The global 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 to 2024.
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.
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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 grid type, the global microgrid control system market is divided into on-grid and off-grid.
On the basis of end-use, the global market is segmented as utilities, campuses & institution, commercial & industrial, and others.
On the basis of ownership, the global market has been divided into public and private.
The key players operating in the global microgrid control system market are ABB (Switzerland), Eaton Corporation (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Spirae (US), Schweitzer Engineering Laboratories (US), Etap (US), S&C Electric Company (US), Woodward, Inc. (US), Power Secure, Inc. (US), Ontech Electric Corporation (China), and General Electric (US).
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.
Microgrid control system end-use industries
Microgrid control system providers
Government and research organization
Consulting companies in the power industry
Investors and shareholders
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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
List Of Tables
Table 1 Global Microgrid Control System Market, By Region, 2017–2024 (USD Million)
Table 2 North America Microgrid Control System Market, By Country, 2017–2024 (USD Million)
Table 3 Europe Microgrid Control System Market, By Country, 2017–2024 (USD Million)
Table 4 Asia-Pacific Microgrid Control System Market, By Country, 2017–2024 (USD Million)
Table 5 Middle East & Africa Microgrid Control System Market, By Country, 2017–2024 (USD Million)
List Of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top-Down And Bottom-Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Microgrid Control System Market Share, By Grid Type, 2018 (%)
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