Global Microgrid Monitoring System Market Report and Forecast 2024-2032

Global Microgrid Monitoring System Market Outlook

The global microgrid monitoring system market size is expected to grow at a CAGR of 12.40% between 2024 and 2032. Major market drivers are initiatives by various governments, rising concerns over climate change, and modernisation of power infrastructure.

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Key Trends in the Market

A microgrid monitoring system is a set of hardware and software tools that monitor the flow of energy inside a microgrid to ensure its proper functioning. The hardware system consists of communication devices, sensors, and data recorders for collecting real-time data and storing it so that it can be analysed later. The software microgrid monitoring system collects, stores, analyses, and displays data from the microgrid which can be used for monitoring energy use and performance of the microgrid.

• Commercial and industrial sectors are boosting the demand for efficient and reliable energy sources such as microgrid monitoring services for load shedding, POC monitoring and control, and voltage control, among other purposes. This in turn fuelling the growth of the microgrid monitoring system market.

• There is an increasing demand and popularity of renewable energy sources in microgrids owing to their advantages such as low costs, stability, safety, and efficiency. Integration with microgrids helps optimise renewable energy production and monitoring, enhancing their use.

• Research and development activities are being carried out to improve smart grids through means such as equipping microgrids with smart sensors. Such developments can enhance the monitoring capabilities and also provide secure and reliable communication among various devices, thereby increasing their demand and propelling the growth of the microgrid monitoring system market.

Market Analysis

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Based on grid type, the market is divided into on-grid, off-grid, and hybrid. By application, the market is segmented into industrial, utility, and residential and commercial, among others. On the basis of region, the market is classified into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global microgrid monitoring system market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Schneider Electric SE

• ABB Ltd

• Emerson Electric Co.

• Bloomy Controls, Inc.

• ELM Fieldsight LLC

• Siemens AG

• Others

Market Share by Application

Microgrid monitoring devices find a wide range of industrial applications and therefore industrial applications are expected to hold a larger share in the microgrid monitoring system market. Numerous industries switched to microgrids from main grids to combat fluctuations in power voltage and frequency and resynchronisation challenges. With increasing applications of microgrids which can be implemented remotely, there is a greater demand and usage of microgrid monitoring systems. Through microgrid monitoring systems, industrial companies can ensure that microgrids are operating at an optimum level, thereby streamlining costs and minimising disruptions. As adoption of microgrids surges in industrial applications, the demands for microgrid monitoring systems are expected to rise further in the coming years. 

Market Share by Region

Asia Pacific accounts for a major share in the microgrid monitoring system market, fuelled by the increasing deployment of microgrids in countries in the region. Within the Asia Pacific, microgrids are being deployed in China, South Korea, and Japan in the rising healthcare and life sciences industry, oil and gas industry, and manufacturing industry, among other industries. This growth has paved the way for the adoption of the microgrid monitoring devices for various applications. Meanwhile, the market for microgrid monitoring systems in North America is expected to grow in the forecast period due to early adoption of microgrids and their management systems.

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Competitive Landscape

ABB Ltd is a technology group that deals with process automation and develops products and solutions that help in connecting engineering software and know-how in order to optimise how products and systems are manufactured, moved, and operated. They cater to various hybrid and process industries such as marine and turbocharging, control technologies, and measurement and analytics. ABB was established in 1988 and is based in Zurich, Switzerland.

Emerson Electric Co. was established in 1890 and is headquartered in Missouri in the United States. It is a software, engineering, and technology powerhouse that focuses on making the world a safer, sustainable, healthier, and smarter place to live in. They specialise in the manufacturing of professional tools, electric motors, power technologies, control systems, storage systems, industrial automation, and climate technologies.

ELM Fieldsight LLC was founded in 1988 and is based in Illinois, United States. ELM Fieldsight is a technology company that specialises in the manufacture and supply of a range of commercial and industrial compliance products. The company caters to various industries such as construction, utilities, hospitality and health safety, damage prevention industry, and manufacturing.

Other market players include Schneider Electric SE, Bloomy Controls Inc., and Siemens AG, among others.

Key Highlights of the Report