Microgrid Monitoring Systems Market to be Dominated by Utilites Segment through 2028

According to the TechSci Research report, "Global Microgrid Monitoring Systems Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028", the global microgrid monitoring systems market is anticipated to expand in the coming years. The microgrid monitoring system market is set to grow significantly in the coming years due to the increasing demand for reliable, efficient, and affordable energy solutions. Microgrids are a type of energy network that can be used to power homes and businesses. They are typically composed of solar panels, wind turbines, and other renewable energy sources. Microgrids offer a variety of advantages, such as the ability to provide reliable power to remote areas, increased energy efficiency, and cost savings. Additionally, microgrids are becoming increasingly popular due to their ability to reduce greenhouse gas emissions and their potential for providing secure electricity in the event of a power outage.

The microgrid monitoring system market is expected to grow significantly over the forecast period. This growth can be attributed to the rising demand for reliable, efficient, and affordable energy solutions. Furthermore, the increasing adoption of renewable energy sources for powering microgrids is expected to drive the growth of the market. Additionally, the increasing adoption of digital technologies such as the Internet of Things (IoT), big data, and artificial intelligence (AI) is expected to further fuel the growth of the microgrid monitoring system market.

Microgrid Monitoring ensures independent power supply by balancing grid fluctuations and variations in energy consumption. Sustainable energy sources such as photovoltaic, wind, hydro, or biomass can be used, with backup provided by biodiesel generators, emergency power units, and storage systems. Several energy policies have been developed and implemented to reduce global CO2 emissions by up to 50% between 2005 and 2050, and investments in energy-saving technologies have been made and are being implemented. Even though investments in renewable energy increased from USD 63 to 244 billion between 2006 and 2012, fossil fuels remained widely used (78.2% globally). So, with the fundamentally changing the way energy is produced, it also becomes crucial for development of energy-saving methods. According to the Global Energy Assessment (GEA), the efficiency related investments are up about one-third of all investments.

Growing adoption of renewable energy sources, rising government investments in microgrid projects, and rising demand for dependable and secure power supplies are the main factors propelling the global microgrid Monitoring Systems market. High governmental regulations, high installation and maintenance costs, and other factors are limiting the market for microgrid Monitoring Systemss. Growing electrification initiatives in developing nations, IoT advancements, and communication technology advancements all present significant market opportunities. Power outages and blackouts are extremely common in underdeveloped and developing nations. India, for example, approximately 30,000 MW of power outages per day. Microgrids provide more efficient backup solutions than traditional backup methods.

Moreover, the increasing adoption of renewable energy sources such as solar and wind, are becoming more and more popular as a way to generate electricity. However, these sources can be intermittent, which means that they may not always be able to provide the same amount of power. Microgrid monitoring systems can help to manage the output of renewable energy sources to ensure that they are providing the most reliable power possible.

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The microgrid monitoring systems market is divided into North America, Europe, South America, Asia-Pacific, and the Middle East & Africa based on regional analysis. The replacement and restoration of existing infrastructure, which is the primary requirement in the local utility grid, has contributed to Asia-Pacific holding the largest share of the global microgrid Monitoring Systems market. Furthermore, the region's microgrid Monitoring Systems market is expected to be fueled by factors such as rising power consumption, government mandates on energy efficiency, the incorporation of renewable energy sources into the energy mix, and the renovation, modernization, and upgrade of ageing grid infrastructure. China and India are investing heavily in electrification projects, as well as the moderation and upgrade of existing electric networks, to meet the rising demand for electricity.

Major market players operating in the global microgrid monitoring systems market are:

• Siemens AG
• General Electric Company
• Asea Brown Boveri (ABB) Ltd
• Exelon Corporation
• Eaton Corporation
• Schneider Electric
• Caterpillar Inc
• Power Analytics Corporation
• Homer Energy LLC
• S&C, Electric Company
  
  

Players in the microgrid monitoring systems market are focusing on expanding their market footprint in key developing regions, as well as strategic collaborations with domestic players, in order to maintain their market leadership.

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" Over the coming years, the global microgrid monitoring systems market is expected to be driven by evolving technologies, growing importance of alternative energy production, and increasing demand for power, globally. Moreover, the surging investments in transmission & distribution infrastructure and massive investments in smart grids and energy systems would provide lucrative growth opportunities to microgrid monitoring systems market players during the forecast period." said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

"Microgrid Monitoring Systems Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Grid Type (On-Grid and Off-Grid), By Component (Hardware and Software), By Ownership, (Private and Public), By End-User (Utilities, Campuses & Institutions, Commercial, Industrial, and Others), By Region and Competition", has evaluated the future growth potential of global microgrid monitoring systems market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global microgrid monitoring systems market.

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