Microgrid Control System Market 2021: Industry Growth, Size, Share, Analysis, Company Overview, Key Drivers and Forecast 2023
Research Reports
Jan 05, 2021
Microgrid control systems are a combination of energy distribution technologies and intelligent devices which monitors, predicts, and optimizes energy demand and supply. It can separate the plant’s power system from the utility and deenergizes non-essential loads. The global microgrid control system market report by Market Research Future (MRFR) contains projections for the period of 2019 to 2024 (forecast period) and takes into account the impact of the COVID-19 outbreak on the industry.
Market Scope
The global microgrid control system market size is projected to reach USD 3.84 billion by 2024 from an estimated USD 2.08 billion in 2018 at a CAGR of 13.05% over the forecast period.
Investments in electric networks, modernization of existing electric infrastructure, and concerns of carbon emissions are major drivers of the market. According to Emissions Gap Report, carbon emission volume can reach 22 gigatons by 2050. The penetration of microprocessors and communication networks in industries and adoption of renewable energy resources is likely to bode well for the market. The shift to renewable energy from the reliance on fossil fuel sources can be an indicator of the large scope for the market in the coming years.
Microgrid systems can manage loads and monitor the same loads on various sources. The systems use advanced algorithms for determining the action in case of undershedding or overshedding and balance the system accordingly. This is especially useful in the chances of grid failure in metropolitan cities. Advances in internet of things (IoT) and rise of electrification projects can provide new growth opportunities for the market. The synchronization of microgrids with distributed energy resources (DER) for governing all functions of a system can be used in predicting untoward events and formulate contingency plans accordingly.
But high installation and maintenance costs can hinder market growth.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/7992
Segmentation
The global microgrid control system market has been segmented by grid type, ownership, component, and end-use.
- On the basis of grid type, the global market is divided into 2 segments, on-grid and off-grid. The off-grid segment is expected to dominate in the market. This is due to off-grid microgrids being mainly used as power sources in rural areas in Asia Pacific and the Middle East & Africa.
- On the basis of component, the global microgrid control system market is divided into hardware and software.
- On the basis of ownership, the global market is divided into public and private. The private segment is estimated to register the higher growth than its counterpart during the forecast period owing to investments in electrification projects. Emergence of private utility companies amid the mismanagement of public utilities in developing economies can drive the use of microgrid control systems for better control on power.
- By end-use, it is segmented into commercial & industrial, campuses & institution, utilities, and others.
Regional Analysis
North America, South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are major regions considered for estimating the scope of the global microgrid control system market.
APAC holds the largest share in the microgrid control system market due to the increased investments in the smart grid infrastructure development, modernization and upgradation of electrical networks, growing dependence on renewable power generation sources, and infrastructural activities. China accounted for the highest installed generation and distribution capacity in the region due to the high demand for electric supply. Similarly, growing electrification projects in countries of Indonesia, India, and Australia would drive the growth of the microgrid control system in the region.
Moreover, North America is expected to be the second largest market for microgrid control systems. The U.S. is expected to dominate the market in North America owing to growing smart grid activities and rising investments in renewable sources.
Request for Report Discount: https://www.marketresearchfuture.com/check-discount/7992
Competitive Outlook
- Schweitzer Engineering Laboratories
- ABB
- Emerson
- Siemens
- Ontech Electric Corporation
- Etap
- General Electric
- Schneider Electric
- Power Secure Inc.
- Eaton Corporation
- Woodward Inc.
- Spirae
- S &C Electric
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
Contact
Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune – 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com
Tags:
, Reportedtimes, iCN Internal Distribution, Research Newswire, English