Microgrid Control System Market Development Opportunities Accelerate in 2023

IL, USA, 2021-Sep-03 — /EPR Network/ —

Latest reportMicrogrid 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 microgrid control system market is expected to grow from an estimated USD 2.0 billion in 2018 to USD 3.6 billion by 2023, at a CAGR of 13.01%. Increasing investments in electric networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the microgrid control system market.  Rising electrification projects and advancement in the Internet of Things (IoT), as well as communication technologies, can lead to opportunities in the microgrid control system market

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=242416568

The off-grid segment is expected to hold the largest share of the microgrid control system market, by grid-type, during the forecast period.

The off-grid segment led the microgrid control system market in 2018 and is projected to have the largest market share during the forecast period. Remote/island/off-grid microgrids are mainly used to provide diverse power sources for geographically remote communities and developing countries. This growth can be attributed mainly to the growing demand to attain reliable and sustainable power supply majorly in rural areas of the Asia Pacific and the Middle East & Africa region. Also, these type of microgrid control systems have a huge demand in military bases, mining, and oil & gas industries. Increasing focus to reduce diesel fuel consumption by integrating solar PV and distributed wind further drives the microgrid control system market.

The private segment is expected to hold the largest share of the microgrid control system market, by ownership, during the forecast period.

The private segment led the microgrid control system market in 2018. Factors such as increasing demand for electricity, rising power generation capacity, and increasing usage of renewable sources to generate electricity are expected to boost the demand for the private microgrid control systems. Private players find microgrid control system’s major application in defence, university campuses, and commercial and industrial end-users. Also, rising investments in electrification projects, in which microgrid technologies are highly deployed encourages private players to invest in the microgrid control system.

Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=242416568

Asia Pacific: The leading market for microgrid control system market

In this report, the microgrid control system market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific led the global microgrid control system market in 2017. The high growth rate in the Asia Pacific region can be attributed to increased investments in the electric grid development and growing reliance on renewable sources of power generation. China and India are the largest markets for microgrid control system market in the region. China accounts for the largest share owing to the increasing investment in electrification projects, the country accounted for highest installed generation and distribution capacity in the Asia Pacific region, resulting in an increased demand for the microgrid control system.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the microgrid control system market. The key players are ABB (Switzerland), GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), Emerson (US), Spirae (US), Schweitzer Engineering Laboratories, Inc.  (US), ETAP (US), S&C Electric (US), Woodward, Inc. (US), PowerSecure (US), RT SOFT (Germany), Ontech Electric Corporation (China). Contracts & agreements was one of the key strategies adopted by the players to strengthen their global presence and offerings.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

Matched content

Editor’s pick

Express Press Release Distribution