Dublin, Feb. 04, 2022 (GLOBE NEWSWIRE) -- The "Microgrid Control Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Microgrid Control Systems Market to Reach US$4.4 Billion by the Year 2026
Global market for Microgrid Control Systems estimated at US$2.3 Billion in the year 2020, is projected to reach a revised size of US$4.4 Billion by 2026, growing at a CAGR of 11.6% over the analysis period.
The new generation of microgrids are `intelligent`. These advanced microgrids feature microgrid controller, which manages the batteries, generators and building energy systems in the neighborhood with greater level of sophistication. Modern microgrid control systems now need to intimately interface with multiple DER types, effectively commanding actions on a second-to-second basis by increasing generation, minimizing consumption and load shedding, or even closing down loads that are non-critical.
There is growing demand for smart microgrid controller and control systems in the market. In response to the trend, hardware and software vendors and developers are focusing on developing easy to deploy, configure and implement solutions.
There is high commercial value for compact microgrid controller that can be pre-programmed once to automatically control of all microgrid components and macrogrid interconnections. Also, solutions featuring common hardware, human machine interface (HMIs) and user-friendly engineering tools will enjoy a higher price premium with customers willing to pay more for simplified operation and maintenance of distributed energy resources.
A notable example of a microgrid with an autonomous control system, GE voiced plans to develop innovative microgrid controller technology for the Renewable Energy Integration Demonstrator Singapore (REIDS) microgrid pilot project currently trialed on Semakau Island, Singapore. The microgrid controller is expected to play a vital role in optimizing energy mix based on distributed energy resources and loads, and to ensure reliable and economic operation while minimizing environmental impact.
Off-Grid, one of the segments analyzed in the report, is projected to grow at a 12.3% CAGR to reach US$3.3 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the On-Grid segment is readjusted to a revised 10.4% CAGR for the next 7-year period. This segment currently accounts for a 37.1% share of the global Microgrid Control Systems market.
The U.S. Market is Estimated at $866.2 Million in 2021, While China is Forecast to Reach $1 Billion by 2026
The Microgrid Control Systems market in the U.S. is estimated at US$866.2 Million in the year 2021. The country currently accounts for a 34.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1 Billion in the year 2026 trailing a CAGR of 14.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.4% and 9.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.6% CAGR while Rest of European market (as defined in the study) will reach US$1.2 Billion by the end of the analysis period.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Growing Investments in Modernization of Aging Energy Infrastructure Skewed Towards a Low Carbon Future Provides the Cornerstone for Growth in the Market
- The Race Between the Virus & Vaccines Intensifies. Amidst this Chaotic Battle, Where is the World Economy Headed in 2021?
- These are Times When Questions Abound & Answers Are Few
- So How Fast Or Slow Are We Moving?
- Split Scenarios Unfold: The Great Vaccine Divide Emerges
- Progress on Vaccinations, Why Should Businesses Care?
- With IMF's Upward Revision of Global GDP Forecasts for 2021, Most Companies Are Bullish About an Economic Comeback Despite a Continuing Pandemic
- Microgrid & Microgrid Control Systems: Definition, Importance & Benefits
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 51 Featured)
- ABB
- Eaton
- Emerson
- ETAP / Operation Technology, Inc.
- GENERAL ELECTRIC
- Ontech Electric Corporation
- Pareto Energy
- PowerSecure, Inc.
- RTSoft
- S&C Electric Company
- Schneider Electric
- Schweitzer Engineering Laboratories, Inc.
- Siemens
- Siemens Energy Global GmbH & Co. KG
- Spirae, LLC
3. MARKET TRENDS & DRIVERS
- Microgrid Controllers, a Vital Piece of Hardware Attracting Increased R&D
- The Rise of Blockchain Microgrids Pushes Up the Importance, Complexity & Monetary Value of Effective Microgrid Control
- Supported by Myriad Benefits Automated Microgrid Control Systems Grow in Popularity
- IoT Revolutionizes Microgrid Management
- Sharp Increase in Cyberattacks Targeting Power Grids Worldwide Highlights the Importance of Microgrid Cybersecurity
- Continuous Innovations in Microgrid Control Systems Remains Crucial to Market Growth
- Hardware-in-the-Loop (HIL): A Key Innovation in Micro-Grid Control System
- AI and Microgrids. Here's What's Happening
- AI and the Microgrid Controller, the New Pair
- Cloud Based Management of Microgrids Attract Interest in Community Microgrids
- A Peek Into the Disruptive Rise of Hybrid Microgrid
- Rising Number of Microgrids Translates Into Increased Opportunities for Control Systems. So What's Driving the Microgrid Market?
- Power Outages & Its Impact on Digitalized Enterprises Spurs Establishment of Microgrids
- Investments in Decentralized Energy (DE) Drives Deployment of Microgrids
- Smart Cities Drive Focus on Engineering Microgrids to Achieve Slated Energy Goals
- Private Sector Microgrids Set to Proliferate. Here's Why
- Robust Outlook for Renewable Energy Post Pandemic to Support Mushrooming of Renewable Microgrids
- Pandemic Doubles Focus on Renewables
- Conclusion
- EVs Create the Need for Microgrids for Fleet Electrification
- Growing Focus on Disaster Preparedness Drives the Importance of Microgrids
- COVID-19 Provides a Launchpad for the Rise of Home/Residential Microgrid
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/f5y94l
