Microgrid Controller Market: Type of connectivity (Grid Connected, Off-Grid/Remote/Islanded, Hybrid), by Offering (Hardware, Software, Services), by End-User Industry (Government, Utilities, Commercial, Industrial, Educational Institutes, Military & Defense, Healthcare, Small Residential Communities, Townships, and Others) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
Microgrid controller market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the microgrid controller market.
Microgrid Controller Industry Outlook
The global microgrid controller market size is expected to grow from USD 6.7 billion in 2020 to USD 15.6 billion by 2027, at a CAGR of 14.1% during the forecast period. The growth and development of the software segment are attributed to its crucial role in tracking, monitoring, forecasting, managing, controller, and maximizing energy supply and demands for a microgrid network. Microgrid infrastructure has been majorly adopted in the Military and defense sector, enabling buildings or bases to stay functioning on their own power while the grid goes down. Further, the advantage of being a cost-effective alternative has led most households and small-sized enterprises to prefer micro-grid networks to satisfy their power requirements.
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Factors Affecting the Microgrid Controller Market over the Forecast Period:
Rising global demand for microgrids for stable, reliable, and protected power supply is the key driver of the Microgrid controller market. Also, the incorporation of microgrid controllers is primarily to optimize the energy output and increase the performance of microgrids, which is further estimated to boost market growth. The industry’s growth is fuelled by government investment to cater to the need to improve operational efficiency.
Microgrid demands are growing worldwide for the utility, military, and government sectors, providing numerous possibilities for the market to expand. Moreover, the emerging smart cities projects in developing regions and the upgrade and modernization of aging grid infrastructure are creating growth opportunities for the market.
Interoperability and Compatibility issues pose major challenges for the Microgrid Controller market:
- High installation cost and constant requirement for maintenance of Microgrid controller system is the key restraint for the global Microgrid controller market.
- The need for skilled and professional labor is also hindering market growth.
- Due to a vast number of components and devices, interoperability and compatibility issues pose many challenges for the global Microgrid controller market.
- Many operational, technical, and security issues associated with Microgrid pose multiple obstacles to the global Microgrid controller market.
Impact of COVID-19 on Microgrid Controller Market:
The COVID-19 pandemic has disrupted the global market for the Microgrid Controller market. Several Companies and firms have been forced to reconstruct their policies and plans due to the COVID-19 pandemic. But because of production disparities and global economic issues, the companies are postponing their plans. The proliferation of COVID-19 across the globe has contributed to supply chain disturbances across ecosystems, including the Microgrid controller market.
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Scope of the Report
The report outlines the study of the global microgrid controller market based on the connectivity type, offering, and end-use industry.
Based on the connectivity type, the microgrid controller market has been segmented into –
- Grid Connected
Based on the offering, the microgrid controller market has been segmented into –
Based on the end-user industry, the microgrid controller market has been segmented into –
- Educational Institutes
- Military & Defence
- Small Residential Communities, Townships
Microgrid Controller Market: Regional Outlook
The global microgrid controller market has been segmented into five geographical regions: North America, Asia Pacific, South America, Europe, and the Middle East and Africa (MEA). In 2020, North America was expected to account for the highest market share in the global market, followed by Europe and the Asia Pacific. North America dominates the global market due to the high concentration of market-leading firms and abundant technological expertise. Moreover, Asia Pacific is the fastest-growing region and, over the forecast period, is projected to show the highest CAGR in the global market.
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Key Global Microgrid Controller Market Competitors Includes –
The global micro-grid controller is highly fragmented, with a large number of small players across the globe. The key players operating in the global Microgrid controller market include –
- Schneider Electric
- General Electric Company
- ABB Limited
- Schweitzer Engineering Laboratories
- Eaton Corporation
- Honeywell International Incorporated
- Lockheed Martin Corporation
- S&C Electric
- Power Analytics
- S&C Electric Company
- Emerson Electric Company
- GE Power
- Princeton Power Systems
- Advanced Micro-Grid Solutions Incorporated.
The microgrid controller market report provides a thorough analysis of macro-economic factors and the market attractiveness of every segment. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players in the respective segment and region/country.
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