About Microgrid Monitoring Systems
Microgrids is a small scale, low,o medium voltage power systems with a decentralized group of electricity source and loads which can operate from the main power network. Microgrid Monitoring Systems has wide application in Island utilities, Remote communities, Industrial and commercial, Defence, Urban communities, and Institutions and campuses. It has wide application in Cybersecurity which has concerns with Security-sensitive applications in grid-connected operations that are vulnerable in the absence of cyber-secure standards, architectures, and devices. Geographically, North America is the leading region in consumption, Production, and adoption due to access to electricity, fuel and cost savings, and emission reduction. Hence this the factor few which triggering the market growth over the forecast period
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Globally countries have set targets for the increase of renewable energy and reduction of greenhouse gas emissions. For example, the UK is aiming to reduce 20% of greenhouse gas emissions by 2020. In the US, many states have recently set renewable energy targets for 2020 and beyond Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ABB Ltd (Switzerland), Tesla, Inc (United States), Eaton Corporation (Ireland), General Electric (United States), Siemens AG (Germany), Caterpillar Inc (United States), Exelon Corporation (United States), Hitachi Ltd (Japan), Power Analytics Corporation (United States), S&C Electric Company (United States), Enercom GmbH (Germany) and Exelon Corporation (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Microgrid Monitoring Systems market by Type (Hardware Systems and Software Systems), Application (Military, Industrial, Campus, Smart city microgrid, Utility and Community resiliency) and Region.
On the basis of geography, the market of Microgrid Monitoring Systems has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Type, the sub-segment i.e. Permanently Islanded Microgrids will boost the Microgrid Monitoring Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Real Time Operations will boost the Microgrid Monitoring Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Layer, the sub-segment i.e. Application Layer will boost the Microgrid Monitoring Systems market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
IoT Mechanism for Monitoring and Controlling Polygeneration Microgrids at low cost without human error
Market Growth Drivers:
Microgrid monitoring systems are used to provide uninterrupted 24/7 power. and The microgrid Monitoring system can reduce carbon dioxide emissions
Challenges:
Climate change concern increasingly challenges water reliability, the MWD wanted the greater part of its energy consumption to come from the clean energy solution
Restraints:
Microgrids has a lot of regulatory issues, which may be more difficult to comply with than people expect, as the laws are struggling to catch with recent technology can reduce carbon dioxide emissions
Opportunities:
More adoption of microgrid Monitoring Systems for EV Charging and Smart street lighting
Market Leaders and their expansionary development strategies
In March 2023, Volvo Penta partnered with Utility Innovation Group, a decentralized microgrid systems leader in the battery energy storage sector. Both companies cooperate to improve power grid reliability and resilience through battery storage and integration, maximizing renewable energy sources use, including solar and wind.
In June 2022, Hitachi Energy works with Indigenous Settlements in Canada to accelerate the transition to clean energy. Fort Chipewyan and Old Crow now have standalone microgrid systems with adjacent solar farms. The Fort Chipewyan project enables the community to run on 100% renewable energy and maximize fuel savings while reducing diesel consumption by 800,000 liters per year, reducing greenhouse gas emissions by about 2150 tonnes per year, and improving overall air quality.
Globally countries have set targets for the increase of renewable energy and reduction of greenhouse gas emissions. For example, the UK is aiming to reduce 20% of greenhouse gas emissions by 2020. In the US, many states have recently set renewable energy targets for 2020 and beyond
Key Target Audience
OEM (Original Equipment Manufacturing), Micro grids Supplier, Trader, Regulatory Authorities, New Entrants/Investors, Strategic Business Planners, Governments and End-Use Industry
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.