Microgrid Control System Market to reach USD 5.8 billion by 2027, at a CAGR of 13.05% – Report by Market Research Future (MRFR)
New York, June 22, 2021 (GLOBE NEWSWIRE) — Microgrid Control System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Microgrid Control System Market Research Report, by Grid Type, Ownership, by Component, by End-Use and by Region – Forecast till 2027” the market was valued at USD 3.68 billion in 2020, and is expected to reach a market value of USD 5.8 billion by 2027, registering a CAGR of 13.05% during the forecast period (2021-2027).
Enhancing Features that Spur Market Growth
As per the new MRFR report, there are numerous factors that are propelling the global microgrid control system market share. Some of these entail the rising investments in electric networks, increasing concern of carbon emission, refurbishment of the existing grid networks, growing adoption of renewable energy sources, growth in renewable power generation, growing investments in the transmission & distribution infrastructure, growing energy demand, and limitations of space availability in densely populated urban areas. The additional factors adding market growth include government initiatives to improve electricity access, growing concern of carbon emission, advances in IoT and communication technologies, growing population base, and increasing urbanization. Besides, rising electrification projects are the latest microgrid control system market trends.
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List of the leading players profiled in the global microgrid control system market report include –
- General Electric (US)
- Ontech Electric Corporation (China)
- Power Secure Inc. (US)
- Woodward Inc. (US)
- S&C Electric Company (US)
- Etap (US)
- Schweitzer Engineering Laboratories (US)
- Spirae (US)
- Emerson (US)
- Siemens (Germany)
- Schneider Electric (France)
- Eaton Corporation (Ireland)
- ABB (Switzerland)
- others
COVID-19 Analysis
The COVID-19 outbreak has increased the demand for household and domestic electricity with people spending maximum times indoors. This led to a surge in the demand for electricity that in turn led to a growing demand for microgrid control systems. The need for microgrid backup solutions has gone up with people working from home which needs them to be properly equipped with electricity. The demand for industrial power on the other hand in most industries like transportation, aviation, and manufacturing dropped significantly that impeded the market growth. Following the ease in nationwide restrictions, the microgrid control systems market may return to normalcy soon.
Browse In-depth Market Research Report (111 pages) on Microgrid Control System
https://www.marketresearchfuture.com/reports/microgrid-control-system-market-7992
Market Segmentation
The MRFR report highlights an inclusive analysis of the global microgrid control system industry based on end use, component, ownership, and grid type.
By grid type, the global microgrid control system market is segmented into off-grid & on-grid. Of these, the off-grid type segment will lead the market over the forecast period as these are chiefly used to offer power sources to developing countries like the MEA and the APAC region.
By component, the global microgrid control system market is segmented into software and hardware. Of these, the hardware component segment will dominate the market over the forecast period.
By ownership, the global microgrid control system market is segmented into private and public. Of these, the private ownership segment will spearhead the market over the forecast period. This is owing to investments in electrification projects that are on the rise that deploy microgrid technologies thus encouraging private players in investing in microgrid control systems.
By end use, the global microgrid control system market is segmented into commercial and industrial, campuses and institution, utilities, and others. Of these, the utilities end use segment will have the lions share in the market over the forecast period for the significantly reducing operating cost for utilities and rising safety issues related to distributed energy resources.
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Regional Takeaway
APAC to Rule Microgrid Control System Market
Geographically, the global microgrid control system market is classified into North America, Europe, South America, the Asia Pacific, as well as the Middle East and Africa (MEA). Of these, the APAC region will rule the market over the forecast period. Increased investments in the development of smart grid infrastructure, upgradation and modernization of electrical networks, increasing dependence on renewable power generation sources & infrastructural activities in the recent past are adding to the global microgrid control system market revenue in the region. China has the highest installed generation and distribution capacity due to the high demand for electric supply leading to increased need for microgrid control systems. Likewise, the increasing electrification projects in Indonesia, Australia, and India are also adding market growth.
North America to Hold Second-Largest Share in Microgrid Control System Market
In North America, the global microgrid control system market is predicted to hold the second-largest share over the forecast period. The US has the utmost market share. Growing smart grid activities, growing investments in renewable sources, modernization of infrastructure, and increasing demand for energy are adding to the global microgrid control system market growth in the region.
Europe to Have Admirable Growth in Microgrid Control System Market
In Europe, the global microgrid control system market is predicted to have admirable growth over the forecast period. Introduction of several advanced smart grid technologies by key players, rising investments in modernizing existing grid networks, growing renewable energy sector, increased power consumption, mandates by the government on energy efficiency, and the growing influx of renewable sources in the energy mix, renovation, upgradation, and modernization of ageing grid infrastructure are adding to the global microgrid control system market growth in the region. Germany holds the utmost market share.
In South America, as well as the MEA, the global microgrid control system market is predicted to have sound growth in the forecast period. Brazil and Saudi Arabia are dominating the regions.
The microgrid control system market is fragmented as well as competitive due to the presence of several international and domestic industry players. These players have encompassed an array of strategies to remain at the vanguard and also suffice the burgeoning needs of the consumers, including partnerships, collaborations, contracts, partnerships, launches, geographic expansions, joint ventures, and new product launches, and more. Additionally, they are also making big investments in R&D for strengthening their portfolios and also creating a hold in the market.
Industry Updates
May 2021- Fort Hunter has joined hands with Ameresco for installing sustainable, secure, and resilient microgrid project.
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Segmentation of Market covered in the research:
Information, by Grid Type (On-Grid and Off-Grid), Ownership (Public and Private), by Component (Hardware and Software), by End-Use (Utilities, Campuses & Institution, Commercial & Industrial and others) and by Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America)
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