Worldwide Latest Market Research Report on “Global Microgrid Control Systems Market – Segmented by Type (Grid-connected, Off-Grid, and Hybrid), Application (Utilities, Cities & Municipalities, Defense, and Industrial), and Region – Growth, Trends, and Forecast (2019 – 2023) 2019-2023”
The Global Microgrid Control Systems market with CAGR of 12.25% 2019-2023. The report begins from overview of Industry Chain structure, and describes the industry environment, then analyses market size and forecast of Microgrid Control Systems by product, region, and application, in addition, this report introduces market competition situation among the vendors and company profile, besides, market price analysis and value chain features are covered in this report.
Competitor Analysis: by product types, market share, applications, sales, and revenue.
- ABB Group
- Siemens AG
- Eaton Corporation Plc.
- Princeton Power Systems
- General Electric Corporation
- Pareto Energy
- Honeywell International
- Northern Power Systems Corporation
- Exelon Corporation.
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Overview of Microgrid Control Systems Market:
The global microgrid control systems market was valued at USD 20.89 billion in 2017 and is expected to reach a market value of USD 41.79 billion by 2023, registering a CAGR of 12.25% during the forecast period (2019 – 2023). Microgrids are similar to main power grids but are smaller in size with low capacities. They are referred as a distributed electric grids that can be operated and controlled depending on the requirement. Unlike regular grids, these grids work on distributed energy sources and can operate on multiple sources at any given point. Microgrids are an essential part of smart cities
The scope of this study is limited to grid-connected, off-grid, and hybrid kind of microgrids. The report is segmented by application into utilities, cities & municipalities, defense, and industrial.
Continuously increasing demand for microgrids with high penetration of distributed energy generators, mainly renewable energy sources, is modifying the traditional structure of the electric distribution grid. More than 1437 microgrid projects, that represent nearly 13,400 megawatts of capacity, are proposed, planned, under construction, or are operating worldwide.
Microgrid control systems are generally low-power and low-voltage, and they can be operated in islanded in an off-grid or hybrid mode. These systems mostly have generating, transmission, and distribution located in a small area, and are mostly set up inside or close to the consumption location. The system can work on both traditional sources, like coal and diesel, and also renewable sources, like solar, wind, and combined heat & power. Newer systems are being incorporated into storage systems to provide continuous power. Microgrids control systems continuously monitor, analyze, and track the system to maintain hassle-free operation. These systems have to be capable of controlling the power ratings, frequency, and other parameters of the grid. Microgrid controllers are thus one of the most important systems in the microgrid and have been seeing a significant increase in demand with respect to adoption of microgrids. Many cities are now looking to go smart by employing smart grids. This is resulting in an increased demand for microgrid controllers.
Increasing Demand for Backup Solutions Major Driver for the Market
Power outages and blackouts are the most common problems globally, especially in the developing and underdeveloped nations. Several industries face frequent blackouts and power outages, resulting in massive losses. Blackouts in residential areas cause inconvenience to the general public. These outages can because of various factors, such as weather conditions, natural disasters, equipment failure, etc. Continuous power has become a primary requirement for industries to operate and people to live. With increasing global warming and changing weather conditions, the frequency of natural disasters is increasing.
Microgrids provide better backup solutions compared to traditional backup solutions. Microgrids can be operated in parallel to the main grid and can switch in without delay at the time of main grid failure. Unlike generators and UPS, microgrids can provide backup supply for longer durations and can work independently of the main grid. This enables them to operate in any situation. With increasing frequency of natural disasters around the world, industries looking for better backup solutions are choosing microgrids over traditional solutions. As these can use renewable sources during backup operations, they are now increasingly being deployed in most residential and areas with power issues. Thus, increased demand for backup systems is driving the growth of microgrid control systems.
Demand For Microgrid Control Systems in Industrial Applications To Grow
Industries have always been looking to reduce energy costs while also reducing their carbon emissions. It has been estimated that industries account for more than 23% of the global carbon emissions. With increasing environmental concerns around the world, many industries are now looking to reduce their CO2 emissions. Industries are now in need of optimizing their energy consumption to reduce operating costs. This has resulted in many companies opting for microgrid systems to increase efficiency while reducing energy costs and carbon emissions. The demand for green microgrids is increasing with increasing use of renewable energy sources for industrial power. Many industries are also employing storage systems in the microgrid for backup supplies and to reduce costs by selling surplus power. Storage systems enable smooth operations, regardless of the power outages and faults in the main grid.
US to Play Important Role In The Growth Of The Market
US is one of the first regions to adopt microgrid systems on a large scale. Due to the increasing adoption of microgrid systems, their number can be expected to more than double by the end of forecast period. Currently, educational institutions and military hold the largest share of microgrid systems in this country, followed by commercial and domestic uses. Microgrids are being employed in remote locations to facilitate power and communication capabilities. However, with increasing adoption of smart grid technology and the need to increase energy efficiency, the adoption of microgrids is expected to see a rapid growth rate. Moreover, more than 85% of the microgrids in the United States are powered by fossil fuels. The increasing need to curb pollution and reduce carbon footprint is resulting in the growth of demand for microgrid control systems using renewable sources.
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Reasons To Purchase This Report
The Global demand for Microgrid Control Systems Market is forecast to report strong development driven by consumption in major evolving markets. More growth opportunities to come up between 2019 and 2025 compared to a few years ago, signifying the rapid pace of change.
Global Microgrid Control Systems Market highlights the following key factors:
- A complete informative analysis of Microgrid Control Systems industry, which includes a valuation of the parental market.
- Emerging trends by sections and regional markets.
- Major developments in market dynamics & market overview.
- Microgrid Control Systems Market shares and methods of key players in the Microgrid Control Systems market.
- Current and predictable size of Microgrid Control Systems market from the outlook of both value and volume.
- Reporting and estimation of recent industry developments.
- References to companies for establishment their position in the Microgrid Control Systems market.
Microgrid Control Systems Market report passes on a fundamental overview of the Market including its definition, applications, and advancement. Furthermore, the Industry report investigates the ecumenical Major Microgrid Control Systems Market players in detail. Microgrid Control Systems Market report gives key bits of Cautiousness and subsisting status of the Players and is a basic Source obviously and heading for Companies and people energized by the Industry.
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Key Features of the Microgrid Control Systems Market Report:
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- Five-year forecast measure would give a clear understanding of future growth.
- Investigation of upcoming and past market information will help in organizing an outline of current business strategies.
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- Development opportunities and forecast buyer requests will evoke the collection of revenue.
- A comprehensive analysis of the changing competitive dynamics will keep you ahead of the competitors.
- The fresh proficient elements such as industry production study, revise product-launching events, growth and risk factors will help in the forecast feasibility analysis.
- To distinguish the slightest focused market specialties with huge development potential.
The growth of this market worldwide is subjected to various factors; including consumer world-class Microgrid Control Systems Market of many Microgrid Control Systems Market products, inorganic company growth models, price volatility of raw materials, product innovation along with economic prospects in both producer and consumer countries.
In conclusion, Microgrid Control Systems Market report presents the descriptive analysis of the parent market based on elite players, present, past and futuristic data that will serve as a profitable guide for all the Microgrid Control Systems Market competitors.
Mr. Ajay More
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