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As per the Wise Guy Report it is anticipated that the general market for microgrid controllers will expand from USD 6.1 billion in 2019 to USD 12.6 billion by 2024, at a 15.65% CAGR from the year 2019 till 2024. This market's development is driven by rising demand for microgrids and an growing shift towards the use of renewable energy sources and a reduction in carbon footprint.Microgrid Controller is a system that enables the establishment of a microgrid by controlling distributed energy resources and loads in a predetermined electrical system to maintain acceptable frequency and voltage.
The offering market for microgrid controller systems involves hardware, software, and services. During the forecast period, the software segment market is anticipated to expand at the largest CAGR. This development is due to its vital role in tracking, predicting, managing and optimizing a microgrid network's energy supply and demand.
Market Trends & Analysis and Segmentation
This study includes the market position and perspective of the Microgrid Controller in worldwide and major areas from the perspective of players, nations, product types and end sectors. It also analyzes the top players on the worldwide market and divides the Microgrid Controller market by product type and applications / end sectors. Market Segment by Companies, this report covers Schneider Electric, GE Power, ABB, Siemens, Schweitzer Engineering Laboratories, Eaton, Sustainable Power Systems, Emerson, Honeywell, S&C Electric, Hatch.
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During the forecast period, the hardware segment is anticipated to develop at the fastest pace. The microgrid control system's hardware parts include physical parts like CPU module, digital input module, digital output module, analog input / output module, local controller, information logger, data recorder, relays, meters, and communication network. The growing amount of microgrid projects in big power plants and heavy demand from process industries such as production, oil & gas, mining, steel, and chemicals would drive the microgrid control scheme's hardware market segment. The fastest-growing markets for this segment are developing Asia Pacific economies.
The connected grid sector is expected to increase the market in the software segment as utilities focus more on connecting to significant grid networks, according to the study.
Global and Regional Market Size, Analysis
North America (US, Canada, and Mexico), Europe (Germany, France, the United Kingdom, Russia, and Italy), Asia-Pacific (China, Japan, Korea, India, and Southeast Asia), South America (Brazil, Argentina, and Colombia), the Middle East, and Africa (Saudi Arabia, the UAE, Egypt, Nigeria, and South Africa) are included in the global market segment.
Due to the existence of important players such as GE Power (US), SEL (US), Lockheed Martin (US), Honeywell (US), S&C Electric (US), Power Analytics (US), Emerson (US), Princeton Power Systems (US), SPIRAE (US), Homer Energy (US), and Pareto Energy (US), the Americas is anticipated to account for the biggest share of the microgrid controller market in the area. The region of Asia Pacific is anticipated to evolve through geography due to the development of the industrial sector and energy infrastructure in several countries of the region.
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