An approximately US$472 Mn market for microgrid monitoring systems is all set for strong growth in long term according to a latest published market intelligence report of Fairfield Market Research. The global microgrid monitoring systems market is expected to experience around 2.8x expansion in revenue during 2022 – 2029, exceeding the billion-dollar mark. The surging demand for uninterrupted supply of electricity is primarily driving the growth of microgrid monitoring systems market. As of 2022, the world houses more than 5,000 active microgrid projects and the number is all set to rise high with ascending investments in the renewable energy sector. The worldwide Net Zero carbon emission targets are likely to create a favourable growth environment for the global microgrid monitoring systems market. A climbing rate of the deployment of renewable energy microgrids will play out as a significant booster to the growth of microgrid monitoring systems market. The report has projected a solid CAGR of 15.9% for the market between 2022 and 2029.
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Remote Application Segment Leads, Microgrid Monitoring Systems Market to Gain from Growing Military Application
By type, hardware is the leading segment with more than 60% market value share while in terms of application, remote application remains sought-after with over 42% share in the overall market revenue. The other key application areas include military, utility, institution, community, and commercial/industrial. Increasing demand for deployment of remote microgrids in critical power infrastructure across offshore and forest sites, and village areas is projected to uphold the top positioning of the remote microgrid segment in global microgrid monitoring market. On the other hand, the growth outlook of military microgrid segment appears promising with rapidly expanding national defense and security budgets, of the nations across the globe. The report points to thriving popularity of self-sufficient microgrids against falling energy storage technology prices, and the costs associated with renewable energy.
North America’s Primacy Prevails in Microgrid Monitoring Systems Market, Asia Pacific Turns Lucrative
The report indicates continued lead of the developed western markets but also marks rapidly growing market attractiveness of developing regions like Asia Pacific, and the Middle East and Africa. North America currently accounts for more than 36% share in the overall market revenue as the region houses the highest number of operational microgrid facilities. The US anticipates significant growth in contribution of microgrids toward the overall electricity generation. The market here is likely to benefit from the increasing prominence of distributed energy generators, as well as the rising investments toward establishing a reliable microgrid network, says the report. However, the report spots a greater investment and revenue generation opportunity across Asia Pacific. The expansion of microgrid monitoring systems market here will leverage the excellent prospects of renewable energy sector. The key economies of the region continue to prioritize uninterrupted electricity supply, which will remain the strongest factor boosting revenue growth of the microgrid monitoring systems market. China will be an important market with several active, as well as in progress microgrid facilities.
Key Market Players
Siemens AG, Mitsubishi Heavy Industries, Ltd., Schneider Electric SE, Toshiba Corporation, Caterpillar Inc., GE, ABB Ltd., Power Analytics Corporation, Eaton Corporation, Exelon Corporation, HOMER Energy LLC.
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