PUBLISHER: The Business Research Company | PRODUCT CODE: 1409604
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409604
“Microgrid Controller Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on microgrid controller market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for microgrid controller? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The microgrid controller market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A microgrid controller is a system designed to manage and control a microgrid, determining when and how it should connect to or disconnect from the main grid. Its primary function is to automate and control all the components within the microgrid, as well as the connections to the larger electricity grid, to meet electricity demand while maintaining stable operational conditions.
The main types of connectivity in the microgrid controller market are grid-connected and off-grid. Off-grid microgrids are not connected to the main electricity grid, while grid-connected microgrids have electrical links to the main grid, allowing for power distribution and usage. The offerings in the microgrid controller market include hardware, software, and services. These are utilized by various industries, including commercial and industrial sectors, remote areas, military applications, government utilities, institutes and campuses, as well as healthcare facilities.
The microgrid controller market research report is one of a series of new reports from The Business Research Company that provides microgrid controller market statistics, including global market size, regional shares, competitors with a microgrid controller market share, detailed microgrid controller market segments, market trends and opportunities, and any further data you may need to thrive in the microgrid controller industry. This microgrid controller market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The microgrid controller market size has grown rapidly in recent years. It will grow from $5.88 billion in 2023 to $6.88 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The expansion observed in the historical period can be attributed to factors such as regulatory support and funding, the initiation of pioneering projects and pilot programs, rural electrification initiatives, early adoption in research and universities, and efforts related to grid modernization.
The microgrid controller market size is expected to see rapid growth in the next few years. It will grow to $12.47 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The anticipated growth in the forecast period can be attributed to factors such as the rising demand for decentralized energy solutions, increasing deployments of energy storage systems, a focus on energy efficiency measures, the emergence of smart cities and communities, and the rise of Microgrid-as-a-Service (MaaS) models. Major trends expected in the forecast period include the integration of renewable energy sources, enhanced grid resilience and reliability, efficient management of energy storage systems, applications in remote and off-grid areas, and the integration of smart grid technologies.
The future growth of the microgrid controller market is anticipated to be driven by increasing investments from various governments in microgrid projects. A microgrid controller is a system responsible for managing and deciding when to connect or disconnect from the grid. The surge in government investments enhances the demand for microgrid controllers. For instance, in October 2021, the Australian Renewable Energy Agency (ARENA) initiated the $50 million Regional Australia Microgrid Pilots Program (RAMPP) grants, aiming to enhance energy supply resilience and reliability in rural areas. Hence, the escalating government investments in microgrid projects propel the growth of the microgrid controller market.
The growth of the microgrid controller market is expected to be fueled by the rising environmental awareness. Environmental awareness emphasizes the importance of preserving and respecting the natural environment, understanding the impact of human activities on the environment, and advocating for environmental protection. Microgrid controllers offer benefits such as reduced energy production costs and lower environmental impacts, contributing to their market expansion. As per a study by the Pew Research Center, conducted in January 2022 among 10,237 US adults, 69% prefer developing alternative energy sources such as wind and solar, while a similar proportion (69%) supports the United States adopting measures to become carbon neutral by 2050. Consequently, the growing environmental awareness is a driving force behind the expansion of the microgrid controller market.
An emerging trend in the microgrid controller market is the introduction of innovative products. Leading companies in the market are concentrating on delivering inventive solutions to strengthen their market position. For instance, in February 2022, Schneider Electric SE, a France-based company specializing in microgrid controllers, unveiled the EcoStruxure microgrid solution for small and medium buildings in Canada. This all-in-one system facilitates simple integration of distributed energy resources across various facilities, including commercial and industrial buildings, healthcare facilities, and educational institutions. The solution aims to provide organizations with enhanced energy resilience, reduced energy costs, and a lower carbon footprint through features such as grid connection management, off-grid mode preparation, and demand charge reduction.
Prominent companies in the microgrid controller market are actively developing advanced microgrid solutions. Microgrids are self-contained energy systems that can operate independently or in conjunction with the main power grid. In October 2023, Vertiv, a US-based critical digital infrastructure provider, launched a 1-MW microgrid to support its new customer experience center. The distinctive features of this microgrid include a 1-MW AC solar array, a 400-kW hydrogen fuel cell, a 1-MW lithium-ion battery energy storage system, and a microgrid controller. The 1-MW microgrid is designed to showcase how data centers can address concerns related to electrical grid capacity and availability.
In December 2021, Yokogawa Electric Corporation, a Japan-based electrical engineering and software company, acquired PXiSE Energy Solutions LLC, a US-based software developer for utilities and grid operators, for an undisclosed amount. Through this acquisition, Yokogawa aims to enhance its capabilities in monitoring and managing power generation facilities, assisting customers in the power transmission and distribution sectors to achieve their clean energy targets.
Major companies operating in the microgrid controller market report are Schneider Electric SE, General Electric Company, Asea Brown Boveri Limited, Siemens AG, Schweitzer Engineering Laboratories Inc., Eaton Corporation plc, Honeywell International Incorporated Inc., Lockheed Martin Corporation, Schweitzer & Conrad Inc. Electric Company, Power Analytics Corporation, Emerson Electric Co., Advanced Micro-Grid Solutions Incorporated., Princeton Power Systems Inc, Spirae Inc., Pareto Energy Ltd., Opus One Solutions, Encorp Inc., CleanSpark Inc., Hitachi Ltd, Northern Power Systems Corporation, Exelon Corporation, Blue Pillar, EnSync Energy Systems, Green Energy Corp, Sunverge Energy, Toshiba Corporation, Typhoon HIL, Varentec Inc., Xtreme Power Inc., Bloom Energy .
North America was the largest region in the microgrid controller market in 2023. Asia-Pacific is expected to be the fastest-growing region in the microgrid controller market during the forecast period. The regions covered in the microgrid controller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the microgrid controller market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The microgrid controller market includes revenues earned by entities by providing services such as monitoring and optimization, system maintenance and operations, infrastructure upgradations. The market value includes the value of related goods sold by the service provider or included within the service offering. The microgrid controller market also includes sales of power generators equipment, energy storage systems that is used in providing microgrid services. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.