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Microgrid Control System Market
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Market Scenario
Microgrid control system is intelligent software and distributed energy technologies combined. It monitors optimizes, and predicts energy demand and supply. Microgrid assists grid modernization and the integration of smart grid technologies. The promotion of customer participation can demand side management. These can bolster the expansion of the microgrid control system market. Microgrid control system market ensures the supply of electricity in case of blackout and power failure situations. The increased need for electrification across the rural areas can led to rise in adoption of microgrid control systems that can prompt the market growth.
As per Market Research Future (MRFR), in its revised “Microgrid Control System Market” report, the market can undergo several changes. MRFR findings states that microgrid control system global market is projected to touch USD 3.84 Bn by 2024. In 2019, the market value was recorded at USD 2.08 Bn. A 13.05% CAGR is estimated for the microgrid control system global market to surge through the review period. The increased investments in refurbishment of existing grid networks and development of electric networks can boost the market growth.
Segmental Study
The microgrid control system market study is based on ownership, grid type, component, and end-use.
The grid type-based segments are off-grid and on-grid. The off-grid segment can dominate in the microgrid control system market. The increased utility of off-grid micro grids for power sources in developing rural area of the Asia Pacific region and in the Middle East & Africa can impel the expansion of the microgrid control system market.
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The component-based segments of the microgrid control system market are software and hardware. The ownership-based segments of the microgrid control system global market are public and private. The private segment can register a decent growth in the study period. It is because investments in electrification projects can cause the microgrid control system market to rise. The high deployment of microgrid technologies can encourage private players to invest in the global microgrid control system market.
Regional Outlook
Asia Pacific microgrid control system market can register considerably high CAGR and garner decent valuation by 2024. This can be attributed to the increase in investment in developments of smart grid infrastructure. Modernization and upgradations in electrical networks and increased dependency on renewable power and the rise in count of generation sources can boost APAC market. In addition, rise in infrastructural activities can bolster APAC market. In China, the market is accounted for the highest value. The high rate of installation, generation, and distribution of power in the region can prompt the APAC microgrid control system. The rise in demand for electric supply that result in increased need for microgrid control system systems can bolster the market growth. At the same time, the rise in electrification projects across Australia, India, and Indonesia can drive the expansion of the microgrid control system market in the Asia Pacific region. In North America, the microgrid control systems market can rise at a rapid pace. The US is anticipated to dominate the microgrid control system market in North America. The rise in smart grid activities and increased investments in renewable sources can cause North America market to surge.
Key Players
MRFR listed some reputed key players that are operating in the microgrid control system global market. They are; Eaton Corporation (Ireland), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Spirae (US), Emerson (US), Schweitzer Engineering Laboratories (US), S&C Electric Company (US), Etap (US), Woodward, Inc. (US), Ontech Electric Corporation (China), Power Secure, Inc. (US), and General Electric (US).
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