Microgrid Controller Market Share, Size, Trends, Industry Analysis Report, By Connectivity (Grid Connected, Off-Grid Connected); By Offering; By End-Use; By Region; Segment Forecast, 2022 - 2030
The global microgrid controller market size is expected to reach USD 20.68 billion by 2030, according to a new study by Polaris Market Research. The report “Microgrid Controller Market Share, Size, Trends, Industry Analysis Report, By Connectivity (Grid Connected, Off-Grid Connected); By Offering; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing need for microgrids in the utility, defense, and many other sectors and the implementation of smart city projects in underdeveloped regions, as well as the upgrading and modernization of grid infrastructure, are other factors contributing to the market expansion.
In the case of power failure, the microgrid ensures a steady supply of electricity. It distributes the load and provides additional assistance when connected to the main grid. The adoption of microgrid controller has increased due to the need for rural electrification.
The demand for a sustainable power supply, increased government spending, and a surge in the use of renewable energy sources are the factors responsible for market growth. In addition, the main purpose of microgrid controllers is to maximize energy output and improve microgrid performance, which is expected to accelerate market expansion.
Microgrid Controller Market Report Highlights
- The grid connected segment accounted for the largest revenue in 2021 owing to the increased use of renewable energy sources, including offshore wind energy plants. Large-scale grid connected microgrid networks are widely utilized by the military, and the defense sector, which has accelerated the market growth.
- The hardware segment is being driven by a surge in microgrid projects in large-scale power plants, and needs from a range of industries, including manufacturing, mining, chemical, and oil & gas.
- The adoption of microgrid technology, which allows buildings to continue utilizing their own power in the case of a grid outage, is the key factor driving the expansion of the commercial and industrial segment.
- With more investment in the smart microgrid control infrastructure, a larger dependence on renewable energy sources for power generation, and modernization and repairs of the region’s old grid infrastructure, the market in the Asia Pacific is anticipated to experience a higher CAGR during the forecast period.
- Additionally, the North American region is expected to grow during the forthcoming period owing to its high proportion of market leading companies and government initiatives supporting the development of microgrids in this region.
- Major players operating in the industry include ABB; Caterpillar Inc.; CleanSpark Eaton; Encorp Emerson commercial & residential solutions; General Electric; Honeywell International; Lockheed Martin; Ontech Electric Corporation;Opus One Solutions; RTSoft; Princeton Power Systems; S&C Electric; Schweitzer Engineering Laboratories; Siemens; Spirae; Schweitzer Engineering Laboratories; Woodward Inc.
Polaris Market Research has segmented the microgrid controller market report based on connectivity, offering, end-use, and region:
Microgrid Controller, Connectivity Outlook (Revenue – USD Billion, 2018 – 2030)
Microgrid Controller, Offering Outlook (Revenue – USD Billion, 2018 – 2030)
Microgrid Controller, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Commercial & Industrial
- Remote Areas
- Institutes & Campuses
Microgrid Controller, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa