The microgrid controller market is estimated to grow at a CAGR of 15.65% from 2019 to 2024
NEW YORK, Feb. 19, 2019 /PRNewswire/ -- The microgrid controller market is estimated to grow at a CAGR of 15.65% from 2019 to 2024.
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The overall microgrid controller market is estimated to grow from USD 6.1 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 15.65% from 2019 to 2024. Microgrid controllers are designed to maximize microgrids' reliability in providing uninterrupted electric supply and increase their overall efficiency. Microgrid controllers also reduce environmental impact by encouraging the use of renewable energy and achieving fuel and cost savings. Microgrids, with their value propositions of reliability, security, quality, and sustainability, have proved to be an attractive alternative to centralized distribution. An increasing number of research labs, data centers, universities, hospitals, and manufacturing facilities globally are experiencing a critical need for constant power supply and cannot afford blackouts and outages. The installation and maintenance cost of a whole microgrid network is quite significant. The additional cost of microgrid controllers adds up to the total cost of microgrids, which is a restraint to the growth of the microgrid controller market.
Grid connected microgrids are expected to grow at a higher CAGR during the forecast period.
The demand for microgrid controller systems in grid connected mode is expected to increase during the forecast period.In a grid connected microgrid, power transmission is dependent on the main grid; thus, any damage to the main grid affects the network.
In this case, a microgrid transitions to islanded/remote mode to continue stable power supply to consumers.Microgrid controllers play a substantial role in microgrid transitioning by coordinating distributed energy resources, energy storage systems, and the load.
The main objective is to improve grid reliability and resiliency. Grid connected microgrids usually have higher reliability than remote/island microgrids owing to their connection with power grids.
The Americas is expected to account for the largest share of the microgrid controller market during the forecast period.
The Americas is an important market for microgrid controllers.The market here accounted for the largest share in 2018, majorly driven by the presence of a number of microgrid market players in the region, such as GE Power (US), Schweitzer Engineering Laboratories (SEL) (US), Lockheed Martin (US), Honeywell (US), and Emerson (US).
The Americas is one of the most technologically advanced markets for microgrids.It has a large number of microgrid solution providers.
In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions.As system integration is a major challenge for the market, the IIoT lab was launched to overcome it.
The major focus of the lab is on microgrid control, advanced manufacturing control, and heavy equipment asset monitoring.
For determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the primary participants' profile is provided below:
• By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
• By Designation: – C-Level Executives – 45%, Directors – 25%, and Others – 30%
• By Region: North America – 40%, Europe – 25%, APAC – 20%, and RoW – 15%
Major companies covered in this microgrid controller market report are Schneider Electric (France), General Electric (US), ABB (US), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Honeywell International (US), Lockheed Martin (US), S&C Electric (US), and Power Analytics (US).
Research Coverage:
• Major verticals where microgrid controllers are used include government, utilities, commercial, industrial, educational institutes, military & defense, healthcare, and others.
• By offering, the microgrid controller market is segmented into hardware, and software, and services.
• By connectivity, the microgrid controller market is segmented into grid connected and off grid/remote/islanded.
• The geographic analysis is done with regard to 4 regions: Americas, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
Reasons to Buy This Report:
This research report focuses on various levels of analysis—industry analysis (industry trends), market ranking analysis of top players, value chain analysis; company profiles, which discuss the basic views on the competitive landscape; emerging and high-growth segments and regions of the microgrid controller market; and drivers, restraints, challenges, and opportunities.
The report provides insights on the following:
• Market penetration: Comprehensive information on microgrid controllers offered by the top players
• Product development/innovation: Detailed insights into R&D, emerging technologies, and product launches
• Market development: Comprehensive information about lucrative emerging markets—the report analyzes the market across regions
• Market diversification: Exhaustive information about untapped geographies, recent developments, and investments
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of the leading players
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