Global Microgrid Control System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
Global Microgrid Control System Market: Overview
“The global Microgrid Control System Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
The microgrid control system ensures the supply of electricity during blackout situations and power failures. In addition, it shares a load as well as support when connected to the main grid.
Global Microgrid Control System Market: Dynamics
Microgrid control system plays an important role in the integration and use of renewable power such as wind and solar, to enhance system resilience as well as reducing cost. Growth in renewable power generation, increasing demand for reliable and secure power supply, along with increasing investments in electric networks, refurbishment of the existing grid networks, are some factors estimated to boost the global microgrid control system market.
In addition, rising electrification projects in developing countries and technological advancement in the internet of things (IoT) and communication technologies, giving a new way for growth of the target market. Moreover, the need to reduce carbon emissions is expected to positively impact on the target market
Whereas, governmental laws and regulations along with high installation & maintenance cost of the microgrid control systems are expected to restrain growth of microgrid control system market
A recent trend observed in the target market is Industries are looking to reduce energy costs while also reducing carbon emissions. Due to the increasing environmental concerns around the world, industries are focusing to optimize energy consumption to reduce operating costs. Thus, many companies opting for microgrid systems to increase efficiency, reduce carbon emissions as well as reduce energy costs.
Global Microgrid Control System Market: Segment Analysis
Among the grid type segments, the grid-connected microgrids segment is expected to dominate the target market over the forecast period.
Among the component segments, the software segment registered a substantial growth rate.
Among the end-user segment, the military & defense segment dominates the global market and expected to witness significant growth over the forecast period.
Global Microgrid Control System Market: Regional Analysis
The market in the Asia Pacific accounts for significant market share in the global market and is estimated to maintain its dominance over the forecast period. This is attributed to increasing investments in the electric grid development along with the growing adoption of renewable sources of power generation. In March 2017, Schneider Electric SE signed a tripartite agreement with Nanyang Technological University (Singapore) and Engie Lab (Singapore) to develop a renewable micro-grid demonstrator for off-grid areas in the Asia Pacific.
The market in North America contributes substantial revenue share to the target market. Rise of renewable energy and distributed generation systems in the US and Canada are projected to contribute to growth of the target market. Furthermore, rising governmental support and replacements of the aging infrastructure are expected to drive growth of the target market in the near future.
Global Microgrid Control System Market Segmentation:
Segmentation by Grid Type:
Segmentation by Components:
Segmentation by End-User:
- Military & Defense
- Others (Educational Institutes, healthcare)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Schneider Electric SE
- GE Power
- Siemens AG
- Schweitzer Engineering Laboratories
- Eaton Corporation Inc.
- Lockheed Martin Corporation
- Honeywell International Inc.
- S&C Electric Company
- Power Analytics Corporatipon
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