Microgrid Control System Market Overview
The microgrid control system market size is projected to reach USD 3.84 Billion by 2024 from an estimated USD 2.08 billion, at a CAGR of 13.05% from 2019–2024. A microgrid control system enables the distribution grid operators to optimize the energy assets to reduce the energy costs of microgrids.
Microgrid control system helps in integrating the energy assets with an objective to reduce the energy costs for a microgrid. The applications of microgrid control system includes off-grid remote communities where in a control system optimizes the operaiton of diesel generators and integration with renewable energy resources.
Get Free Sample Copy of Microgrid Control System Market at: https://www.marketresearchfuture.com/sample_request/7992
Major Leading Players:
- Power Secure, Inc. (US),
- ABB (Switzerland),
- Eaton Corporation (Ireland),
- Schweitzer Engineering Laboratories (US),
- Schneider Electric (France),
- Siemens (Germany),
- Emerson (US),
- Spirae (US),
- Etap (US),
- S&C Electric Company (US),
- Woodward, Inc. (US),
- Ontech Electric Corporation (China), and
- General Electric (US).
Microgrid Control System Market Segmental Overview:
The global microgrid control system market has been segmented based on grid type, ownership, component, end-use, and region.
On the basis of end-use, the global market is segmented as utilities, campuses & institution, commercial & industrial, and others. The utilities segment is expected to dominate the market during the forecast period due to the rising safety issues related to distributed energy resources, and significantly reducing operating cost for utilities. This is expected to drive the demand for microgrid control system systems from utilities.
On the basis of grid type, the global microgrid control system market is divided into on-grid and off-grid. The off-grid segment is expected to dominate the global market during the forecast period as this type of grids are mainly used to provide power sources to remote areas and developing countries.
On the basis of ownership, the global market has been divided into public and private. The private segment is expected to dominate the global market during the forecast period. Moreover, based on component, the global market is divided into hardware and software. The hardware segment is expected to have a higher share during the forecast period, but software would grow at a faster rate.
The microgrid control system market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
In 2018, Asia-Pacific held the largest share of the global microgrid control system market, mainly due to the increasing demand for reliable power supply, rising investment in electrification, and rising investments in renewable energy sources. The region is also expected to be the fastest growing market during the forecast period.
Moreover, factors such as increased power consumption, rising influx of renewable resources in the energy mix, and increasing initiatives for smart grid projects in Asia-Pacific drive the market growth. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increased expenditure on T&D networks. Similarly, countries such as Japan, India, and Australia are witnessing growth due to the need for infrastructural development and renewable energy demand.
The market in North America is expected to be the second largest owing to increase in demand for energy and modernization of infrastructure. The US market is expected to dominate North America during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced smart grid technologies being introduced by some of the key players in Europe, such as ABB, Eaton, and Siemens. The market in Germany is expected to dominate Europe during the forecast period, due to the growing renewable energy sector and rising investments in modernizing existing grid networks. Furthermore, Saudi Arabia and Brazil are expected to dominate the Middle East & Africa and South America, respectively.
Browse in-depth Microgrid Control System Market Research Report at: https://www.marketresearchfuture.com/reports/microgrid-control-system-market-7992
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar