Market Research Report
Global Microgrid Monitoring System Market, By Grid Type, By Component, By Ownership, By End User, By Region, Competition, Forecast & Opportunities, 2024
|Published by||TechSci Research||Product code||912339|
|Published||Content info||125 Pages
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|Global Microgrid Monitoring System Market, By Grid Type, By Component, By Ownership, By End User, By Region, Competition, Forecast & Opportunities, 2024|
|Published: September 1, 2019||Content info: 125 Pages||
Global microgrid monitoring system market is forecast to grow at a CAGR of over 11% during 2019-2024, owing to increasing demand for power, rising emphasis on alternative energy production, improving and evolving technologies, refurbishment of ageing infrastructure, and investments in smart grids and energy systems. Microgrid monitoring system is a device that enables the establishment of a microgrid by controlling distributed energy resources and loads in a predetermined electrical system to maintain acceptable frequency and voltage. Increasing investments in transmission & distribution infrastructure and massive investments in smart grids and energy systems, globally, would further drive global microgrid monitoring system market during the forecast period.
In terms of component, hardware segment is expected to grow at the fastest rate during 2019-2024. The hardware components of microgrid monitoring system include physical components such as CPU module, digital input module, digital output module, analog input/output module, local Controller, data logger, data recorder, relays, meters and communication network. The increasing number of microgrid projects in large power plants and high demand from process industries such as manufacturing, oil & gas, mining, steel and chemicals would further drive the hardware segment of the microgrid monitoring system market.
Asia-Pacific accounted for a significant portion of the global market for microgrid monitoring system in 2018 and is expected to register strong growth during forecast period as well, on the back of increasing investments in grid expansion projects by developing nations such as China and India to boost their distribution grid reliability. Among the countries in the region, China was the largest market for microgrid monitoring system in 2018. China has the highest installed power generation and distribution capacities, which is turn is resulting in huge demand for microgrid monitoring system.
Global microgrid monitoring system market is characterized by a diverse group of regional and international manufacturers. The market for microgrid monitoring system is moderately fragmented in nature. There is very minimal product differentiation which induces vendors to retain their market shares by pricing their products and services competitively. Additionally, established international vendors face intense competition from regional vendors which provide customers with comparatively low-priced and customized products. Some of the major companies operating in Global Microgrid Monitoring System Market are Siemens AG, General Electric Company, ABB Ltd, Schneider Electric, Schweitzer Engineering Laboratories and Emerson.
Some of the leading players in global microgrid monitoring system market are Siemens AG, General Electric Company, ABB Ltd, Eaton Corporation, Emerson, Schneider Electric, Spirae, Schweitzer Engineering Laboratories and Etap.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of microgrid Monitoring System manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research was able to include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated Global Microgrid Monitoring System Market size using a top down approach, where data for various applications across various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as manufacturers, suppliers and end users. The study would also help them in identifying which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth of the market.
In this report, Global Microgrid Monitoring System Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in Global Microgrid Monitoring System Market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
(Note: The companies list can be customized based on the client requirements)