The global microgrid controller market is growing continuously over the past few years. Factors such as increasing deployments of microgrids worldwide and rising numbers of more modular microgrid projects boost the microgrid controller market size. Moreover, substantial investments in renewable energy escalate the microgrid controller market growth.
With potentially aggressive government policies for promoting renewable energy generation techniques, the market is estimated to witness significant traction in future years. According to Market Research Future (MRFR), the global microgrid controller market is expected to grow exponentially by 2027, registering an impressive CAGR during the forecast period (2020 – 2027).
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Price Volatility of Raw Materials and Components are Major Headwinds
Additionally, the demand-supply gap in key components required for production is another challenge industry players confront. Also, the low energy and power density issues in microgrids impede the growth of the market, restricting microgrid adoption. Nevertheless, rising numbers of community microgrid projects would support market growth throughout the assessment period.
Increasing Energy Demand led by Widespread Industrialization Population Growth Fuel Market Growth
Additionally, the increasing demand for reliable secured power supply and government initiatives to reduce carbon footprint influence the growth of the market. Also, the convergence of IoT in enhancing microgrid controller connectivity and the benefits of clean energy impacts the market growth positively. Utilities across the globe consider microgrids as a building block for smart grids and focus on RD.
Major Players
Players leading the global microgrid controller market are Lockheed Martin Corporation (US), Schneider Electric (France), SC Electric Company (US), Eaton Corporation (Ireland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schweitzer Engineering Laboratories (US), Siemens (Germany), GE Power (US), Power Analytics (US), ABB (Switzerland), Princeton Power Systems (US), HOMER Energy LLC (US), Spirae, Inc. (US), Pareto Energy (US), Qinous GmbH (Germany), and Advanced MicroGrid Solutions, Inc. (US), among others.
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Global Microgrid Controller Market - Regional Analysis
North America dominates the global microgrid controller market. Government initiatives and increased numbers of completed microgrid capacities are major microgrid controller market trends encouraging market growth in the region. Additionally, the high concentration of market players and availability of proficient technical expertise in the region propel the demand for microgrid controllers. Moreover, rising renewable energy generation in the residential sector and increasing demand for power substantiate the regional market growth.
Microgrid Controller Market - Competitive Landscape
Highly competitive, the microgrid controller market appears to be fragmented due to the presence of several well-established industry players. Industry players make substantial investments in product development and upgrade their existing portfolios. They also invest in driving their expansion plans and in transforming the future business landscape. Top companies strive to develop advanced solutions to maintain themselves in the market competition.
Global Microgrid Controller Market - Segments
The report is segmented into connectivity, offerings, verticals, and regions. The connectivity segment is sub-segmented into grid and off-grid/islandeds. The offering segment is sub-segmented into hardware, software, and services.
The vertical segment is sub-segmented into government, oil gas, energy power, industrial, automotive, military and defense, commercial, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Industry/Innovation/Related News:
July 06, 2021 --- Diversified Technologies, Inc. (DTI) introduced a new micro-grid power controller that isolates faults to protect the generator and load side. This new micro-grid power switching device can efficiently transfer power from solar cells and wind farms, safely integrating it onto the grid. Also, the device can meet actual usage demands that have been introduced by the company’s technology.
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1 Executive Summary
1.1 Market Attractiveness Analysis
1.2 Global Microgrid Controller Market, By Connectivity
1.3 Global Microgrid Controller Market, By Offering
1.4 Global Microgrid Controller Market, By Vertical
1.5 Global Microgrid Controller Market, By Region
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Markets Structure
2.4 Key Buying Criteria
2.5 Macro Factor Indicator Analysis
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
3.5 List Of Assumptions
4 Market Insights
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