According to the new
market research report "Microgrid Control System Market by Grid- Type
(On-Grid and Off-grid), Component (Hardware and Software), Ownership (Private
and Public), End-User (Utilities, Campuses and institutions, Commercial, and
Industrial), and Region - Global Forecast to 2023", published by MarketsandMarkets™, 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.
Don’t miss out on business opportunities in Microgrid
Control System Market. Speak to our analyst and gain crucial industry
insights that will help your business grow:
The off-grid
segment is expected to hold the largest share of the Microgrid Control System
Market, by grid-type, during the forecast period.
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.
Browse and in-depth TOC on "Microgrid Control System Market"
64 - Tables
31 - Figures
142 - Pages
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TOC @
The private segment is
expected to hold the largest share of the Microgrid Control System Market, by
ownership, during the forecast period.
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.
Asia Pacific: The
leading market for Microgrid Control System Market
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.
Asia Pacific: The
leading market for Microgrid Control System Market
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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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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reports @ https://www.marketsandmarkets.com/RequestBundleReport.asp?id=242416568
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