New York, US, Aug. 25, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Microgrid Controller Market Analysis by Connectivity, Offering, Vertical and Region - Forecast till 2030” valuation is poised to reach USD 14.35 Billion by 2030, registering a 15.65% CAGR throughout the forecast period (2022–2030).
Microgrid Controller Market Overview
The rising concerns over climate change & greenhouse gas emissions coupled with growing investments in the smart grid infrastructure will offer robust opportunities for the market over the forecast period.
Microgrid Controller Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 14.35 Billion |
| CAGR 2022-2030 | 15.65% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
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Drivers
Growing Need for Resilient and Reliable Power Supply to Boost Market Growth
The market for microgrid controllers is anticipated to develop significantly as demand for dependable, resilient power supplies that can lower carbon emissions increases.
High Manufacturing Costs to act as Market Restraint
The high manufacturing price of microgrid controllers as associated control systems may act as a market restraint over the forecast period.
Security Risk to act as Market Challenge
The security risk related to microgrids and lack of interoperability & standardization may act as market challenges over the forecast period.
Microgrid Controller Market Segments
The global microgrid controller market is bifurcated based on vertical, offering, and connectivity.
By connectivity, off-grid/islanded will lead the market over the forecast period.
By offering, hardware will dominate the market over the forecast period.
By vertical, military and defense will spearhead the market over the forecast period.
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Microgrid Controller Market Regional Analysis
North America to Lead Microgrid Controller Market
Due to surge in government initiatives for the development of microgrid and its installations throughout the area, North America is anticipated to hold a larger market share than other regions. Additionally, the technical proficiency and presence of prospective market participants across North America are boosting the Microgrid controller industry's overall growth. Some of the important causes, such as the expansion of smart grid initiatives in North America & the extensive use of renewable energy sources and power generation techniques, have been driving up demand for microgrid controllers in recent years. Additionally, growing nations like India, China, and Japan collaborate with global businesses to create the market's current technologies, which further fuel the growth of the Microgrid Controller market.
Due to the presence of numerous microgrid solution providers and the rising number of activities for replacing and upgrading local utility grid infrastructure, North America is anticipated to be a domineering market for microgrid controllers. According to anticipated market share, the North American area will dominate the worldwide microgrid control system market. This comes as an outcome of the area's increased emphasis on grid upgrading. The United States is anticipated to dominate the market as a result of growing investments in the nation's grid technology update. The market has expanded as smarter grid projects have been launched in Canada. The adoption of a stringent government regulatory framework is also anticipated to fuel further market expansion in North America.
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APAC to Have Favorable Growth in Microgrid Controller Market
On the other hand, the Asia-Pacific region, particularly Bangladesh and India, is seeing significant growth in the Microgrid controller market as a result of the region's increasing rural electrification projects. A robust CAGR of 5.7% is anticipated for the Asia-Pacific region during the projected period as a result of government attempts to replace deteriorating grid infrastructure & smart city initiatives. The major competitors in the market are concentrating on strengthening their position in emerging economies like China and India due to the rising need for power in the Asia Pacific region.
The growth of the microgrid controller market in Asia Pacific is anticipated to be driven by the robust expansion of the conventional electricity grids, significant expenditures in electrification projects, and moderating and upgrading of existing electrical networks. Over the predicted period, APAC is also expected to exhibit substantial growth opportunities. China and India are 2 of the primary markets that are boosting need for microgrid control systems, which is anticipated to have a favorable impact on the market. During the projection period, the Asia Pacific is anticipated to have the greatest market size. To accommodate the rising demand for power, nations like China & India make significant investments in modifying and improving their current electrical networks as part of their electrification initiatives.
Increased energy demand, government mandates for energy efficiency, the entrance of renewable energy sources into the energy mix, and innovation, modernization, and repairs to the region's deteriorating grid infrastructure are all contributing factors to the use of microgrids. Due to increasing investments in smart microgrid control infrastructure, increased reliance on renewable energy sources for the power generation, & modernization of electrical infrastructure in the region, the market in Asia Pacific is anticipated to see a higher CAGR over the forecast period. The market is booming as a result of developing nations in the Asia Pacific importing new technologies to enhance their microgrid control systems.
COVID-19 Analysis
The COVID 19 epidemic has had a substantial impact on all industry verticals' manufacturing and production operations. To confront the crisis, the governments of nations have enacted a number of lockdowns and limitations. These factors have decreased employment and the potential for financial growth in the industry. The need for the microgrid and their controlling systems has decreased dramatically during the pandemic as a result of the decline in the need for electricity especially for industrial operations. On the other hand, when more emergencies arise, there is a sharp rise in the demand for energy in the hospital and residential sectors. These elements have contributed to the global expansion of microgrids & microgrid controller systems. Additionally, the nations had a preference for creating renewable energy sources. During the pandemic, these reasons have also fueled the expansion of the microgrid controller market.
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Microgrid Controller Market Competitive Analysis
Dominant Key Players on Microgrid Controller Market Covered are:
- Schneider Electric (France)
- Lockheed Martin Corporation (US)
- S&C Electric Company (US)
- Emerson Electric Co. (US)
- Eaton Corporation (Ireland)
- Honeywell International Inc. (US)
- Siemens (Germany)
- Schweitzer Engineering Laboratories (US)
- GE Power (US)
- ABB (Switzerland)
- Power Analytics (US)
- Princeton Power Systems (US)
- Spirae Inc. (US)
- HOMER Energy LLC (US)
- Pareto Energy (US)
- Advanced MicroGrid Solutions Inc. (US)
- Qinous GmbH (Germany)
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