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Clean Energy Demand Driving Growth In The Microgrid Monitoring Market: A Key Factor Shaping the Future of the Microgrid Monitoring Market in 2025
Microgrid Monitoring Market Size
The surge in clean energy requirement is projected to boost the expansion of the microgrid monitoring market. Clean energy alludes to energy sources that have little to no pollution output upon conversion into usable energy, typically generated from renewable resources such as solar, wind, hydroelectric, geothermal, and biomass energy. The need for clean energy is escalating due to the heightened consciousness of environmental concerns and the aspiration for independent energy. Microgrid monitoring ensures effective distribution of clean energy, guaranteeing efficient usage and dependability within localized power systems. For instance, the International Energy Agency, a France-situated intergovernmental organization, reported in 2022, that the power production by wind energy escalated by 265 terawatt hours (TWh), marking a 14% increment from 2021 and standing as the second-most significant growth among all power generation technologies. Consequently, the escalating requirement for clean energy is stimulating the expansion of the microgrid monitoring market.
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What is the projected compound annual growth rate (CAGR) of the microgrid monitoring market from 2025 to 2034, and what factors influence it?
In recent times, there has been a swift escalation in the size of the microgrid monitoring market. The market value is projected to rise from $3.44 billion in 2024 to $3.87 billion in 2025, with a compound annual growth rate (CAGR) of 12.6%. Factors such as economic and social advantages, the surge in industry 4.0, worldwide energy usage, industrial progression, and an emphasis on modernization have all contributed to the substantial growth witnessed in the historical period.
Expectations are high for a swift expansion of the microgrid monitoring market in the coming years, with projections suggesting a surge to $6.16 billion by 2029, fueled by a compound annual growth rate (CAGR) of 12.3%. This predicted growth within the forecast period can be linked to the rising demand for a stable energy supply, the integration of smart grids and IoT, initiatives towards decarbonization, resilience and automation, as well as government-led measures. Key trends identified for the prediction period encompass an upswing in land-based renewable energy projects, an emphasis on modernization, industry leadership in microgrid technology, an upturn in solar energy installations and capital investments in smart grid infrastructure.
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How are the latest trends influencing the growth of the microgrid monitoring market?
Leading companies in the microgrid monitoring market are ultra-modernizing technologies, such as state-of-the-art microgrid energy storage systems, to boost their revenue generation in this sector. These are exploited in monitoring microgrids to maximize energy distribution, maintain grid stability, and flawlessly incorporate renewable energy sources. For example, in February 2024, San Diego Gas & Electric (SDG&E), an American utility firm, deployed four cutting-edge microgrids in Clairemont, Tierra Santa, Paradise, and Boulevard neighborhoods. These microgrids provide real-time supervision, prompt grid event responses, resourceful energy storage handling, and strengthened grid resilience. They can operate independently or together with the larger regional grid while having a combined storage capacity of roughly 39 MW and 180 MWh distributed over four SDG&E substations. These microgrids come equipped with top-notch safety technologies and employ lithium iron phosphate (LFP) battery cells to offer enhanced safety and fire-proof features.
What are the major segments of the microgrid monitoring market and their role in driving growth?
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
Subsegments:
1) By Hardware: Sensors, Controllers, Communication Devices, Energy Storage Systems, Distributed Energy Resources (DER) Interfaces, Power Conversion Equipment
2) By Software: Energy Management Software, SCADA (Supervisory Control And Data Acquisition) Systems, Data Analytics Software, Monitoring And Control Software
3) By Service: Consulting Services, Installation And Integration Services, Maintenance And Support Services, Managed Services
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Which regions are key players in the growth of the microgrid monitoring market?
Asia-Pacific was the largest region in the microgrid monitoring market in 2024. The regions covered in the microgrid monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the key firms paving the way for growth in the microgrid monitoring market?
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
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What Is Covered In The Microgrid Monitoring Global Market Report?
•Market Size Forecast: Examine the microgrid monitoring market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the microgrid monitoring market for a structured understanding.
•Key Players Overview: Analyze major players in the microgrid monitoring market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the microgrid monitoring market.
•Segment Contributions: Evaluate how different segments drive overall growth in the microgrid monitoring market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the microgrid monitoring market.
•Industry Challenges: Identify potential risks and obstacles affecting the microgrid monitoring market.
•Competitive Landscape: Review strategic developments in the microgrid monitoring market, including expansions, agreements, and new product launches.
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