Microgrid Control System Market to Worth USD 7.5 Billion by 2030 | Skyquest Technology
SkyQuest Technology Consulting Pvt. Ltd.
5 min read
SkyQuest Technology Consulting Pvt. Ltd.
Microgrid Control System Market Size, Share, Growth Analysis, By Grid Type (On-Grid, Off-Grid, Hybrid), Component (Hardware, Software), Ownership (Private, Public), End-User (Utilities, Campuses & Institution, Residential, Commercial, Industrial) - Industry Forecast 2023-2030
Westford, USA, July 02, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the global demand for microgrid control system is experiencing significant growth due to various factors. One of the key drivers is the increasing need for consistent and reliable power supply across different sectors worldwide. Energy storage systems play a crucial role in stabilizing and managing the intermittent nature of renewable energy sources, such as solar and wind power, by storing excess energy and releasing it when needed. This helps ensure a more reliable and uninterrupted power supply, reducing dependency on traditional fossil fuel-based generation.
Browse in-depth TOC on the "Microgrid Control System Market"
A microgrid is a comprehensive energy system incorporating local distributed energy resources (DERs) within a specific area. These resources can include local loads, generating assets such as solar panels or wind turbines, and energy storage devices such as batteries or fuel cells. One of the distinguishing features of a microgrid is its ability to operate in different modes, including "islanded" (off-the-grid) and grid-connected modes.
Report Scope & Segmentation:
Attributes
Details
Market Size in 2022
USD 2.8 billion
2030 Value Projection
USD 7.5 billion
CAGR
13.3%
Forecast Period
2023-2030
Segments Covered
Grid Type
Component
Ownership
End-User
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Prominent Players in Microgrid Control System Market
ABB Ltd.
Schneider Electric SE
Siemens AG
Honeywell International Inc.
Eaton Corporation Plc
General Electric Company
Spirae, LLC
Schweitzer Engineering Laboratories, Inc.
Power Analytics Corporation
Exelon Corporation
Hitachi, Ltd.
S&C Electric Company
Emerson Electric Co.
Advanced Microgrid Solutions, LLC
Northern Power Systems Corp.
Opus One Solutions Energy Corp.
Toshiba Corporation
Green Energy Corp.
PowerSecure International, Inc.
Rockwell Automation, Inc.
Browse summary of the report and Complete Table of Contents (ToC):
Hardware Segment is Expected to Grow the Market Due to the Efficient Functioning of Microgrid Control Systems
The hardware segment is expected to hold a significant share of the global microgrid control system market throughout the forecast period. This segment comprises various components essential for the efficient functioning of microgrid control systems. These components include communication networks, local controllers, data loggers, data recorders, digital input modules, digital output modules, analogue input/output modules, CPU modules, and relays and meters.
The market in North America holds great potential for microgrid control systems, making it one of the most lucrative regions for this technology. North America's existing utility grid infrastructure often requires replacement and refurbishment due to ageing and outdated components. This creates a significant demand for advanced control systems that can efficiently manage and optimize the operation of microgrids.
Private Ownership Segment is Expected to Dominate the Market Due to the Ability to Operate in Grid-Connected Mode
The private ownership segment is projected to dominate the global microgrid control system market, capturing the largest market share over the forecast period. Private microgrid control systems offer unique advantages, including operating in grid-connected and islanded modes. This flexibility allows remote microgrids to function independently from the primary power grid when needed, ensuring a reliable and uninterrupted power supply.
Regional markets in Europe have emerged as a significant market for microgrid control system, driven by a growing focus on renewable energy sources and sustainable energy practices. Countries such as Germany and the UK are leading the way in this transition, implementing policies and initiatives to promote the use of renewable energy and reduce greenhouse gas emissions.
A comprehensive analysis of the major players in the microgrid control system market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Microgrid Control System Market
ABB, a leading technology company, made an investment in Direct Energy Partners, a start-up specializing in Direct Current (DC) microgrid solutions in 2023. This strategic investment aims to accelerate the energy transformation by leveraging the potential of DC energy networks, which are expected to play a crucial role in the future of the energy industry. The collaboration with Direct Energy Partners enhances ABB's technological leadership and positions the company in a significant growth market.
In August 2022, Tetra Tech, an engineering and management consulting firm, embarked on implementing a 300kW future microgrid project for Oldham Council in Greater Manchester. In collaboration with Tetra Tech, ABB announced its contribution to the project by providing electrical distribution and control systems.
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
