London, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Critical need for uninterrupted electricity supply forms the strong ground for establishment and expansion of the microgrid monitoring systems market. 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 system market is expected to witness robust growth. In a newly published report, Fairfield Market Research provides a detailed growth analysis and forecast of the global microgrid monitoring systems market. North America, and Europe remain in the bandwagon while markets like Asia Pacific, and Middle East and Africa emerge highly lucrative, says the report.
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Key Research Insights
- Global microgrid monitoring systems market is all set for an impressive 15.9% growth in revenue between 2022 and 2029
- Hardware remains the leading segment by type, accounting for more than 60% market value share
- While remote application area spearheads with over 42% market share, the commercial/industrial, and utility segments account for a collective share of around 30%
Insights into Segmental Analysis
Based on type, the microgrid monitoring systems market is poised to experience dominance of the hardware segment as it allows efficient, real-time tracking of microgrid systems. Furthermore, market analysis in terms of application reveals that among community, utility, institution, remote, military, and commercial/industrial, the remote segment registered dominance in 2021 with over 42% revenue share in microgrid monitoring systems market. Growing adoption of remote microgrids for providing uninterruptible backup power to critical infrastructure across forest areas, villages, offshore sites, as well as other remote locations drives the lead of remote microgrid segment in the market throughout the period of forecast. Moreover, the military microgrid segment is expected to emerge attractive over the next few years. Augmenting expenditure of nations on safety and security of sensitive information related to defense and security will elevate the growth outlook of military microgrids according to the report.
Key Report Highlights
- The microgrid investment accelerator (MIA) is likely to boost investments in overall energy access, which would push the deployment of renewable energy microgrids up, especially across underserved, developing markets
- Self-sufficient microgrids have been recently garnering traction in response to the consistently falling renewable energy costs and decline in energy storage technology prices
Insights into Regional Analysis
In 2021, North America led the global microgrid monitoring systems market with more than 36% market value share. Consistent hike in demand for microgrids in line with deepening penetration of distributed energy generators is responsible for the transformation of traditional structure of the electric distribution grid in the region. While the region benefits from soaring investments in the microgrid network, the report also marks growing integration of renewable power sources, which is expected to contribute largely toward the key positioning of North America in global microgrid monitoring systems market.
On the other hand, the report points to Asia Pacific as the market with the highest growth potential. The key Asian economies, i.e., China, and India have been showcasing phenomenal growth in the renewables sector over the recent past. The microgrid monitoring systems are likely to witness exceptional growth in demand here as these nations continue to reflect an unwavering need for secure, and safe generation, transmission, and distribution of electricity. Strong presence of global leaders like Toshiba further strengthens the growth of microgrid monitoring systems market in Asia Pacific. The report forecasts Asia Pacific would outpace North America through the end of 2029, exhibiting a higher CAGR. The market in Middle East and Africa is projected to benefit from the expanding capacities to a large extent, says the report.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2022 | US$472 Mn | |
| Estimated Market Size in 2029 | US$1,328.8 Mn | |
| CAGR | 15.9% | |
| Key Players | ABB Ltd., GE, Siemens AG, Mitsubishi Heavy Industries, Ltd., Toshiba Corporation, Eaton Corporation, Exelon Corporation, Schneider Electric SE, Power Analytics Corporation, Caterpillar Inc., HOMER Energy LLC | |
Market Segmentation
Type Coverage
- Hardware
- Software
Application Coverage
- Community
- Institution
- Utility
- Remote
- Commercial/Industrial
- Military
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific
Leading Companies
- GE
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- Toshiba Corporation
- ABB Ltd.
- Eaton Corporation
- Power Analytics Corporation
- Exelon Corporation
- Schneider Electric SE
- Caterpillar Inc.
- HOMER Energy LLC
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Type-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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