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Microgrid Controller Market worth $18.7 billion by 2029 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

22 Mar, 2024, 14:30 GMT

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CHICAGO, March 22, 2024 /PRNewswire/ -- The microgrid controller market is expected to reach USD 18.7 billion by 2029 from USD 6.8 billion in 2024, at a CAGR of 22.6% during the 2024-2029 period according to a new report by MarketsandMarkets™. Various companies are investing in microgrid controller which gives an opportunity for growth in the microgrid controller market. The microgrid controller market is continuously developing, with the presence of multiple players. Americas is likely to contribute significantly to the growth of the microgrid controller market. Similarly, the Asia Pacific, RoW and Europe regions are expected to be the growing market for the forecasted period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=103650618

Browse in-depth TOC on "Microgrid Controller Market" 159 – Tables
60 – Figures
225 – Pages

Microgrid Controller Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 6.8 billion

Estimated Value by 2029

$ 18.7 billion

Growth Rate

Poised to grow at a CAGR of 22.6%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Connectivity, Offering, End User and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Technological, operational, and security risks associated with microgrids

Key Market
Opportunities

Increasing energy consumption and growing need for renewable energy in Asia
Pacific

Key Market Drivers

Increasing demand for reliable, uninterrupted power supply


Grid-connected microgrid controller is expected to have the largest market share in the forecast period.

The grid-connected segment leads the microgrid controller market. These microgrids contribute to grid resilience, enhance power quality, and exhibit minimal environmental impact. They are typically linked to large utility grids and serve diverse areas ranging from small residential clusters to expansive installations like military bases. Power transmission in grid-connected microgrids relies on the main grids; hence, any disruptions to these grids affect overall power transmission networks.

Solar PV technology predominantly powers grid-connected microgrids, which encompass multiple generators, distribution systems, and advanced controls. These microgrids draw on the main power grid for primary energy supply, balance, and backup. Grid-connected microgrids offer more reliable power generation than remote/island microgrids, as they can generate power within their distribution circuits and import it from utility sources.

The microgrid market in the Americas is growing rapidly due to the increase of distributed energy plants and the decrease in energy storage costs. This growth is particularly noticeable in the US. Grid-connected microgrids facilitate renewable energy integration without extensive upgrades, thereby enhancing energy efficiency, resilience, and curbing carbon emissions.

Software & Services offering of the microgrid controller market is predicted to register the highest CAGR in the forecast period.

Microgrid controllers, pivotal in optimizing and managing microgrids, rely on sophisticated software as their core control logic, programmed to enhance power system availability and reduce energy consumption. This software facilitates monitoring, prediction, management, and optimization of energy supply and demand within the microgrid network. To ensure efficiency, proper communication among microgrid hardware components, including generators, wind turbines, solar arrays, and energy storage devices, is essential. Microgrid controller software is purpose-built to integrate these components, enabling efficient interaction and control over energy generation, storage, and consumption.

Service offerings for microgrid controllers encompass feasibility studies, system design, generation optimizer configuration, integration, commissioning support, and training, with regular system check-ups ensuring operational success and compliance with evolving cybersecurity standards. Engineering, monitoring, and maintenance services are pivotal for the effective adoption and development of microgrids, with local involvement promoted through technician training and collaboration with local organizations. Artificial intelligence (AI) presents an innovative avenue for enhancing microgrid maintenance, offering the potential to track, predict, and visualize maintenance needs using machine learning techniques. The energy-as-a-service (EaaS) business model introduces new opportunities in the microgrid controller market, allowing customers to access energy services without upfront capital investments and tailoring agreements to individual energy needs, goals, and local regulations, with fees based on usage, alleviating risk for the microgrid host.

In May 2023, Schneider Electric (France) launched its EcoStruxure Microgrid Flex, which represents a pioneering, standardized microgrid solution aimed at substantially shortening project timelines, thereby enhancing the system's return on investment.

Growing initiatives for energy and sustainable development in smart cities.

Smart cities represent a groundbreaking approach to urban management aimed at enhancing sustainability and improving residents' quality of life. As metropolitan populations continue to burgeon and the costs associated with ensuring a reliable power supply rise, the modernization of power delivery becomes imperative. However, the mere replacement of outdated components with new ones is insufficient. The investments made must also address the integration of larger proportions of renewable energy while meeting the heightened demand for reliability and resilience from energy consumers and businesses.

To tackle these challenges, innovative tools such as intelligent energy storage, smart grids, consumer demand response management (DRM), Internet of Things (IoT) technology, and microgrids are being deployed. Among these, microgrid controllers stand out as crucial assets driving the advancement of smart cities. These controllers are instrumental in optimizing energy usage within urban environments, thereby promoting sustainability and environmental responsibility. Leveraging advanced control algorithms and real-time data analytics, microgrid controllers enable the efficient distribution and utilization of energy resources, minimizing waste and enhancing operational efficiency.

Moreover, microgrid controllers play a significant role in achieving emissions reduction goals by facilitating the seamless integration of renewable energy sources into urban energy infrastructure. Through intelligent management of solar, wind, and other clean energy assets, these controllers reduce reliance on fossil fuels, thereby mitigating environmental impact and fostering the transition toward a low-carbon economy. In essence, microgrid controllers are pivotal tools in driving the evolution of smart cities towards greener, more efficient, and sustainable urban landscapes.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=103650618

Microgrid controller market for the Asia Pacific region to register the highest CAGR between 2024 and 2029 forecast.

The Asia Pacific region is predicted to register the highest CAGR in the forecast period. Notably, industries like semiconductors & consumer electronics, automotive, metals & mining, and healthcare exhibit robust adoption rates of microgrids within the region. The proliferation of semiconductor and consumer electronics manufacturing facilities, led by key players like TSMC, Samsung, and Sony, is a significant driver of market growth. Key adopters of microgrid technology in Asia Pacific include China, Australia, India, Singapore, and other Southeast Asian nations.

The Asia Pacific microgrid controller industry is forecasted to experience the most rapid growth during the projection period. Analysis of the market encompasses Australia, China, Japan, and the rest of Asia Pacific. In July 2020, Canopy Power entered into a strategic partnership with EDF to jointly develop renewable energy microgrids in Asia. Growth in this region is propelled by extensive rural electrification efforts observed in economies like India, Malaysia, and the Philippines. Moreover, the inadequacy of electricity infrastructure in emerging markets, coupled with the geographical makeup of island nations such as Indonesia and the Philippines, has spurred a rising demand for economical microgrid solutions. These factors are poised to significantly bolster the growth of the microgrid controller market in the Asia Pacific region throughout the forecast period.

Key Players

The report profiles major players in the microgrid controller companies are Schneider Electric (France), General Electric (US), ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Schweitzer Engineering Laboratories, Inc. (US), Honeywell International Inc. (US), Caterpillar (US), S&C Electric Company (US), Power Analytics Corporation (US), Cummins Inc. (US), Tesla Energy (US), Emerson Electric Co. (US), HOMER Energy (US), Hitachi Energy Ltd. (Switzerland), Pareto Energy (US), Encorp (US), Powerhive (Kenya), Enchanted Rock (US), AutoGrid Systems, Inc. (US), Heila Technologies (US), Ameresco, Inc. (US), PowerSecure, Inc. (US), Canopy Power (Singapore), Scale Microgrid Solutions LLC (US), and Spirae, LLC (US).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=103650618

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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Microgrid Market by Connectivity (Grid Connected, Off-grid), Offering (Hardware (Power Generators, Controllers, Energy Storage Systems), Software, Services), Power Source, End User, Power Rating and Region - Global Forecast to 2029

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Microgrid as a Service (MaaS) Market by Grid Type (Grid Connected, and Remote or Islanded), Service Type (Engineering & Design, SAAS, Monitoring & Control, and Operation & Maintenance), Vertical, and Geography - Global Forecast to 2022

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About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
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