Microgrid Control System Market 2020 Business Trends, COVID – 19 Outbreak, Emerging Technologies, Top Manufacturers, Growth Insights, Future Scope and Regional Outlook to 2024

Microgrid Control System Market Overview:

Microgrid control system is a blend of intelligent software and distributed energy technologies that evaluates, optimizes, and monitors energy demand and energy supply. As per the reports published by Market Research Future, the market for microgrid control system has been estimated to attain USD 3.84 bn by 2024. The market is likely to expand at 13.05% CAGR during 2019 to 2024.

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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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.

Global Microgrid Control System Industry 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. The private segment is anticipated to record increased growth over the forecast period. The growth is owing to the soaring investments in electrification projects which organize microgrid technologies. The private players are the ones who gets mostly encouraged to invest in the microgrid control system.

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 Analysis:

The key regions where the microgrid control system market has a remarkable presence include Europe, South America, North America, Asia-Pacific, and 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.

Additionally, aspects like surging influx of renewable resources in the energy mix, gradual expansion of smart grid projects in Asia-Pacific, collectively with soaring amount of power consumption can be held responsible for driving the microgrid control system market. China is one of the most prominent markets in the Asia-Pacific region owing to its surged expenditure on transmission and distribution networks. The other notable economies such as India, Australia, and Japan are observing development owing to the need for renewable energy demand and infrastructural development.

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.

Europe is anticipated to augment at a substantial pace due to the presence of several key players in the region. Germany is likely to lead the European market over the forecast period, owing to the increasing need for renewable energy and surging investments in modernizing existing grid networks.

Key Players:

The global microgrid control system market has been dominated by key players such as 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).

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This release was published on openPR.