As per the reports published by Market Research Future, the market for microgrid control system has been estimated to attain USD 3.84 bn by 2024. The market is likely to expand at 13.05% CAGR during 2019 to 2024. The key factors influencing the global microgrid control system market mostly encompass the renovation of the current grid networks, rising awareness about carbon emission, and surging investments in electric networks.
Leading Players analysed in the Microgrid Control System Market are:
The global microgrid control system market has been dominated by key players such as ABB (Switzerland), Power Secure, Inc. (US), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Siemens (Germany), Schneider Electric (France), Spirae (US), Emerson (US), S&C Electric Company (US), Etap (US), Ontech Electric Corporation (China), General Electric (US), and Woodward, Inc. (US).
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Microgrid control system is a blend of intelligent software and distributed energy technologies that evaluates, optimizes, and monitors energy demand and energy supply. Microgrid incorporates smart grid technologies, accelerates consumer involvement through demand side management, and aids in grid modernization. Microgrid facilitates power supply during instances of blackout and electricity failure. The surging demand for electrification in rural regions has made the population of these areas to adopt microgrid control systems rapidly.
The global microgrid control system market has been segmented based on ownership, region, component, grid type, and end-use.
Based on ownership, the global Microgrid Control System Market has been segmented into private and public. The private segment is anticipated to record increased growth over the forecast period. The growth is owing to the soaring investments in electrification projects which organize microgrid technologies. The private players are the ones who gets mostly encouraged to invest in the microgrid control system.
Based on grid type, the global market has been segmented into off-grid and on-grid. Off-grid microgrids primarily find application in supplying power to the developing nations such as the Middle East & Africa and Asia Pacific.
Based on component, the global microgrid control system market has been segmented into software and hardware.
Based on end-use, the global microgrid control market has been segmented as commercial & industrial, campuses & institution, utilities, and others.
The key regions where the microgrid control system market has a remarkable presence include Europe, South America, North America, Asia-Pacific, and 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.
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