Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Microgrid Monitoring Systems Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
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. 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.
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.
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.
Leading Market Players
- 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
For more information about this report visit https://www.researchandmarkets.com/r/2t3lng
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