Northbrook, IL 60062 -- (SBWIRE) -- 08/22/2023 -- The global microgrid controller market size is estimated to be USD 4.2 Billion in 2022 and is projected to reach USD 11.5 Billion by 2027, at a CAGR of 22.3% during the forecast period.
Some of the major factors contributing to the growth of microgrid controller market includes the increasing emphasis on decarbonization by end users and governments, optimization of energy assets and improved efficiency of microgrids using microgrid controllers, and growing need for reliable, uninterrupted power supply.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=103650618
Grid-connected microgrids likely to dominate the market during the forecast period
Grid-connected microgrids will lead the microgrid controller industry during the forecast period. Grid-connected microgrids consist of multiple generators, distribution systems, and sophisticated controls. These technologies not only improve grid resiliency, improve power quality, and reduce their environmental impact, but also have a number of other advantages, resulting in increased demand. The expansion of utility-based grid networks globally, as well as the large-scale exploitation of renewable energy sources, like offshore wind, are driving the growth of this segment.
Hardware segment to account for largest market share of microgrid controller market during the forecasting period
The key drivers for the growth of the market for the hardware segment include the growing number of microgrid projects worldwide, decreasing costs of energy storage and renewable sources of energy, and increasing government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions. Microgrids generate electricity from different energy sources such as renewable energy sources (solar, wind, photovoltaic (PV) cells, etc.) and non-renewable energy sources (fuel cells, diesel generators, combined heat and power (CHP) and micro-CHP, microturbines, etc.).
The remote areas end-use application is expected to account the largest share of the microgrid controller market in 2022
Based on end-use application, the market has been segmented into utilities, commercial & industrial, institutes & campuses, remote areas, military, governments, and healthcare. Key factors driving the demand for microgrids for rural electrification are the growing government support and the surge in the deployment of microgrid projects in remote areas. According to the International Energy Association, ~1 billion people in remote areas worldwide face electricity scarcity due to the high costs of fossil fuels used for electricity generation and challenges in terms of electricity transmission to remote areas. This has led governments of different countries to increase their investments in electricity infrastructures to provide efficient, low-cost, and clean electricity to end users. This, in turn, has led to an increased demand for microgrids from remote areas.
Asia Pacific is likely to be the fastest growing market during the forecast period between 2022 and 2027
The Asia Pacific accounted for the second largest share in the microgrid controller market in 2021 and is expected to be the fastest growing market during the forecast period. The market's growth in Asia Pacific can be attributed to the high rate of rural electrification in several economies such as India, Malaysia, and the Philippines. A large number of unelectrified islands in Indonesia and the Philippines and the lack of proper electricity infrastructure in emerging economies have led to the demand for cost-effective microgrids in the region. This is expected to contribute to the growth of the market in Asia Pacific during the forecast period.
Ask for Sample Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=103650618
Key Market Players
Major players in the microgrid controller companies are Schneider Electric (France), General Electric (GE) (US), Siemens (Germany), Eaton Corporation (US), ABB (Switzerland), and Schweitzer Engineering Laboratories (US).