The microgrid control system market is expected to grow
from an estimated USD 2.0 billion in 2018 to USD 3.6 billion by 2023, at a CAGR
of 13.01%. Increasing investments in electric networks, refurbishment of the
existing grid networks, and growing adoption of renewable energy sources across
the globe are likely to drive the microgrid control system market. Rising
electrification projects and advancement in the Internet of Things (IoT), as
well as communication technologies, can lead to opportunities in the microgrid
control system market.
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This research report categorizes the microgrid control
system market based on grid-type, ownership, component, end-user, and region
On the basis of grid-type, the market has been segmented as follows:
·
On-Grid
·
Off-Grid
On the basis of component, the market has been segmented as follows:
·
Hardware
·
Software
On the basis of ownership, the market has been segmented as follows:
·
Private
·
Public
On the basis of end-user, the market has been segmented as follows:
·
Utilities
·
Campuses and
Institutions
·
Commercial and
Industrial
·
Others (Defense
& datacenters)
On the basis of region, the market has been segmented as follows:
·
Asia Pacific
·
Europe
·
North America
·
Middle East &
Africa
·
South America
The off-grid segment led the microgrid control system
market in 2018 and is projected to have the largest market share during the
forecast period. Remote/island/off-grid microgrids are mainly used to provide
diverse power sources for geographically remote communities and developing
countries. This growth can be attributed mainly to the growing demand to attain
reliable and sustainable power supply majorly in rural areas of the Asia
Pacific and the Middle East & Africa region. Also, these type of microgrid
control systems have a huge demand in military bases, mining, and oil & gas
industries. Increasing focus to reduce diesel fuel consumption by integrating
solar PV and distributed wind further drives the microgrid control system
market.
The private segment led the microgrid control system
market in 2018. Factors such as increasing demand for electricity, rising power
generation capacity, and increasing usage of renewable sources to generate
electricity are expected to boost the demand for the private microgrid control systems. Private players find
microgrid control system’s major application in defence, university campuses,
and commercial and industrial end-users. Also, rising investments in
electrification projects, in which microgrid technologies are highly deployed
encourages private players to invest in the microgrid control system.
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Regional Analysis
In this report, the microgrid control system market has
been analyzed with respect to 5 regions, namely, Asia Pacific, North America,
Europe, South America, and the Middle East & Africa. Asia Pacific led the
global microgrid control system market in 2017. The high growth rate in the Asia
Pacific region can be attributed to increased investments in the electric grid
development and growing reliance on renewable sources of power generation.
China and India are the largest markets for microgrid control system market in
the region. China accounts for the largest share owing to the increasing
investment in electrification projects, the country accounted for highest
installed generation and distribution capacity in the Asia Pacific region,
resulting in an increased demand for the microgrid control system.
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Key Market Player -
To enable an in-depth understanding of the competitive
landscape, the report includes the profiles of some of the top players in the microgrid
control system market. The key players are ABB (Switzerland),
GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), Emerson (US),
Spirae (US), Schweitzer Engineering Laboratories, Inc. (US), ETAP (US), S&C
Electric (US), Woodward, Inc. (US), PowerSecure (US), RT SOFT (Germany), Ontech
Electric Corporation (China). Contracts & agreements was one of the key
strategies adopted by the players to strengthen their global presence and
offerings.
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