USD 2.47 billion
Report ID: SQSG45K2007 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 117 | Figures: 77
Microgrid Control System Market size was valued at USD 2.47 billion in 2021 and is poised to grow from USD 2.8 billion in 2022 to USD 7.5 billion by 2030, growing at a CAGR of 13.3% in the forecast period (2023-2030).
In the event of a power outage or outage, the microgrid ensures electricity supply. It also offers extra support and distributes the load connected to the main grid. Microgrid control systems are being adopted at a faster rate as the need for power in rural regions grows. The deployment of microgrids calls for the development of effective and dependable control systems that can manage the complexity of these new systems as they merge with emerging technologies like fuel cells.
The sector has been compelled to employ effective energy conservation techniques as a result of expanding environmental protection initiatives and stringent rules that restrict greenhouse gas emissions. At the center of this movement was the reorganization of policies and procedures in key energy markets, which was aided by ongoing product advancements in terms of technological performance, flexibility, and efficiency. In addition, modern distributed power generating systems will propel the microgrid control system market in tandem with the explosive expansion of the infrastructure for renewable energy sources.
US Microgrid Control System Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.47 billion
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The Global Microgrid Control System Market is segmented based on grid type, component, ownership, end-user, and region. Based on the Grid Type, it is categorized into On-grid, Off-grid and Hybrid. Based on Component, it is categorized into Hardware and Software. Based on Ownership, it is categorized into Private and Public. Based on End-user, it is categorized into Utilities, Campuses & Institution, Residential, Commercial and Industrial. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Microgrid Control System Market Analysis by Component
On the basis of components, the hardware segment is projected to dominate the global microgrid control system market over the forecast period. The hardware segment consists of communication networks, local controllers, data loggers, data recorders, digital input modules, digital output modules, analogue input/output modules, CPU modules, and relays and meters. The hardware sector is projected to dominate the microgrid control system market because of the growing number of microgrid projects in big power plants and the strong need for process industries including manufacturing, oil and gas, mining, steel, and chemicals.
Microgrid Control System Market Analysis by Ownership
On the basis of ownership, the private ownership segment is expected to dominate the global microgrid control system market with the largest market share, over the forecast period. Private microgrid control systems can function in an islanded mode in addition to being typically grid-connected. The shareholders or investors are the proprietors of private utilities. Certain utility commissioners oversee these types of utilities. These private utilities can run their own generation facilities or buy electricity through contracts. A number of commercial companies have set up power microgrid control systems to meet the domestic electricity demand thanks to rising primary energy consumption and financial incentives from governments. This expansion is linked to increased electrification project investments, which heavily utilizes microgrid technology.
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Based on the region, the North American region is projected to dominate the global microgrid control system market with respect to market share. This is due to the growing focus on grid modernization in the region. Due to increased investments in the country's grid technology update, the United States is predicted to dominate the North American microgrid control system market. As the number of smart grid projects in Canada has increased, the market has been growing. The market in North America is also projected to continue to grow as a result of the implementation of a strict government regulatory framework.
Additionally, Asia Pacific is also projected to show significant growth prospects over the forecast period. The major markets, contributing to the increasing demand for microgrid control systems, include China and India, which is expected to affect the market positively.
A significant market for microgrid control systems exists in Europe as well. It is currently investing heavily in the modernisation of the electrical grid. For instance, during the next three to five years, TenneT, the transmission operator in the Netherlands and Germany, wants to invest up to €6 Bn. In order to fulfill the EU's new aim of reducing emissions by up to 55 percent by 2030, the corporation is creating new connections, reinforcing and expanding its grid, and improving system operations.
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Microgrid Control System Market Drivers
Microgrid Control System Market Restraints
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The microgrid control systems market is relatively less competitive due to the substantial initial investments required to establish a firm in the industry. Due to the existence of numerous new and existing companies, the worldwide microgrid control system market is projected to experience severe competition. The top players are constantly implementing a variety of tactics to improve their penetration, including market collaboration and the launch of new products.
Microgrid Control System Market Top Players Company Profiles
Microgrid Control System Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global microgrid control system market is currently led by countries in the North American region, due to the growing focus on grid modernization in the region. Along with this, the hardware segment is projected to dominate the global microgrid control system market, the growing number of microgrid projects in big power plants and the strong need for process industries.
|Market size value in 2021||USD 2.47 billion|
|Market size value in 2030||USD 2.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Microgrid Control System Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Microgrid Control System Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG45K2007