CHICAGO, Feb. 6, 2019 /PRNewswire/ -- According to the latest market research report "Microgrid Controller Market by Connectivity (Grid connected & Remote), Offering (Hardware, Software, and Services), Vertical (Government, Utilities, Commercial, Military & Defense, Healthcare) and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Microgrid Controller Market is expected to grow from USD 6.1 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 15.65% during the forecast period. One of the major driving factors for the microgrid controller market's growth is the rising adoption of microgrids for reliable and secure power supply.
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Based on offering, hardware is expected to account for the major share of the microgrid controller market during the forecast period.
Microgrid controllers consist of hardware, software, and services. Hardware includes generation optimizers, local controllers, supervisory controllers, communications network, and human machine interfaces. The expected largest market share of hardware is attributed to the high cost of components such as generation optimizers, HMIs, and intelligent controllers.
Grid connected microgrids are expected to grow at a higher CAGR in the global microgrid controller market.
Microgrids mainly operate in 2 modes: connected with the main grid (grid connected) or isolated (off grid/remote). In a grid connected microgrid, power transmission is dependent on the main grid whereas isolated microgrids generate their own power without any connection with a utility grid. Grid connected microgrids have higher reliability than remote/island microgrids owing to their connection with power grids.
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Microgrid controller market in APAC is expected to grow at the highest CAGR from 2019 to 2024.
Globally, the microgrid controller market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is one of the most important potential markets for microgrid controller systems. The region's electricity demand is growing faster than the expansion of conventional electricity grids. The development of the industrial sector and power infrastructure in several of the region's countries provide significant growth opportunities to local as well as global market players.
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Schneider Electric (France), General Electric (US), ABB (US), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Honeywell International (US), Lockheed Martin (US), S&C Electric (US), and Power Analytics (US) are the major players in the microgrid controller market.
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