Microgrid control system market trends, research, analysis and projections for 2018-2023 explored in

According to the new market research report "Microgrid Control System Market by Grid- Type (On-Grid and Off-grid), Component (Hardware and Software), Ownership (Private and Public), End-User (Utilities, Campuses and institutions, Commercial, and Industrial), and Region - Global Forecast to 2023", the global microgrid control system market is projected to reach USD 3.6 billion by 2023, at a CAGR of 13.01%, from an estimated USD 2.0 billion in 2018. Factors such as growing need for reliable & resilient power across the globe, growing investments in microgrid projects, and rising share of power generation through renewable sources of energy are likely to drive the microgrid control system market during the forecast period. Various market regulations and standards have been developed by governments of different countries or by individual committees belonging to the energy & power industry worldwide. For instance, IEEE Standard 2030.7-2017 is the IEEE-approved draft standard for the Microgrid Energy Management System (MEMS). It is the specification of microgrid controllers to enable interoperability of the different controllers and components needed to operate MEMS through cohesive and platform-independent interfaces.

The leading players in the microgrid control system market include ABB (Switzerland), GE (US), Siemens (Germany), Eaton (Ireland), Emerson (US), Schneider electric (France), Spirae (US), Schweitzer Engineering Laboratories, Inc. (Washington), ETAP (US), S&C electric (US), Woodward Inc (US), Powersecure (US), RTSoft (Germany), and Ontech Electric Corporation (China).

Browse and in-depth TOC on "Microgrid Control System Market"

64 - Tables

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142 - Pages

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The Middle East & Africa is estimated to be the fastest growing market for microgrid control system during the forecast period. The increasing generation capacity, focus on renewables, and plans to increase the electrification rate in countries such as South Africa, Nigeria, and Saudi Arabia are expected to drive the microgrid control system market in the region.

The microgrid control system market, by grid-type, is segmented into on-grid and off-grid. The off-grid/islanded/remote grid segment is estimated to be the fastest growing segment during the forecast period. Along with the expansion of electricity infrastructure in developing countries, many remote microgrids are being designed to be self-sufficient to cater to complex setups such as remote islands or distant villages where transmission via traditional electric utility players is not viable. As these microgrids barely connect to a larger grid and operate in island mode, there exists a greater need for the off-grid microgrid control system and energy storage. Many of these microgrid control system are preferred to reduce diesel fuel consumption by integrating solar PV and distributed wind.

The report segments the microgrid control system market, by ownership, into private and public. The private segment is expected to grow at the fastest rate during the forecast period. It finds its major application in defence, university campus and commercial, and industrial end- users. In private utility, the ownership lies with the shareholders or investors. These private utilities purchase electricity through contracts or operate their own generation facilities.

The microgrid control system market, by end-user, is segmented into utilities, campuses & institutions, commercial & industrial, and others. Others include defense & datacenters. The utilities segment is estimated to be the fastest growing segment during the forecast period. Increasing contribution to the growth of utilities segment during the forecast period. This growth is attributed to investments by power utilities to replace, upgrade, and expand the prevailing aging distribution infrastructure, investments in electrification projects and transition toward clean energy sources.

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The report segments the microgrid control system market, by components, into hardware and software. The hardware components of the microgrid control system include the physical components such as CPU module, digital input module, digital output module, analog input/output module, local Controller, data logger, data recorder, relays, meters, and communication network. The increasing number of microgrid projects in large power plants and high demand from process industries such as manufacturing, oil & gas sector, mining, steel, and chemical would drive the hardware segment of the microgrid control system market.

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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.