$11.5 Billion Microgrid Controller Markets - Global Forecast to 2027: Growing Need for Reliable and Uninterrupted Power Supply to Drive Market Growth

$11.5 Billion Microgrid Controller Markets – Global Forecast to 2027: Growing Need for Reliable and Uninterrupted Power Supply to Drive Market Growth

Dublin, Nov. 09, 2022 (GLOBE NEWSWIRE) — The “Microgrid Controller Market by Connectivity (Grid Connected, Off-Grid Connected), Supply (Hardware, Software, Services), End-Use Application (Commercial and Industrial , Remote Areas, Utilities) and Geography – Global Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.

The global Microgrid Controllers market size is estimated to be USD 4.2 Billion in 2022 and is projected to reach USD 11.5 Billion by 2027, growing at a CAGR of 22.3%

There is a growing global demand for a reliable and secure power supply. Widespread industrialization and urbanization is fueling the demand for energy storage systems. Government initiatives to reduce the carbon footprint; IoT convergence enhancing microgrid connectivity; and benefits of cheap and clean energy storage are major driving factors of the global microgrid controller market.

The grid-connected segment of the micro-grid controller market is expected to grow at a higher CAGR during the forecast period

During the forecast period, grid-connected microgrids will dominate the microgrid controller market. Expansion of distribution network transmission lines and increase in the use of renewable energy sources are some of the major factors contributing to the growth of this segment.

Grid-connected microgrids generally have higher reliability than remote/island microgrids; they can generate electricity in their distribution circuits and import it from utility sources. Grid-connected micro-grids enable renewable energy generation without costly grid reinforcement. They improve the efficiency and resilience of the energy produced and reduce the carbon footprint.

Software Segment Expected to See Higher Growth Between 2022 and 2027

Microgrid controller software segment is expected to witness the fastest growth by 2027. Microgrid software is primarily used to model variable energy sources, such as solar and wind power, with variable thermal loads. Software such as supervisory control and data acquisition (SCADA), energy management, generator and load management, and system reconfiguration software are used in microgrids to enable simulation and optimization of resources.

Highly specialized software is used by microgrid designers to model the technical performance of microgrids. This software helps to simplify the technical and economic factors involved in a microgrid project and to compare the cost and feasibility of different hardware configurations.

Military is the third largest end-use application due to the wide use of microgrids for energy security and resilience

Microgrids are used in the military sector to ensure an uninterrupted power supply to military establishments and bases in the event of a main grid failure.

Several military microgrid projects are being carried out globally in collaboration with well-established companies such as General Electric, Lockheed Martin, Boeing and Honeywell International Inc., as well as small specialized technology companies such as Spirae and Power Analytics. Microgrids provide the ultimate backup power source and can operate independently of the grid, improving the physical security and cybersecurity of a country’s military bases.

Energy resilience and security are major concerns for military establishments as military forces of different countries are increasingly using micro-grids, which generate electricity from renewable energy sources. For example, in February 2019, Schneider Electric extended its microgrid project to Marine Corps Air Station (MCAS), Miramar, Goa (India), to strengthen the network resilience of this facility.

US is expected to dominate the overall microgrid market in the Americas region between 2022 and 2027

The United States dominated the Microgrid Controller Market in the Americas in 2021 and is expected to maintain its dominance by 2027. Increasing deployment of sustainable energy sources to reduce reliance on existing power grids is expected to impact positive on the growth of the microgrid controller market in the country.

Increasing investment in the use of clean energy sources for power generation is also fueling the growth of the microgrid controller market. For example, in February 2021, the United States House of Representatives introduced HR1512, the Climate Leadership and Environmental Action for its Nation’s Future Act.

The CLEAN Future Act authorizes a total of $565 billion in spending over the next decade to meet decarbonization goals in particular, to achieve net zero greenhouse gas (GHG) emissions by 2050 and limit temperature increases to 1.5 The CHR1512 budget includes several billion dollars in microgrid funding.

Competitive landscape

Schneider Electric (France), General Electric (USA), ABB (Switzerland), Siemens (Germany), Schweitzer Engineering Laboratories (USA), Eaton Corporation (Ireland), Honeywell International (USA), Caterpillar Inc. (US), S&C Electric (US) and Power Analytics (US) are the major players in the microgrid controller market. These leading players have strong product and service portfolios and are present in mature and emerging markets.

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  • Growing need for reliable and uninterrupted power supply to drive market growth
  • Hardware will hold the largest market share between 2022 and 2027
  • Grid-connected microgrids will account for a larger market share from 2022 to 2027
  • Commercial and industrial segment will account for the largest market size during the forecast period

Market dynamics

Drivers

  • Decarbonization is increasingly promoted by different end users and governments
  • Optimizing Energy Assets and Improving Microgrid Efficiency Using Microgrid Controllers
  • Growing need for reliable and uninterrupted power supply
  • Increased use of microgrids for rural electrification

Constraints

  • High cost of microgrid controllers
  • Dynamic government policies, regulations and standards around the world

Opportunities

  • Increase in the number of microgrid projects for different industries
  • Rising Energy Demand and Need for Renewable Energy Expansion in Asia-Pacific
  • Growing Investor Interest in EaaS Business Model to Minimize Costs
  • Encouraging governments to develop microgrid projects
  • Modernizing Aging Network Infrastructure

Challenges

  • Interoperability and compatibility issues due to large number of components/devices
  • Operational, technological and security risks associated with microgrids

Key Technology Trends

  • Blockchain-based Microgrids/Blockchain Microgrids
  • Smart microgrids
  • Advent of AI-based microgrids

Company Profiles

Key players

  • Schneider-Electric
  • General Electric
  • ABB
  • Siemens
  • Eaton Company
  • Schweitzer Engineering Laboratories
  • Honeywell International Inc.
  • Caterpillar inc.
  • S&C Power Company
  • Power Analysis Society

Other players

  • Cummins inc.
  • Tesla Energy (subsidiary of Tesla)
  • Emerson Electric Co.
  • Princeton Power Systems
  • Spire LLC
  • Energy Homer
  • Hitachi Energy
  • Pareto energy
  • Opus One Solutions
  • To integrate
  • Who we
  • mighty hive
  • Advanced Microgrid Solutions
  • Go electric
  • Green energy company

For more information on this report visit https://www.researchandmarkets.com/r/ixrrtw

  • Global Microgrid Controller Market

        

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