Increasing global demand for energy spurred by rapid industrialization and economic growth is expected to be one of the major growth drivers of the global micro grid monitoring market. To achieve the goal of energy security, governments across the world are investing in sustainable energy development projects.
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The micro grid power generation system consists of grouping of generating sources and end-use sinks that are placed and operated for the benefit of its members. Power can be generated through solar cell panels, grid inverters, wind power generation systems and intelligent switches. Furthermore a microgrid provides numerous economic, technical, environmental, and social benefits to the stakeholders of the microgrid. Economic and technical benefits offered by microgrids include improved power quality and reliability, reduced emissions, and improved energy efficiency. A shift towards renewable or low-emission fuels is one of the major environmental benefits, which can be achieved through the deployment of microgrids. Several social benefits of microgrids include: electrification of remote or underdeveloped areas and creation of new research and development projects and job opportunities.
The burgeoning demand for power, along with an increased need for secure, reliable, and emission-free power propels the demand for microgrids. The advantage of energy storage technology has enabled microgrids to work independently. As a result, microgrids can be installed in remote geographical locations, which are not connected to the main grid. Currently, microgrids are used by militaries, universities, and commercial and industrial users to provide primary or backup power. Increasing power outages, fluctuating cost, and supply of fossil fuels and concerns related to energy security have encouraged users to incorporate renewable energy generation into their energy portfolios.
Increase in demand for power coupled with rise in clean technologies has driven researchers to develop distributed power generation systems using renewable energy sources. This has further increased apprehensions towards the monitoring system which monitors the real time running status of all equipment, and controls them according to the safe and stable operation requirements. The microgrid monitoring system can be further divided into hardware and software systems. The hardware type monitoring system includes equipment for communication, control interface, and Industrial personal computers. The software type includes LabVIEW programming software, which is based on a data flow graphical development platform.
Based on region, the microgrid monitoring system market can be classified into North America, Latin America, Europe, Middle East & Africa, and Asia Pacific. Asia Pacific is expected to dominate the microgrid monitoring system market during the forecast period due to the rise in demand for automated grid system and enhancement in microgrid connectivity through the integration of IoT activities. Various policy support for exploration could boost the investments in the market. The microgrid monitoring system market in countries such as China, India, Japan, Vietnam, Malaysia, Thailand, and Australia is likely to witness significant growth during the forecast period. North America holds the major share of the global microgrid monitoring system market, led by the strong support for microgrid development from the U.S. and Canadian governments. Additionally, various large players and startups in the region are investing significantly for technological enhancement of microgrid.
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Key players operating in the Microgrid Monitoring System Market are ABB, General Electric, Eaton Corporation, Siemens AG, Exelon Corporation, and Schneider Electric, Caterpillar Inc., Power Analytics Corporation, HOMER Energy LLC, and S&C Electric Company.