Global Microgrid Control System Market Scenario
The microgrid control system market size is
projected to reach USD 3.84 Billion by 2024 from an estimated USD 2.08 billion,
at a CAGR of 13.05% from 2019–2024. A microgrid control system enables the distribution
grid operators to optimize the energy assets to reduce the energy costs of
microgrids.
Microgrid control system is a blend of
intelligent software and distributed energy technologies that evaluates,
optimizes, and monitors energy demand and energy supply. Microgrid incorporates
smart grid technologies, accelerates consumer involvement through demand side
management, and aids in grid modernization. Microgrid facilitates power supply
during instances of blackout and electricity failure. The surging demand for
electrification in rural regions has made the population of these areas to
adopt microgrid control systems rapidly.
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Microgrid control system helps in integrating
the energy assets with an objective to reduce the energy costs for a microgrid.
The applications of microgrid control system includes off-grid remote
communities where in a control system optimizes the operation of diesel
generators and integration with renewable energy resources. The key factors
influencing the global microgrid control system market mostly encompass the
renovation of the current grid networks, rising awareness about carbon
emission, and surging investments in electric networks.
Top
Players:
·
ABB (Switzerland),
·
Power Secure, Inc. (US),
·
Schweitzer Engineering
Laboratories (US),
·
Eaton Corporation
(Ireland),
·
Siemens (Germany),
·
Schneider Electric
(France),
·
Spirae (US),
·
Emerson (US),
·
S&C Electric Company
(US),
·
Etap (US),
·
Ontech Electric
Corporation (China),
·
General Electric (US),
and
·
Woodward, Inc. (US).
Global Microgrid Control
System Market
Segmentation
The global microgrid
control system market has been segmented based on ownership, region, component,
grid type, and end-use.
Based on ownership, the
global microgrid control market has been segmented into private and public.
Based on component, the
global microgrid control system market has been segmented into software and
hardware.
Based on grid type, the
global market has been segmented into off-grid and on-grid. Off-grid microgrids
primarily find application in supplying power to the developing nations such as
the Middle East & Africa and Asia Pacific.
Based on end-use, the
global microgrid control market has been segmented as commercial &
industrial, campuses & institution, utilities, and others.
Regional Outlook
The
microgrid control system market has been segmented into five regions, which are
Asia-Pacific, North America, Europe, the Middle East & Africa, and South
America.
Asia-Pacific represented the highest
share of the global microgrid control system market in 2018. Primarily, owing
to the rising demand for soaring investment in electrification, expanding
investments in reliable power sources and renewable energy suppliers. The region
is estimated to be the swiftest in terms of growth, over the forecast period. The region is also expected to be the fastest growing market during the
forecast period. Moreover, factors such as increased power consumption, rising
influx of renewable resources in the energy mix, and increasing initiatives for
smart grid projects in Asia-Pacific drive the market growth. Within
Asia-Pacific, China is likely to hold the largest share during the forecast
period owing to the increased expenditure on T&D networks. Similarly,
countries such as Japan, India, and Australia are witnessing growth due to the
need for infrastructural development and renewable energy demand.
North
America holds the second largest share of the microgrid control system market
owing to the severe tides of modernization hitting the globe plus surge in
energy consumption patterns. The US is likely to lead the North American market
over the forecast period.
The
US market is expected to dominate North America during the forecast period.
Europe is also expected to grow at a significant rate owing to many advanced
smart grid technologies being introduced by some of the key players in Europe,
such as ABB, Eaton, and Siemens. The market in Germany is expected to dominate
Europe during the forecast period, due to the growing renewable energy sector
and rising investments in modernizing existing grid networks. Furthermore,
Saudi Arabia and Brazil are expected to dominate the Middle East & Africa
and South America, respectively.
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Table of Contents
1 Executive Summary
2 Market Introduction
2.1
Market Definition
2.2
Scope Of The Study
2.3
Market Structure
3 Research Methodology
3.1
Primary Research
3.2
Secondary Research
3.3
Market Size Estimation
3.4
Forecast Model
3.5
List Of Assumptions
3.6
Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1
Introduction
5.2
Market Drivers
5.3
Market Restraints
5.4
Market Opportunities
5.5
Porter’s Five Forces Analysis
5.6
Value Chain/Supply Chain Analysis
6 Global Microgrid Control
System Market, By Grid Type
6.1
Introduction
6.2
On-Grid
6.3
Off-Grid
7 Global Microgrid Control
System Market, By Ownership
7.1
Introduction
7.2
Public
7.3
Private
8 Global Microgrid Control
System Market, By Component
8.1
Introduction
8.2
Hardware
8.3
Software
9 Global Microgrid Control
System Market, By End-Use
10 Global Microgrid Control System Market, By Region
11 Competitive Landscape
12 Company Profile
13 List Of Tables
14 List Of Figures
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