Microgrid Monitoring System Market Size, Share & Industry Analysis, By Grid Type (On-Grid, Off-Grid), By Product (Software, Hardware), By Application (Residential & Commercial, Industrial, Utility, Others) and Regional Forecast, 2024-2032

Stable operation of the electrical grid is necessary to fulfill the electricity demands of billions of people on earth. Electric grids play a crucial role in distribution and transmission of electricity. Due to large expanse of the grid, there are various power losses associated with grids. At the beginning of 21st century, concept of microgrid was proposed, and it was under research, development, and demonstration phase. A microgrid is a single, controllable, independent power system comprising distributed generation (DG), load, energy storage (ES), and control devices, in which DG and ES are directly connected to the user side in parallel.  

Based on the grid type, the global microgrid monitoring system market is divided into on-grid and off-grid. Based on product, the global market is segmented as software and hardware. Software is the brain of the monitoring system. All the data acquisition systems feed data to the software. The software processes the data and displays relevant parameters. In case the system deviates from normal operating conditions, software detects the abnormal conditions and takes decisions to normalize the microgrid. If the software cannot normalize the microgrid, the software either stops the functioning or informs the human operator. The hardware is responsible for data acquisition of various parameters of the microgrid. Based on application, global microgrid monitoring system can be segmented in residential & commercial, Industrial, Utility, and others. 

Key Market Driver -

Key Market Driver – Demand for smart grids and IoT enabled electrical infrastructure

Key Market Restraint -

Key Market Restraint – Slow modernization of existing electrical infrastructure

The major market driver for the global microgrid monitoring system market is the increasing demand for stable and continuous electrical energy around the world. Many developed countries are now focusing on the modernization and miniaturization of power infrastructure because of renewable energy. The development of smart grids will spur demand for IoT compatible microgrid monitoring system.

The key market restraint for the global microgrid monitoring system is the slow modernization of existing electrical infrastructure. The installation cost of installing a microgrid system is expensive, which adds up with the construction cost of renewable energy.  

Key Players Covered:

Some of the major companies that are present in the microgrid monitoring system market are Schneider Electric, ABB, Siemens Energy, Emerson, Curb, Inc., Bloomy, ELM FieldSight, LLC, HOMER Energy, Operation Technology, Inc., Schweitzer Engineering Laboratories, LEONICS Co., Ltd., Scale Microgrid Solutions, SMA Solar Technology AG, and Aggreko.

Regional Analysis:

The demand for a microgrid monitoring system is dominated by Asia-Pacific followed by North America, Europe, Middle-East & Africa, and Latin America. The microgrid is relatively advanced technology as it involves a lot of smart and automated components. The cost of advanced technology is affordable to developed nations. US and China are world leaders in microgrid technology and installations. These governments are funding research, development, and demonstration in various microgrid components like distributed generation (DG), load energy storage (ES), and control devices.

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With increasing installation of land-based renewable energy projects worldwide, the number of microgrids globally is growing. European countries like Germany and UK are also spending resources on microgrid technology and installations. With increasing solar energy installations in Africa, Middle East, etc., the number of microgrids has been growing.

Segmentation

Key Industry Developments

• In August 2019, UAE agricultural company Themar Al Emarat has selected Caterpillar dealer Al-Bahar to supply a 5.94 MW solar-hybrid energy solution to a new farming facility in Sharjah. This is the largest single-site microgrid in the UAE.   


• In July 2019, S&C Electric Co. and North Bay Hydro Services announced the completion of North Bay's Community Energy Park project with the successful installation of the first utility-scale advanced microgrid in Canada.    


• In February 2019, ABB announced the global launch of its new ABB Ability e-mesh solution. This software solution provides power grid operators an integrated single and unified view of their distributed energy resources (DERs) such as microgrid, battery energy storage systems (BESS), and renewable power generation.