Global Microgrid Control System Market Industry analysis and Forecast
Global Microgrid Control System Market was valued US$ 1.858 Bn in 2017 and is projected to reach US$ 5.16 Bn by 2026 at a CAGR of 13.62 %.
Global Microgrid Control System Market
Increasing demand for reliable and secure power supply worldwide, Increasing government investments in microgrid projects, growing adoption of renewable energy sources are major driving factor of global microgrid control system market. Governmental laws and regulatory uncertainty and high installation and maintenance cost of the microgrid control system are restraining factor of microgrid control system market. Rising electrification projects in emerging economies and Advancement in IoT, as well as communication technologies, acts as a major opportunity to market.
Off-grid segment is largest contributor in the microgrid control system market. Energy self-sufficiency substantiates the high deployment rate for Off-grid microgrid systems. Increasing electrification of rural and remote areas across the world, which would lead to the high adoption rate of Off-grid microgrid control system. Off-grid networks are energy self-sufficient and provide power security during electricity failure.
Hardware segment estimated to be the fastest growing segment during the forecast period. The hardware components of the microgrid control system include the physical components such as CPU module, digital input module, digital output module, data logger, data recorder, relays, analog input/output module, local controller, meters, and communication network.
Industries have been looking to reduce energy costs while also reducing their carbon emissions. Due to the increasing environmental concerns around the world, many industries are now looking to reduce their CO2 emissions. Industries are now optimizing their energy consumption to reduce operating costs hence many companies opting for microgrid systems to increase efficiency while reducing energy costs and carbon emissions.
Asia Pacific accounted for the largest market size during the forecast period. In Asia Pacific, countries such as China and India are heavily investing in electrification projects, moderation & up gradation of existing electric networks to meet the growing demand for electricity. North America is the second largest market for microgrid control systems. Replacement and refurbishment of the existing infrastructure is the major requirement in the local utility grid. Europe is third largest market for the microgrid control systems. Lucrative incentives in the form of feed-in tariffs, tax credits, and maturity of the Grid Type on a commercial scale, ensured that investors and project developers embraced the microgrid control system.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding microgrid control system market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on a competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in microgrid control system market.
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The scope of Global Microgrid Control Systems Market
Global Microgrid Control Systems Market by Grid:
Global Microgrid Control Systems Market by Component:
Global Microgrid Control Systems Market by Application:
- Cities & Municipalities
Global Microgrid Control Systems Market, By Region:
- North America
- South America
- Asia Pacific
- Middle East & Africa
Key Players analyzed in the Report:
- Eaton Corporation
- General Electric
- Ontech Electric Corporation
- Powersecure, Inc.
- RT Soft
- S&C Electric Company
- Schneider Electric
- Schweitzer Engineering Laboratories
- Woodward, Inc.
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