openPR Logo
Press release

With 22.3% CAGR, Microgrid Controller Market Growth to Surpass USD 11.5 billion

09-07-2022 09:09 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: MarketsandMarkets

The global microgrid controller market size is estimated to be USD 4.2 Billion in 2022 and is projected to reach USD 11.5 Billion by 2027, at a CAGR of 22.3% during the forecast period.Increasing emphasis on decarbonization by end users and governments, growing need for reliable and uninterrupted power supply, growing demand for microgrids in healthcare, military, and government sectors worldwide; and increasing government investments in microgrid projects are some of the major factors propelling the market growth.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=103650618

Microgrid controllers serve as the heart of microgrids. These controllers provide reliable and cost-efficient energy management by monitoring and controlling the power supply in independent distribution grids. They offer seamless continuity, flexible communication, and maximum security, thus securing the optimal use of generation systems.

In terms of connectivity, the grid connected segment of the microgrid controller market is projected to register the highest CAGR. Among their benefits are grid resiliency, improved power quality, and low environmental impact, thereby increasing demand. Globally, this segment has grown due to the expansion of utility-based grid networks, as well as the widespread harnessing of renewable energy sources, which includes offshore wind, and solar energy.

The hardware segment is likely to account for largest share of the microgrid controller market between 2022 and 2027. Some of the major factors contributing towards the growth of hardware segment includes growing number of microgrid projects worldwide, decreasing costs of energy storage and renewable sources of energy, and increasing government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions. Hardware is among the most important part of microgrid controllers as it consists of a key components such as generation optimizer, local controllers, supervisory controllers, communications network, and a human-machine interface.

According to estimates by end-use application, the remote areas segment of the microgrid controller market will have the second largest market share in 2027. Growing government support and the surge in the deployment of microgrid projects in remote areas is driving the market growth. Emerging economies are increasingly investing in clean energy infrastructures to provide low-cost energy. This is expected to result in increased demand for microgrids in remote areas to generate power, as well as to manage and control distributed energy resources. For instance, In December 2020, Hitachi Energy was contracted by MCA to contribute to developing Sub-Saharan Africa's largest photovoltaic project, increasing access to reliable and clean energy for Angola's 30 million people.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=103650618

The microgrid controller market in Asia Pacific is expected to grow at the highest CAGR between 2022 and 2027. China, Japan, Australia, India, Singapore, and other Southeast Asian countries are the key deployers of microgrids in the region. The Government of China is dedicated to distributed energy generation from renewable energy sources to address power supply issues in remote and rural areas of the country. This has led to an increase in the number of microgrid installations. Japan is also investing in its commercial and industrial sectors to ensure energy security and meet the country's increasing energy demand. This has led to an increase in the adoption of microgrids, thereby fuelling the growth of the microgrid controller market in Japan and Asia Pacific region.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release With 22.3% CAGR, Microgrid Controller Market Growth to Surpass USD 11.5 billion here

News-ID: 2726372 • Views:

More Releases from MarketsandMarkets

Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
Laser Interferometer Market Set to Grow at the Fastest Rate- Time to Grow your R …
The global laser interferometer market is expected to be valued at 315 million in 2024 and is projected to reach USD 447 million by 2029, at a CAGR of 7.2% from 2024 to 2029. Emerging applications in industries push the market's growth due to the growing demand for precision in the manufacturing sector. However, challenges such as higher initial investments and maintenance costs cause problems. Despite these, opportunities arise for
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to Surpass USD 36.7 billion
With 19.6% CAGR, Battery Testing, Inspection, and Certification Market Growth to …
The battery testing, inspection, and certification market is projected to reach USD 36.7 billion by 2029 from USD 14.9 billion in 2024 at a CAGR of 19.6% during the forecast period. Increasing adoption of EVs and energy storage systems, rising enforcement of stringent standards to ensure battery safety, thriving portable electronics industry, and rapid advances in battery technology are the major factors contributing to the market growth. Download PDF Brochure @
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMarkets
Real-Time Location Systems Revolutionize Healthcare: Insights from MarketsandMar …
The global RTLS market for healthcare is projected to grow from USD 2.3 billion in 2024 to USD 5.7 billion by 2029, at a compound annual growth rate of 19.6% from 2024 to 2029. As it attracts more and more players who enter this market with innovative RTLS features for customers, the market for RTLS technology is rapidly increasing. Top companies in this market focus on healthcare, retail, and manufacturing
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2030 | Leading key players are ABB, Schneider Electric, Eaton, Vertiv
Offsite Data Center Power Infrastructure Market Size to Reach $35.4 billion by 2 …
According to a research report "Offsite Data Center Power Infrastructure Market by Component (Solutions and Services), Vertical (BFSI, Media & Entertainment, Government & Defence, Healthcare, Manufacturing, IT & Telecom, Retail) and Region - Global Forecast to 2030" published by MarketsandMarkets, the market size for global offsite data center power infrastructure market is projected to reach approximately USD 35.4 billion by the year 2030, as compared to the estimated value of

All 5 Releases


More Releases for CAGR

[CAGR of 6.7%] Nanocoatings Market Size, Industry Share, CAGR, Regional Forecast …
The global Nanocoatings Market generated $10.7 billion in 2020, and is projected to reach $20.1 billion by 2030, growing at a CAGR of 6.7% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends. Download sample PDF @ https://www.alliedmarketresearch.com/request-sample/2064 According to the report published by Allied Market Research,
[CAGR of 5.3%] Pigments Market Size, Industry Share, CAGR, Regional Forecast, 20 …
A recent report by Allied Market Research provides a detailed analysis of the pigments market, highlighting its robust growth. The industry was valued at $27.2 billion in 2022 and is projected to surge to $45.4 billion by 2032, exhibiting an impressive CAGR of 5.3% from 2023 to 2032. This research report identifies the growth drivers behind the market's expansion and delves into the market dynamics using advanced analytical frameworks
[CAGR of 5.5%] Silica Flour Market Size, CAGR, Competitive Analysis and Forecast …
The global silica flour industry generated $520.0 million in 2021, and is estimated to reach $876.3 million by 2031, witnessing a CAGR of 5.5% from 2022 to 2031. Allied Market Research published a report, titled, "Silica Flour Market by Type (Quartz, Cristobalite), by Application (Fiberglass, Glass and Clay, Oil Well Cement, Ceramic and Refractory, Foundry, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." The report offers a detailed analysis
Enzymes Market Expansion CAGR of 4.9% CAGR Anticipated 2025-2034
The Enzymes Market report is an in-depth examination of the global Enzymes Market's general consumption structure, development trends, sales techniques, and top nations' sales. The research looks at well-known providers in the global Enzymes Market industry, as well as market segmentation, competition, and the macroeconomic climate. A complete Enzymes Market analysis takes into account a number of aspects, including a country's population and business cycles, as well as market-specific microeconomic
Electric Bed Market CAGR, Size, Share Grow USD 2,063 Million by 2030 CAGR 13.70%
Global electric bed market size is expected to be worth roughly USD 2,063 million by 2030, growing at a CAGR of more than 13.7% during the projected timeframe of 2022-2030, according to Ameco Research A significant portion of the population over the age of 60, who often have reduced immunity levels and are more susceptible to neurological disorders, cardiac issues, tumors, and spinal cord compression, is anticipated to have a substantial
Call Center AI Market Latest, CAGR, Volume and Value 2022-2030 | (CAGR) of 25%
New York , United States- Report Ocean published the latest research report on the Call Center AI market. In order to comprehend a market holistically, a variety of factors must be evaluated, including demographics, business cycles, and microeconomic requirements that pertain precisely to the market under study. In addition, the Call Center AI market study demonstrates a detailed examination of the business state, which represents creative ways for company growth,