Microgrid Monitoring Global Market Report 2024

The microgrid monitoring market size has grown rapidly in recent years. It will grow from $3.07 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 12%. The growth observed during the historic period can be attributed to several factors, including the economic and social benefits derived from microgrid implementation, the expansion of Industry 4 initiatives, increasing global energy consumption trends, ongoing industrial development efforts, and a heightened focus on modernization across various sectors.

The microgrid monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%. The anticipated growth in the forecast period can be attributed to several key factors. These include the increasing demand for stable energy supply, the integration of smart grids and IoT technologies, efforts towards decarbonization, resilience, and automation, as well as various government initiatives supporting microgrid development. Major trends expected during this period include the rising installation of land-based renewable energy projects, a continued focus on modernization initiatives, the emergence of global leaders in microgrid technology, growth in solar energy installations, and increased investments in smart grid infrastructure.

The increasing demand for clean energy is poised to drive the growth of the microgrid monitoring market. Clean energy sources produce minimal or no pollution during energy conversion and are predominantly derived from renewable resources such as solar, wind, hydroelectric, geothermal, and biomass. This demand surge is fueled by heightened environmental awareness and the quest for energy independence. Microgrid monitoring plays a crucial role in optimizing the distribution of clean energy, ensuring its efficient utilization and reliability within localized electricity systems. For instance, data from the International Energy Agency in 2022 revealed a significant surge in wind-generated electricity, marking a 14% increase from 2021, underscoring the pivotal role of microgrid monitoring in facilitating the integration of renewable energy sources.

Key players in the microgrid monitoring market are spearheading innovative technologies, such as advanced microgrid energy storage systems, to bolster their competitiveness and profitability. These systems optimize energy distribution, ensure grid stability, and seamlessly integrate renewable energy sources. For example, San Diego Gas & Electric (SDG&E) introduced four advanced microgrids in various communities, boasting real-time monitoring capabilities, swift responses to grid events, efficient energy storage management, and enhanced grid resilience. Equipped with cutting-edge safety technologies and utilizing lithium iron phosphate (LFP) battery cells, these microgrids offer advanced safety and fire prevention features, operating either autonomously or in tandem with the regional grid, and collectively boast substantial storage capacity.

In March 2022, Yokogawa Electric Corporation augmented its capabilities in monitoring and controlling power generation facilities by acquiring PXiSE Energy Solutions LLC. This strategic move aims to bolster Yokogawa's portfolio and assist customers in optimizing energy distribution, grid resilience, and asset returns. PXiSE Energy Solutions LLC, a US-based software company specializing in microgrid monitoring, offers high-speed control software for grids and renewable energy assets, enhancing Yokogawa's expertise in the microgrid monitoring domain.

Major companies operating in the microgrid monitoring market are Hitachi Ltd., Siemens AG, Lockheed Martin Corporation, Caterpillar Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Exelon Corporation, EnerconSBS, Aggreko Ltd., Schweitzer Engineering Laboratories, SMA Solar Technology AG, S&C Electric Company, GE Power India Ltd., Scale Microgrid Solutions, Viridity Energy Solutions, Homer Energy, Power Analytics Corporation, Advanced Microgrid Solutions, Spirae.

Asia-Pacific was the largest region in the microgrid monitoring market in 2023. The regions covered in the microgrid monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the microgrid monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Microgrid monitoring involves the continuous observation and analysis of a microgrid system's performance, status, and condition. These systems, operating independently or in conjunction with the main power grid, are essential for optimizing energy usage, detecting faults, and improving reliability in decentralized power setups, leading to efficient operation and cost savings.

The components of microgrid monitoring encompass hardware, software, and services. Hardware includes both external and internal devices facilitating key computer functions such as input, output, storage, communication, and processing. Microgrid systems can be categorized as on-grid or off-grid and find application in various settings such as military, campus, community, island, and remote areas, serving residential, commercial, industrial, and utility sectors.

The microgrid monitoring market research report is one of a series of new reports that provides microgrid monitoring market statistics, including microgrid monitoring industry global market size, regional shares, competitors with a microgrid monitoring market share, detailed microgrid monitoring market segments, market trends and opportunities, and any further data you may need to thrive in the microgrid monitoring industry. This microgrid monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The microgrid monitoring market includes revenues earned by entities by providing services such as fault detection and diagnosis, installation and deployment, configuration and integration, predictive maintenance, and data analytics and management. The market value includes the value of related goods sold by the service provider or included within the service offering. The microgrid monitoring market also includes sales of microgrid controllers, sensors, and meters, energy management systems, and integration and control software. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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