Global Microgrid Control System Market Scenario
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 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.
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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 operation of diesel generators and integration with renewable energy resources. 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.
- 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).
Global Microgrid Control System Market Segmentation
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 market has been segmented into private and public.
Based on component, the global microgrid control system market has been segmented into software and hardware.
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 end-use, the global microgrid control market has been segmented as commercial & industrial, campuses & institution, utilities, and others.
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.
Asia-Pacific represented the highest share of the global microgrid control system market in 2018. Primarily, owing to the rising demand for soaring investment in electrification, expanding investments in reliable power sources and renewable energy suppliers. The region is estimated to be the swiftest in terms of growth, over the forecast period. 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.
North America holds the second largest share of the microgrid control system market owing to the severe tides of modernization hitting the globe plus surge in energy consumption patterns. The US is likely to lead the North American market over the forecast period.
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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Table of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.6 Value Chain/Supply Chain Analysis
6 Global Microgrid Control System Market, By Grid Type
7 Global Microgrid Control System Market, By Ownership
8 Global Microgrid Control System Market, By Component
9 Global Microgrid Control System Market, By End-Use
10 Global Microgrid Control System Market, By Region
11 Competitive Landscape
12 Company Profile
13 List Of Tables
14 List Of Figures
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