The microgrid control system market size is projected to reach USD 3.84 Billion by 2024 from an estimated USD 2.08 billion, at a CAGR of 13.05% from 2019–2024. A microgrid control system enables the distribution grid operators to optimize the energy assets to reduce the energy costs of microgrids.
The microgrid control system market has been segmented into five regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. In 2018, Asia-Pacific held the largest share of the global microgrid control system market, mainly due to the increasing demand for reliable power supply, rising investment in electrification, and rising investments in renewable energy sources. The region is also expected to be the fastest growing market during the forecast period. Moreover, factors such as increased power consumption, rising influx of renewable resources in the energy mix, and increasing initiatives for smart grid projects in Asia-Pacific drive the market growth. Within Asia-Pacific, China is likely to hold the largest share during the forecast period owing to the increased expenditure on T&D networks. Similarly, countries such as Japan, India, and Australia are witnessing growth due to the need for infrastructural development and renewable energy demand.
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The market in North America is expected to be the second largest owing to increase in demand for energy and modernization of infrastructure. The US market is expected to dominate North America during the forecast period. Europe is also expected to grow at a significant rate owing to many advanced smart grid technologies being introduced by some of the key players in Europe, such as ABB, Eaton, and Siemens. The market in Germany is expected to dominate Europe during the forecast period, due to the growing renewable energy sector and rising investments in modernizing existing grid networks. Furthermore, Saudi Arabia and Brazil are expected to dominate the Middle East & Africa and South America, respectively.
On the basis of end-use, the global market is segmented as utilities, campuses & institution, commercial & industrial, and others. The utilities segment is expected to dominate the market during the forecast period due to the rising safety issues related to distributed energy resources, and significantly reducing operating cost for utilities. This is expected to drive the demand for microgrid control system systems from utilities. On the basis of grid type, the global market is divided into on-grid and off-grid. The off-grid segment is expected to dominate the global market during the forecast period as this type of grids are mainly used to provide power sources to remote areas and developing countries. On the basis of ownership, the global market has been divided into public and private. The private segment is expected to dominate the global market during the forecast period. Moreover, based on component, the global market is divided into hardware and software. The hardware segment is expected to have a higher share during the forecast period, but software would grow at a faster rate.
The global microgrid control system market is expected to grow at ~13.05% CAGR during the forecast period.
The key players operating in the global microgrid control system market are Power Secure, Inc. (US), ABB (Switzerland), Eaton Corporation (Ireland), Schweitzer Engineering Laboratories (US), Schneider Electric (France), Siemens (Germany), Emerson (US), Spirae (US), Etap (US), S&C Electric Company (US), Woodward, Inc. (US), Ontech Electric Corporation (China), and General Electric (US).
Scope of the Report
This report provides an in-depth analysis of the global microgrid control system market, tracking three market segments across five geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size and share for North America, Asia-Pacific, Europe, the Middle East & Africa, and South America. The report also presents a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global microgrid control system market by grid type, ownership, component, end-use, and region.
- By Grid Type
- By Ownership
- By Component
- By End-Use
- Campuses & Institution
- Commercial & Industrial
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- By Regions
- North America
- Middle East & Africa
- South America