Market Research Future (MRFR) asserts that the global microgrid controller market 2020 is thriving and slated to grow considerably over the review period, recording substantial revenue generation from USD 5.35 billion in 2017 up to USD 10.73 billion by 2023, at a moderate CAGR of 12.54%, over the review period.
Drivers and Restraints
Rising demand for microgrids, fluctuating preferences towards the deployment of renewable energy sources and decreasing carbon footprint, and growing government investments in microgrid projects are key drivers that have a positive impact on the market for microgrid controllers. Imminent Asia-Pacific smart city projects and the replacement of mature grid infrastructure in Europe are a few prospects for the growth of the microgrid controller market over the review period.
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The global microgrid controller market has been analyzed based on offering, connectivity, vertical, and region.
The market was segmented into grid and off-grid / islanded, the two modes in which a microcontroller functions, based on the connectivity. Because these controllers are more robust, the off-grid segment is projected to rise at the fastest CAGR over the review period.
The market was segmented into software , hardware, and service based on price. Due to their growing use for forecasting, tracking, managing and optimizing energy supply and demand for a microgrid network, the software segment is expected to expand at the fastest CAGR during the evaluation period.
On the basis of vertical, the global market for microgrid controllers has been segmented into oil & gas, government, energy & power, military and defense, automotive, industrial, commercial, and others. The increasing adoption of microgrids across various end-use industries such as military, government, utilities, and healthcare drive the growth of microgrid controller market.
The global microgrid controller market regional research was conducted in four major regions, including North America, Asia Pacific , Europe and the rest of the world (Latin America, Middle East and Africa). The market for microgrid controllers in North America has been segmented into Canada, the US and Mexico. The regional market is expected over the evaluation period to account for the highest share of the global demand for microgrid controllers. Market growth in North America can be credited to funding from the government to fuel the region's microgrid installations. Additionally, the high concentration of market players in the region coupled with the availability of capable technical expertise also boost market growth.
In terms of market share, Europe is slated to hold the second-largest share. The European market has been segmented into the UK, France, Germany, and the rest of Europe. Germany is the dominate country-level market and the market in France is likely to record the highest growth rate during the forecast period.
The market in Asia-Pacific is projected to be the fastest-growing in the review period. The regional market has been divided as China, Japan, India, and the rest of Asia-Pacific. Rise in the number of rural electrification projects in developing countries such as India and Bangladesh are fueling the growth of microgrid controller market in the region.
The major market players functioning in the global micrgrid controller market as identified by MRFR are Lockheed Martin Corporation (US), Schneider Electric (France), S&C 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), Advanced MicroGrid Solutions, Inc. (US), Pareto Energy (US), and Qinous GmbH (Germany). The leading market players have adopted partnerships and new product launches as a part of their organic growth strategy to further sustain their market position.