Microgrid Control System Market Size, Share, Global Revenue, Future Demand, Top Leading Manufactures by 2027
Research Reports
Apr 11, 2022
Microgrid control system Market- Overview
In 2020, the global Microgrid control system Market was anticipated to expand approximately USD 3.68 Billion, and it is further projected to increase at USD 5.8 Billion during the forecast period of 2027. The worldwide market is estimated to show a CAGR of 13.05% during the assessment timeframe.
The micro-grid control systems are capable of increasing the working efficiency of the industry and reducing the cost of energy, which is resulting in the enhance the growth of the global market during the forecast period. This type of advanced technology is designed to offer energy to all the end-users as per their requirements.
However, such systems are very advanced and require regular maintenance, and the high cost of maintenance can hamper the growth of the microgrid control system market in the research period.
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Market segmentation
The global microgrid control system market report has been divided segmentally based on grid type, end-users, ownership, and components.
On the basis of grid type segment, the global market has been segmented into off-grid and on-grid. Among these, the off-grid segment is estimated to generate the largest market share during the assessment period. Depending on the end-user segment, the current market has been segregated into utilities, commercial and industrial, campuses and institutions, and others.
The global market has been classified into private and public in terms of ownership segment. The private segment is anticipated to account for the largest market share in the research timeframe among these two segments. The worldwide microgrid control system market has been categorized into different components such as hardware, component, and software. Out of all segments, the hardware segment is projected to generate tremendous growth during the forecast period.
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Regional Analysis
According to the worldwide microgrid control system market report, the present industry movements are working significantly in different regions such as South America, Europe, North America, Asia Pacific, and the rest of the world.
Regionally, the Asia Pacific market is anticipated to witness significant growth and register as the largest market during the review period. Also, this region has projected to grow the market value at a CAGR of 5.7% throughout the forecast period. This region is growing due to the rising dependence on sustainable power generation sources, modernization of electrical works, and growing investment in smart micro-grid control infrastructure among the demography.
Furthermore, the second-largest micro-grid control system industry is known to be the North American region. This region is highly contributed with the support of the US, where the usages of sustainable power generation sources are increasing as well as rising smart grid activities in the region. In addition, the partnership is increasing among the foreign countries and developing countries like China, India, and Japan to import new technological systems and improve the country’s micro-grid system.
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Industry News
In 2020, a huge investment of approx. The Chinese government has made USD 350 billion in the market for the microgrid control system. For instance, in May 2021, prominent companies like Fort Hunter and Ameresco joined hands to install secure, sustainable, and resilient microgrid projects.
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