New York, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The Global Microgrid Controller Market Size is to Grow from USD 4.37 Billion in 2022 to USD 25.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 19.2% during the projected period.
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A microgrid controller is an important component of a microgrid, which is a decentralized energy system composed of distributed energy sources such as solar panels or wind turbines, energy storage devices, and loads (electricity users). The microgrid controller is in charge of regulating these elements in order to ensure the stability, efficiency, and safety of the microgrid. It can work in conjunction with or independently of the main power grid. They are critical to the efficient operation of microgrids, especially as the level of complexity and scalability of microgrids increases due to increased renewable energy consumption and the trend toward decentralized energy systems. The growing use of microgrids in a range of applications is increasing the demand for creative and smart microgrid controllers. Smart grids are becoming more popular, which will drive up demand for better microgrid controllers. The use of Internet of Things (IoT) technology in energy management systems is a key trend in the microgrid controller industry, providing real-time data for enhanced control and reliability. Furthermore, the increased use of DERs produces a complex energy mix that requires sophisticated controllers to manage, increasing demand for microgrid controllers.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Microgrid Controller Market Size, Share, and COVID-19 Impact Analysis, By Type (Grid Connected, Off-grid), By Solution (Hardware, Software, Services), By Application (Commercial & Industrial, Remote Areas, Military, Government, Utilities, Institutes & Campuses, Healthcare, Others), By Ownership (Private, Public), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The grid connected segment is dominating the market with the largest revenue share over the forecast period.
On the basis of type, the global microgrid controller market is segmented into the grid connected and off-grid. Among these, the grid connected segment is dominating the market with the largest revenue share of 78.6% over the forecast period. Grid-connected microgrids employ several generators, distribution networks, and sophisticated controls. These new technologies have the potential to improve grid resiliency, electricity quality, and carbon footprint, but they also offer a slew of other advantages, culminating in increased demand.
The hardware segment is expected to hold the largest share of the Global Microgrid Controller Market during the forecast period.
Based on the solution, the global microgrid controller market is classified into hardware, software, and services. Among these, the hardware segment is expected to hold the largest share of the m Microgrid Controller market during the forecast period. The major factors driving the explosive growth of the hardware segment are global microgrid initiatives, falling prices for energy storage and alternative energy sources, and an increase in government programs designed to encourage the use of green energy and reduce greenhouse gas emissions (GHG).
The private segment is witnessing significant CAGR growth over the forecast period.
On the basis of ownership, the global microgrid controller market is segmented into private and public. Among these, the private segment is witnessing significant CAGR growth over the forecast period, due to the rising demand for energy alternatives, energy autonomy, and flexibility against power disruptions. Individuals and organizations in the global microgrid controller market that employ microgrid controllers for decentralized renewable energy production and management include private corporations, businesses, and homes.
The commercial & industrial segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of application, the global microgrid controller market is segmented into commercial & industrial, remote areas, military, government, utilities, institutes & campuses, healthcare, and others. Among these, the commercial & industrial segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Businesses and industries that employ microgrid controllers to regulate their energy generation and consumption are included in the commercial and industrial section. These businesses might range from small start-ups to large multinationals.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market with more than 38.7% market share over the forecast period. This region has been at the forefront of microgrid adoption, owing to both private sector innovation and regulatory support. Following a series of natural disasters that exposed grid system vulnerabilities, the region has seen a significant push toward cleaner energy and more resiliency in electrical infrastructure. Furthermore, several important competitors in the microgrid controller market are based in this region, which contributes to its market dominance. Asia Pacific, on the other hand, is expected to develop the quickest during the forecast period, driven mostly by emerging economies like India and China's growing demand for reliable and continuous power. These countries are attempting to improve their energy infrastructure in order to satisfy increased energy demand.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Microgrid Controller Market include Honeywell International, Caterpillar Inc., S&C Electric, Power Analytics, HOMER Energy LLC, Schneider Electric, General Electric, ABB, Siemens, Schweitzer Engineering Laboratories, Eaton Corporation, Qinous GmbH, Pareto Energy, Princeton Power Systems, S&C Electric, Spirae, Ontech Electric Corporation, Opus One Solutions Energy Corporation, and several others.
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Recent Developments
- On March 2023, the eSpire Mini is Fortress Power's newest C&I offering. The eSpire Mini has a configurable energy storage capacity that ranges from 81 kWh to 266 kWh. The outdoor-rated, modular solution is expandable based on energy and power requirements at 208V or 480V. The eSpire Mini is a great source of electricity for Microgrids due to its ability to combine with solar, gensets, wind, micro-turbines, and other distributed energy resources. The system includes a Microgrid controller.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Microgrid Controller Market based on the below-mentioned segments:
Microgrid Controller Market, Type Analysis
- Grid Connected
- Off-grid
Microgrid Controller Market, Solution Analysis
- Hardware
- Software
- Services
Microgrid Controller Market, Application Analysis
- Commercial & Industrial
- Remote Areas
- Military
- Government
- Utilities
- Institutes & Campuses
- Healthcare
- Others
Microgrid Controller Market, Application Analysis
- Private
- Public
Microgrid Controller Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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