Microgrid Monitoring Systems Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Microgrid Monitoring Systems Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

A December report of Fairfield Market Research sheds light on how the growth of microgrid monitoring systems market will unfold over the course of next few years. Surpassing the valuation of US$472 Mn in the year 2022, global microgrid monitoring systems market is all set for a whopping 2.8x expansion in revenue through the end of 2029. 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.

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 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.

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.

Leading Market Players

Some of the leading players that steer the global microgrid monitoring systems market space have been subject to detailed strategic profiling, and competitive analysis. A few of the profiled company names include Mitsubishi Heavy Industries, Ltd., GE, Siemens AG, Toshiba Corporation, ABB Ltd., Power Analytics Corporation, Exelon Corporation, Eaton Corporation, Schneider Electric SE, HOMER Energy LLC., and Caterpillar Inc.

Please note: the PDF e-mail from publisher version of this report is for a global site license.