Microgrid Control System Market and Increasing Investments In Electric Networks
Microgrid Control System Market Research Report: Information, by Grid Type (On-Grid and Off-Grid), Ownership (Public and Private), by Component (Hardware and Software), by End-Use (Utilities, Campuses & Institution, Commercial & Industrial and others) and by Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America) – Forecast till 2030
Microgrid Control System Market Outlook
The global microgrid control systems market share is anticipated to reach USD 5.8 billion between 2022 and 2030, growing at a CAGR of 13.05%. The distribution grid operators can optimize the energy assets to lower the energy expenses of microgrids with the use of a microgrid control system.
The key players of microgrid control system market are as follows:
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The second-largest market is anticipated to be in North America due to rising energy demand and infrastructure improvements. Throughout the projected period, North America is anticipated to be dominated by the US market. Due to the introduction of numerous cutting-edge smart grid technologies by some of the major businesses in Europe, including ABB, Eaton, and Siemens, Europe is also anticipated to develop at a large rate. Due to the expanding renewable energy industry and increased investments in the modernization of existing grid networks, the German market is anticipated to dominate Europe during the projection period. Furthermore, it is anticipated that Saudi Arabia and Brazil will respectively rule the Middle East and Africa and South America.
Microgrid Control System Market Segmentation:
The global market is divided into utilities, campuses and institutions, commercial and industrial, and others based on end-use. Due to the increased safety concerns around distributed energy resources and the much lower operating costs for utilities, the utilities segment is anticipated to dominate the market over the projection period. This is anticipated to increase utility demand for microgrid control system solutions. The global market is segmented into on-grid and off-grid segments based on the type of grid used. As these grids are primarily used to provide power sources to remote areas and developing countries, the off-grid segment is anticipated to dominate the global market during the forecast period. The world market has been split into public and private sectors based on ownership.During the projection period, the private sector is anticipated to rule the global market. Additionally, the hardware and software sectors of the worldwide market are separated based on component. During the forecast period, it is anticipated that the hardware segment will hold a larger market share, but software would expand more quickly.
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Microgrid Control System Market Regional Analysis:
Five geographical regions have been identified for the microgrid control system market: Asia-Pacific, North America, Europe, the Middle East & Africa, and South America. Due in large part to increased investments in electrification, rising demand for dependable power supply, and expanding investments in renewable energy sources, Asia-Pacific had the greatest market share for microgrid control systems in 2018. During the forecast period, the region is anticipated to have the fastest expanding market. Additionally, factors such as expanding renewable energy usage, greater initiatives for smart grid projects in Asia-Pacific, and increased power consumption all contribute to the market’s expansion. Due to increased spending on T&D networks across Asia-Pacific, China is anticipated to hold the highest share during the forecast period. Similar to Australia, Japan, and India, these nations are expanding as a result of the need for renewable energy and the necessity for infrastructure development.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
5.5.1 Threat Of New Entrants
5.5.2 Bargaining Power Of Buyers
5.5.3 Bargaining Power Of Suppliers
5.5.4 Threat Of Substitutes
5.5.5 Intensity Of Rivalry
5.6 Value Chain/Supply Chain Analysis
6 Global Microgrid Control System Market, By Grid Type
6.2.1 Market Estimates & Forecast, 2020-2027
6.2.2 Market Estimates & Forecast, By Region, 2020-2027
6.3.1 Market Estimates & Forecast, 2020-2027
6.3.2 Market Estimates & Forecast, By Region, 2020-2027
7 Global Microgrid Control System Market, By Ownership
7.2.1 Market Estimates & Forecast, 2020-2027
7.2.2 Market Estimates & Forecast, By Region, 2020-2027
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