Chicago, Sept. 20, 2022 (GLOBE NEWSWIRE) -- 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, according to a new report by MarketsandMarkets™. Growing emphasis on decarbonization by end users and governments, the need to ensure uninterrupted power supply are all contributing factors, and optimization of energy assets and improved efficiency of microgrids using microgrid controllers are some of the major factors contributing towards the growth of microgrid controller market.
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The commercial & industrial end-use application segment likely to witness fastest growth during the forecast period, due to surge in the requirement for uninterrupted electricity supply in commercial and industrial sector
The commercial & industrial segment of the microgrid controller market is projected to record the highest growth rate during the forecast period. The growth of this market segment can be attributed to the consistent need for uninterrupted power supply to reduce downtime, increase productivity, and reduce equipment damage during industrial operations. Additionally, government initiatives to promote clean energy and minimize greenhouse gas emissions are driving the growth of the microgrid controller market.
Software segment likely to witness higher growth between 2022 and 2027
Software in a microgrid controller is the core control logic of the whole system, which is programmed to improve the availability of the power system and reduce the amount of energy consumed. A software monitors, predicts, manages, and optimizes energy supply and demand for a microgrid network. Microgrid controller software are designed to integrate microgrid components to allow them to interact efficiently. Microgrid controller software enables communication and control of energy generation sources, energy storage devices, and loads. The use of such software helps simplify technical and economic factors involved in a microgrid project and compare the cost and feasibility of different configurations of hardware; this allows designers to use highly specialized software to model the technical performance of microgrids.
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Americas likely to be the largest market for microgrid controller market during the forecast period
In 2021, the Americas accounted for 40% of the microgrid controller market. North America and South America have been studied for the microgrid controller market in the Americas. A number of microgrid developers and government initiatives are supporting the adoption of microgrids in the region, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program. Microgrids that use fossil fuels as resilience solutions are becoming prevalent in North America. Globally, more than half of all microgrid projects were deployed in the Americas in 2019. Grid-connected microgrids are most common in the US.
Key players in the microgrid controller market include Schneider Electric (France), General Electric (US), ABB (Switzerland), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Honeywell International (US), Caterpillar Inc. (US), S&C Electric (US), and Power Analytics (US), Cummins Inc. (US), Tesla Energy (US), Homer Energy (US), Spirae (US), Powerhive (US), Advanced Microgrid Solutions (US), Go Electric (US), and Green Energy Corp (US).
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Microgrid Market by Connectivity (Grid-connected, Off-grid), Offering (Power Generators, Controllers, Energy Storage, Software, Services), End User (Commercial & Industrial, Military, Utilities), Type, Power Rating & Geography - Global Forecast to 2027
