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Microgrid Monitoring Market Size, Share, Development Strategy And Future Prospects Analysis
Microgrid Monitoring Market Size
As per the report, the microgrid monitoring market size has grown rapidly in recent years. It will grow from $3.07 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The microgrid monitoring market size is expected to see rapid growth in the next few years. It will grow to $5.48 billion in 2028 at a compound annual growth rate (CAGR) of 12.4%.
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Clean Energy Demand Driving Growth In The Microgrid Monitoring Market
The growing demand for clean energy is expected to propel the growth of the microgrid monitoring market going forward. Clean energy refers to energy sources that produce minimal or no pollution when converted into usable energy, typically derived from renewable resources such as solar, wind, hydroelectric, geothermal, and biomass. Demand for clean energy is rising due to increasing awareness of environmental concerns and the desire for energy independence. Microgrid monitoring optimizes clean energy distribution, ensuring efficient utilization and reliability within localized electricity systems. For instance, according to the International Energy Agency, a France-based intergovernmental organization, in 2022, the electricity generated by wind surged by 265 terawatt hours (TWh), a 14% increase from 2021 and standing as the second-largest growth among all power generation technologies. Therefore, the growing demand for clean energy is driving the growth of the microgrid monitoring market.
Innovative Technologies Driving Profitability In The Microgrid Monitoring Market
Major companies operating in the microgrid monitoring market are developing innovative technologies, such as advanced microgrid energy storage systems, to increase their profitability in this market. It is utilized in microgrid monitoring to optimize energy distribution, ensure grid stability, and seamlessly integrate renewable energy sources. For instance, in February 2024, San Diego Gas & Electric (SDG&E), a US-based utility company, launched four advanced microgrids in Clairemont, Tierra Santa, Paradise, and Boulevard communities. These microgrids offer real-time monitoring, quicker responses to grid events, efficient energy storage management, and improved grid resilience. These microgrids can operate autonomously or with the broader regional grid, boasting a total storage capacity of around 39 MW and 180 MWh spread across four SDG&E substations. These microgrids are equipped with state-of-the-art safety technologies and utilize lithium iron phosphate (LFP) battery cells to provide advanced safety and fire prevention features.
The microgrid monitoring market covered in this report is segmented -
1) By Component : Hardware, Software, Service
2) By Grid type: On Grid, Off Grid
3) By Application: Military, Campus, Community, Island, Remote
4) By End User: Residential, Commercial, Industrial, Utilities
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Major companies operating in the microgrid monitoring market are Hitachi Ltd., Siemens AG, Lockheed Martin Corporation, Caterpillar Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Toshiba Corporation, Eaton Corporation, Exelon Corporation, EnerconSBS, Aggreko Ltd., Schweitzer Engineering Laboratories, SMA Solar Technology AG, S&C Electric Company, GE Power India Ltd., Scale Microgrid Solutions, Viridity Energy Solutions, Homer Energy, Power Analytics Corporation, Advanced Microgrid Solutions, Spirae
Contents of the report:
1. Executive Summary
2. Microgrid Monitoring Market Report Structure
3. Microgrid Monitoring Market Trends And Strategies
4. Microgrid Monitoring Market - Macro Economic Scenario
5. Microgrid Monitoring Market Size And Growth
…..
27. Microgrid Monitoring Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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