Microgrid Monitoring System Market Set to Grow at a Robust CAGR of 12.33%, According to Latest Report

A microgrid is a self-reliant, localized energy system that serves a specific area including a hospital complex, college campus, and business centers.
[https://www.skyquestt.com/report/microgrid-monitoring-system-market] size was valued at USD 358.26 million in 2023 to USD 776.76 million by 2031, growing at a CAGR of 12.33% in the forecast period (2024-2031). A microgrid is a self-reliant, localized energy system that serves a specific area including a hospital complex, college campus, and business centers. It can operate autonomously without any support from a centralized grid. A smart microgrid can also function when connected to the main grid and even when it is not connected to the main grid, it acts as an electrical island. It helps in the reduction of harmful emissions resulting in optimal use of renewable resources, improved efficiency, and long-term predictable energy cost.

Microgrid Monitoring System helps distribution grid operators to integrate and optimize energy assets in order to lower the overall energy cost of a local distribution grid. It's a microcosm of the larger energy network, but on a smaller scale. Without anticipating a blackout, the Microgrid Control System provides a consistent supply of electricity. It helps the main grid by sharing the load and providing additional support. The integration of various DERs into the power grid has aided the development of microgrids, and as a result, the system has experienced a technical boom after the high penetration of distributed energy resources into power systems.

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Microgrid Monitoring System Market Recent Developments

In June 2022, Chevron completes the acquisition of Renewable Energy Group, acquisition it aims to grow its renewable fuels production capacity to 100,000 barrels per day by 2030. Renewable Energy Group operates 11 biorefineries in the U.S. and Europe and produced 519 million gallons of biofuels in 2020.

In June 2022, Siemens acquired a minority stake in wireless charging specialist WiTricity for USD 25 million. The two companies seek to bridge gaps in the global standardization of wireless charging for electric passenger and light-duty commercial vehicles, to enable interoperability between vehicles and infrastructure, as well as support market penetration. In addition, they will collaborate on wireless charging systems.

Increasing trends of grid-connected systems contribute to market growth. Grid-connected or grid-tied refers to a grid network that is entirely connected and installed to deliver energy in accordance with the needs of the relevant end-user. Most homeowners and small businesses prefer grid-connected microgrid systems to meet their own power needs since they stand out as the most cost-effective option among the available micro-grid alternatives.

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This report covers the following segments:

A. Grid Type

On-Grid Off-Grid

B. Component

Software Hardware

C. End User

Residential & Commercial Industrial Utility Others

The report covers the following players:

ABB Ltd.

Eaton Corporation PLC

Honeywell International Inc.

Schneider Electric SE

Siemens AG

General Electric Company

S&C Electric Company

Advanced Microgrid Solutions LLC

Schweitzer Engineering Laboratories Inc.

Power Analytics Corporation

Spirae LLC

Opus One Solutions Energy Corporation

Powerhive Inc.

EnSync Inc.

NRG Energy Inc.

Toshiba Corporation

Mitsubishi Electric Corporation

Hitachi Ltd.

Panasonic Corporation

Echelon Corporation.

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Growth of Microgrid Monitoring System Market Driven by Demand for Energy Efficiency and Sustainability

The microgrid monitoring system market is growing rapidly, driven by the increasing need for energy efficiency and sustainability. As concerns over climate change and energy security rise, microgrids, which integrate renewable energy sources like solar and wind with traditional power, offer a resilient and flexible energy solution. These systems enable real-time monitoring, optimizing energy use and reducing costs. For example, a commercial building with a microgrid can manage its energy supply more efficiently, drawing from the most cost-effective source at any time.

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