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Market Analysis
The global microgrid controller market will touch USD 14.43 billion at a 15.65% CAGR by 2032, as per the latest Market Research Future report.
Key Players
Prominent industry players profiled in the global microgrid controller market report include.
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Drivers
Increasing Adoption in Industries and Businesses to Boost Market Growth
The increasing adoption of microgrid controllers in industries and businesses will bolster market growth over the forecast period. Industries and businesses employ such microgrid controllers for regulating their energy generation as well as consumption. Such businesses can range from large multinationals to small start-ups. Power fluctuations or power outages can cause damages to the industrial components and equipment that propels the need further for deploying microgrid controllers.
Opportunities
Burgeoning Need for Dependable and Uninterrupted Power Supply to offer Robust Opportunities
The burgeoning need for dependable and uninterrupted power supply will offer lucrative opportunities for the microgrid controller market in the forecast period. The system cuts down incidences of power outages and blackouts for its ability of disconnecting from function and traditional grid independently.
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Restraints and Challenges
High Cost to act as Market Restraint
The high cost of microgrid controller, security risks, and compatibility & interoperability issues may act as market restraints over the forecast period.
Market Segmentation
The global microgrid controller market has been bifurcated based on vertical, offering, and connectivity.
By connectivity, grid will lead the market over the forecast period.
By offering, software will domineer the market over the forecast period.
By vertical, military & defense will spearhead the market over the forecast period.
COVID-19 Analysis
A fall in electricity demand at the time of the epidemic affected the revenue of different utility companies. Therefore the companies reduced new investments and on capital expenditure. It led to a fall in need for the microgrid controllers impacting the revenue of several of the domain’s key companies. With rising investment however in distributed energy networks and renewable energy, there will be a positive demand for the microgrid controllers.
Regional Analysis
North America to Command Microgrid Controller Market
North America will command the microgrid controller market over the forecast period as in regional power systems, replacing and updating the aging infrastructure time and again is crucial. Besides, the supportive government efforts in the region that stems from industrial revolution along with its immense investment in research & development for the microgrid production are adding market growth. The US grabbed the utmost market share. Besides, the increasing adoption of microgrid controllers for regulatory support and private sector innovation along with the rising deployment of the sustainable energy sources for reducing the dependency on current electricity networks are also fuelling market growth.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
