market value owing to the critically rising need for uninterrupted supply of electricity, especially across the developing regions.
While the developed western markets continue to be at the forefront of adoption, the market will witness the rise of Asia Pacific, and the Middle East and Africa as lucrative pockets for investors, says the report. It also highlights a growing trend of self-sufficient microgrids that are recently gaining popularity in line with the consistent drop in prices of energy storage technology, and renewable energy. Mounting deployment rates of renewable energy microgrids further boost microgrid monitoring systems market growth, states the report.
Key Research Insights and Trends Across Global Microgrid Monitoring Systems Market
- Over 5,000 microgrid projects were recorded to be operating worldwide in 2021
- Investments in the renewables sector shoot up with the Net Zero carbon emission targets set by the various nations, in turn, setting stage for microgrid facilities
- The market is all set for a robust 15.9% growth in revenue by 2029 end
- Hardware segment accounts for over 60% market share, whereas remote application segment leads with more than 42% market value share
- North America and Europe remain on the bandwagon with notable number of active microgrid facilities
- Global industry leaders include GE, Mitsubishi Heavy Industries, Ltd., Siemens AG, Toshiba Corporation, ABB Ltd., Eaton Corporation, Schneider Electric SE, and Caterpillar Inc.
Remote Microgrids Dominant in Microgrid Monitoring Systems Market, Military Application Grows Profitable
Hardware that enables real-time efficient tracking remains the leading segment in terms of microgrid type. The report further discusses the market analysis based on the application. Among utility, community, remote, military, institution, and commercial/industrial, the report marks dominance of the remote application segment that accounts for more than 42% market value share. With remote microgrids witnessing growth in adoption for application in critical power infrastructure across villages, offshore sites, and forest areas, the remote microgrid segment will retain the lead in microgrid monitoring market. The military microgrid segment is also likely to grow lucrative in the light of consistently amplifying national defense and security spendings.Asia Pacific to Emerge Strong in Microgrid Monitoring Systems Market Despite North America’s Continued Lead
Based on the number of operational microgrid facilities, North America will continue to lead with a market value share of over 36% throughout the period of assessment. Although the microgrids are currently contributing a mere 0.2-0.3% to the overall electricity generation of the US, research anticipates over 2x growth in the same by 2025 end. This is likely to complement the growth of microgrid monitoring systems market of North America. Rising digital technology integration, and rising prominence of distributed energy generators further uphold the buoyancy of the market, says the report. Investments in building an efficient microgrid network are constantly on the rise. The market here will also benefit from increasing integration of renewable energy sources. On the other hand, Europe also remains an important market with around 13 microgrid facilities. The strongest growth potential is however spotted in Asia Pacific. Exceptional growth in renewables sector, and greater emphasis on the uninterrupted, secure electricity supply will largely contribute toward the growth of microgrid monitoring systems market across Asia Pacific. China alone houses around 50 active microgrid facilities in addition to several in the pipeline. The region may outperform North America through the end of forecast year, 2029, estimates the report.Leading Market Players
Some of the leading players that steer the global microgrid monitoring systems market space have been subject to detailed strategic profiling, and competitive analysis. A few of the profiled company names include Mitsubishi Heavy Industries, Ltd., GE, Siemens AG, Toshiba Corporation, ABB Ltd., Power Analytics Corporation, Exelon Corporation, Eaton Corporation, Schneider Electric SE, HOMER Energy LLC., and Caterpillar Inc.Table of Contents
1. Executive Summary 1.1. Global Microgrid Monitoring Systems Market Snapshot 1.2. Future Projections 1.3. Key Market Trends 1.4. Analyst Recommendations 2. Market Overview 2.1. Market Definitions and Segmentations 2.2. Market Dynamics 2.2.1. Drivers 2.2.2. Restraints 2.2.3. Market Opportunities 2.2.4. Economic Trends 2.3. Value Chain Analysis 2.4. Porter’s Five Forces Analysis 2.5. COVID-19/Russia-Ukraine War Impacts 2.5.1. Supply Chain 2.5.2. Application Customer Impact Analysis 3. Price Trends Analysis 4. Global Microgrid Monitoring Systems Market Outlook, 2018 - 2029 4.1. Global Microgrid Monitoring Systems Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 4.1.1. Key Highlights 4.1.1.1. Hardware 4.1.1.2. Software 4.1.2. BPS Analysis/Market Attractiveness Analysis, by Type 4.2. Global Microgrid Monitoring Systems Market Outlook, by Application, Value (US$ Mn), 2018 - 2029 4.2.1. Key Highlights 4.2.1.1. Community 4.2.1.2. Institution 4.2.1.3. Utility 4.2.1.4. Remote 4.2.1.5. Commercial/Industrial 4.2.1.6. Military 4.2.2. BPS Analysis/Market Attractiveness Analysis, by Application 4.3. Global Microgrid Monitoring Systems Market Outlook, by Region, Value (US$ Mn), 2018 - 2029 4.3.1. Key Highlights 4.3.1.1. North America 4.3.1.2. Europe 4.3.1.3. Asia Pacific 4.3.1.4. Latin America 4.3.1.5. Middle East & Africa 4.3.2. BPS Analysis/Market Attractiveness Analysis, by Region 5. North America Microgrid Monitoring Systems Market Outlook, 2018 - 2029 5.1. North America Microgrid Monitoring Systems Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 5.1.1. Key Highlights 5.1.1.1. Hardware 5.1.1.2. Software 5.2. North America Microgrid Monitoring Systems Market Outlook, by Application, Value (US$ Mn), 2018 - 2029 5.2.1. Key Highlights 5.2.1.1. Community 5.2.1.2. Institution 5.2.1.3. Utility 5.2.1.4. Remote 5.2.1.5. Commercial/Industrial 5.2.1.6. Military 5.3. North America Microgrid Monitoring Systems Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 5.3.1. Key Highlights 5.3.1.1. U.S. Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 5.3.1.2. Canada Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 6. Europe Microgrid Monitoring Systems Market Outlook, 2018 - 2029 6.1. Europe Microgrid Monitoring Systems Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 6.1.1. Key Highlights 6.1.1.1. Hardware 6.1.1.2. Software 6.2. Europe Microgrid Monitoring Systems Market Outlook, by Application, Value (US$ Mn), 2018 - 2029 6.2.1. Key Highlights 6.2.1.1. Community 6.2.1.2. Institution 6.2.1.3. Utility 6.2.1.4. Remote 6.2.1.5. Commercial/Industrial 6.2.1.6. Military 6.3. Europe Microgrid Monitoring Systems Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 6.3.1. Key Highlights 6.3.1.1. Russia Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 6.3.1.2. France Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 6.3.1.3. U.K. Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 6.3.1.4. Germany Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 6.3.1.5. Italy Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 6.3.1.6. Rest of Europe Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 7. Asia Pacific Microgrid Monitoring Systems Market Outlook, 2018 - 2029 7.1. Asia Pacific Microgrid Monitoring Systems Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 7.1.1. Key Highlights 7.1.1.1. Hardware 7.1.1.2. Software 7.2. Asia Pacific Microgrid Monitoring Systems Market Outlook, by Application, Value (US$ Mn), 2018 - 2029 7.2.1. Key Highlights 7.2.1.1. Community 7.2.1.2. Institution 7.2.1.3. Utility 7.2.1.4. Remote 7.2.1.5. Commercial/Industrial 7.2.1.6. Military 7.3. Asia Pacific Microgrid Monitoring Systems Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 7.3.1. Key Highlights 7.3.1.1. China Microgrid Monitoring Systems Market, Value (US$ Mn), by Type, Application, 2018 - 2029 7.3.1.2. Australia Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 7.3.1.3. India Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 7.3.1.4. ASEAN Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 7.3.1.5. Rest of Asia Pacific Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 8. Latin America Microgrid Monitoring Systems Market Outlook, 2018 - 2029 8.1. Latin America Microgrid Monitoring Systems Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 8.1.1. Key Highlights 8.1.1.1. Hardware 8.1.1.2. Software 8.2. Latin America Microgrid Monitoring Systems Market Outlook, by Application, Value (US$ Mn), 2018 - 2029 8.2.1. Key Highlights 8.2.1.1. Community 8.2.1.2. Institution 8.2.1.3. Utility 8.2.1.4. Remote 8.2.1.5. Commercial/Industrial 8.2.1.6. Military 8.3. Latin America Microgrid Monitoring Systems Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 8.3.1. Key Highlights 8.3.1.1. Brazil Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 8.3.1.2. Mexico Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 8.3.1.3. Rest of Latin America Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 9. Middle East & Africa Microgrid Monitoring Systems Market Outlook, 2018 - 2029 9.1. Middle East & Africa Microgrid Monitoring Systems Market Outlook, by Type, Value (US$ Mn), 2018 - 2029 9.1.1. Key Highlights 9.1.1.1. Hardware 9.1.1.2. Software 9.2. Middle East & Africa Microgrid Monitoring Systems Market Outlook, by Application, Value (US$ Mn), 2018 - 2029 9.2.1. Key Highlights 9.2.1.1. Community 9.2.1.2. Institution 9.2.1.3. Utility 9.2.1.4. Remote 9.2.1.5. Commercial/Industrial 9.2.1.6. Military 9.3. Middle East & Africa Microgrid Monitoring Systems Market Outlook, by Country, Value (US$ Mn), 2018 - 2029 9.3.1. Key Highlights 9.3.1.1. Saudi Arabia Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 9.3.1.2. South Africa Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 9.3.1.3. Rest of Middle East & Africa Microgrid Monitoring Systems Market, Value (US$ Mn), by Type & Application, 2018 - 2029 10. Competitive Landscape 10.1. Company Market Share Analysis, 2021 10.2. Strategic Collaborations 10.3. Company Profiles 10.3.1. GE 10.3.1.1. Company Overview 10.3.1.2. Product Portfolio 10.3.1.3. Financial Overview 10.3.1.4. Business Strategies and Development 10.3.2. Mitsubishi Heavy Industries, Ltd. 10.3.2.1. Company Overview 10.3.2.2. Product Portfolio 10.3.2.3. Financial Overview 10.3.2.4. Business Strategies and Development 10.3.3. Siemens AG 10.3.3.1. Company Overview 10.3.3.2. Product Portfolio 10.3.3.3. Financial Overview 10.3.3.4. Business Strategies and Development 10.3.4. Toshiba Corporation 10.3.4.1. Company Overview 10.3.4.2. Product Portfolio 10.3.4.3. Financial Overview 10.3.4.4. Business Strategies and Development 10.3.5. ABB Ltd. 10.3.5.1. Company Overview 10.3.5.2. Product Portfolio 10.3.5.3. Financial Overview 10.3.5.4. Business Strategies and Development 10.3.6. Eaton Corporation 10.3.6.1. Company Overview 10.3.6.2. Product Portfolio 10.3.6.3. Financial Overview 10.3.6.4. Business Strategies and Development 10.3.7. Power Analytics Corporation 10.3.7.1. Company Overview 10.3.7.2. Product Portfolio 10.3.7.3. Financial Overview 10.3.7.4. Business Strategies and Development 10.3.8. Exelon Corporation 10.3.8.1. Company Overview 10.3.8.2. Product Portfolio 10.3.8.3. Financial Overview 10.3.8.4. Business Strategies and Development 10.3.9. Schneider Electric SE 10.3.9.1. Company Overview 10.3.9.2. Product Portfolio 10.3.9.3. Financial Overview 10.3.9.4. Business Strategies and Development 10.3.10. Caterpillar Inc. 10.3.10.1. Company Overview 10.3.10.2. Product Portfolio 10.3.10.3. Financial Overview 10.3.10.4. Business Strategies and Development 10.3.11. HOMER Energy LLC 10.3.11.1. Company Overview 10.3.11.2. Product Portfolio 10.3.11.3. Financial Overview 10.3.11.4. Business Strategies and Development 11. Appendix 11.1. Research Methodology 11.2. Report Assumptions 11.3. Acronyms and Abbreviations
Executive Summary
Global microgrid monitoring systems market is worth around US$472 Mn in 2022 and will exceed the valuation of US$1,328.8 Mn by the end of 2029. Between 2022 and 2029, the Microgrid Monitoring Systems Market is expected to witness a robust 15.9% CAGR.
Companies Mentioned
- ABB Ltd.
- Caterpillar Inc.
- Eaton Corporation
- Exelon Corporation
- GE
- HOMER Energy LLC
- Mitsubishi Heavy Industries, Ltd.
- Power Analytics Corporation
- Schneider Electric SE
- Siemens AG
- Toshiba Corporation
Methodology
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