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The global microgrid controller market size is estimated to be USD 4.2Billion in 2022 and is projected to reach USD 11.5 Billion by 2027, at a CAGR of 22.3%
during the forecast period. There is an increasing global demand for reliable and secure power supply. Widespread industrialization and urbanisation are fuelling the demand for energy storage systems.
New York, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Microgrid Controller Market by Connectivity, Offering, End-use application and Geography - Global Forecast to 2027" - https://www.reportlinker.com/p05741671/?utm_source=GNW
Government initiatives to reduce carbon footprint; the convergence of IoT enhancing microgrid connectivity; and the advantages of cheap and clean energy storage are the major driving factors for the global microgrid controller market.
Grid connected segment of microgrid controller market expected to grow at a higher CAGR during the forecast period
During the forecast period, grid-connected microgrids will lead the microgrid controller market.Expansion of utility grid transmission lines and surge in use of renewable power sources are some of the major factors contributing towards the growth of this segment.
Grid-connected microgrids usually have higher reliability than remote/island microgrids; they can produce power within their distribution circuits as well as import it from utility sources.Grid-connected microgrids enable renewable energy generation without expensive grid reinforcements.
They improve the efficiency and resiliency of the power generated and reduce carbon footprints.
Software segment likely to witness higher growth between 2022 and 2027
Microgrid controller software segment is expected to witness fastest growth by 2027.Microgrid software is mainly used for modelling variable sources of energy, such as solar and wind, with variable thermal loads.
Software such as supervisory control and data acquisition (SCADA), energy management, generator and load management, and system reconfiguration software are used in microgrids to allow the simulation and optimization of resources.Highly specialised software’s are used by microgrid designers to model the technical performance of microgrids.
These software helps in simplify technical and economic factors involved in a microgrid project and compare the cost and feasibility of different configurations of hardware.
Military is the third largest end-use application due to wide use of microgrids for energy security and resiliency
Microgrids are used in the military sector to ensure an uninterrupted electricity supply in military establishments and bases in case of main grid outages. Several military microgrid projects are being carried out globally in collaboration with well-established companies such as General Electric, Lockheed Martin, Boeing, and Honeywell International Inc., as well as small specialties technology firms such as Spirae and Power Analytics. Microgrids provide the ultimate emergency backup power source and can function independently from the grid, enhancing the physical security and cybersecurity of a nation’s military bases.
Energy resilience and security are the main concerns of military establishments because military forces of different countries are increasingly using microgrids, which generate electricity from renewable energy sources. For instance, in February 2019, Schneider Electric expanded its microgrid project at Marine Corps Air Station (MCAS), Miramar, Goa (India), to boost the grid resilience of this facility.
US likely to dominate the overall microgrid market in the Americas region between 2022 and 2027
The US dominated the microgrid controller market in Americas in 2021 and is expected to continue its dominance by 2027.The growing deployment of sustainable energy sources to reduce the dependence on existing electricity networks is expected to positively impact the growth of the microgrid controller market in the country.
Increasing investments in using clean energy sources for electricity generation are also fuelling the growth of the microgrid controller market. For instance, in February 2021, the United States House of Representatives introduced H.R.1512, the Climate Leadership and Environmental Action for its Nation’s Future Act. The CLEAN Future Act authorizes a total of USD 565 billion in spending over the next decade to reach decarbonization goals—specifically, to achieve net-zero greenhouse gas (GHG) emissions by 2050 and limit temperature increases to 1.5°C. H.R.1512’s budget includes several billions of dollars in microgrid funding.
A variety of executives from key organizations operating in the microgrid controller market were interviewed in-depth, including CEOs, marketing directors, and innovation and technology directors.
• By Company Type:Tier 1 = 55%, Tier 2 = 25%, and Tier 3 = 20%
• By Designation:C-level Executives = 45%, Directors = 30%, and Others (sales, marketing, and product managers, as well as members of various organizations) = 25%
• By Region: Americas = 40%, Europe= 25%, APAC=20%, and ROW=15%
Schneider Electric (France), General Electric (US), ABB (Switzerland), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Honeywell International (US), Caterpillar Inc. (US), S&C Electric (US), and Power Analytics (US) are the key players in the microgridcontroller market. These top players have strong portfolios of products and services and a presence in both mature and emerging markets.
The study includes an in-depth competitive analysis of these key players in the microgrid controller market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This report offers detailed insights into the microgrid controller market based on connectivity (grid connected, off-grid connected), offering (hardware, software, services), end-use application (commercial & industrial, remote areas, institutes & campuses, government, utilities, military, and healthcare), and region (Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW) which includes the Middle East and Africa (MEA) and Africa).
The report also provides a comprehensive review of microgrid controller market drivers, restraints, opportunities, and challenges in the market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the microgrid controller market and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05741671/?utm_source=GNW
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