Microgrid Controller Market Worth $11.5 Billion By 2027 –
Chicago, Sept. 20, 2022 (GLOBE NEWSWIRE) — The Microgrid Controllers Market Size is estimated to be USD 4.2 Billion in 2022 and is projected to reach USD 11.5 Billion by 2027, growing at a CAGR of 22.3% during the forecast period, according to a new report. MarketsandMarkets™ report. The growing focus on decarbonization by end users and governments, the need to ensure uninterrupted power supply are all contributing factors, and the optimization of energy assets and improved efficiency of microgrids using microgrid controllers are some of the major factors contributing to the growth of the microgrid controllers market.
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The commercial and industrial end-use application segment is expected to witness the fastest growth over the forecast period, owing to the increasing demand for uninterrupted power supply in the commercial and industrial sector
The commercial and industrial segment of the microgrid controller market is expected to register the highest growth rate during the forecast period. The growth of this market segment can be attributed to the constant need for uninterrupted power supply to reduce downtime, increase productivity and reduce equipment damage during industrial operations. Additionally, government initiatives to promote clean energy and minimize greenhouse gas emissions are driving the growth of the microgrid controller market.
Software Segment Expected to See Higher Growth Between 2022 and 2027
The software of a microgrid controller is the central control logic of the entire system, which is programmed to improve the availability of the electrical system and reduce the amount of energy consumed. Software monitors, predicts, manages and optimizes energy supply and demand for a microgrid network. Microgrid controller software is designed to integrate microgrid components to allow them to interact effectively. Microgrid controller software enables communication and control of power generation sources, energy storage devices and loads. The use of such software makes it possible to simplify the technical and economic factors involved in a microgrid project and to compare the cost and feasibility of different hardware configurations; this allows designers to use highly specialized software to model the technical performance of microgrids.
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Americas is likely to be the largest market for the Microgrid Controllers Market during the forecast period
In 2021, the Americas accounted for 40% of the microgrid controller market. North America and South America have been studied for the Microgrid Controllers Market in the Americas. A number of microgrid developers and government initiatives are supporting the adoption of microgrids in the region, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program. Microgrids that use fossil fuels as resiliency solutions are becoming more prevalent in North America. Globally, more than half of all microgrid projects were deployed in the Americas in 2019. Grid-connected microgrids are most common in the United States.
Key Players in Microgrid Controller Market are Schneider Electric (France), General Electric (US), ABB (Switzerland), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland) , Honeywell International (US), Caterpillar Inc. (US), S&C Electric (US) and Power Analytics (US), Cummins Inc. (US), Tesla Energy (US) , Homer Energy (US), Spirae (US), Powerhive (US), Advanced Microgrid Solutions (US), Go Electric (US) and Green Energy Corp (US).
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Microgrid Market by Connectivity (Grid-Connected, Off-Grid), Offer (Gensets, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating & Geography – Global Forecast until 2027