Global Microgrid Controller Market

Global Microgrid Controller Market Size More Than Triples to Touch USD 16.4 Billion by 2028

Published | 25 November 2022

Global microgrid controller market is flourishing because of an increasing focus on reducing carbon footprints, rising demand for reliable, continuous power supply, enhanced microgrid efficiency, and energy assets optimization.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global microgrid controller market size at USD 4.63 billion. During the forecast period between 2022 and 2028, BlueWeave expects global microgrid controller market size to grow at a robust CAGR of 19.7% reaching a value of USD 16.38 billion by 2028. Global microgrid controller market expansion is driven by increasing adoption of microgrid infrastructure in military and defense sectors, growing awareness about renewable resources, rising emphasis on enhancing microgrid performance and high adoption of microgrid controllers for energy optimization. Furthermore, government investments to fulfill the rising demands for increased performance along with active initiatives for developing smart cities are expected to drive the overall market growth. In addition, growing environmental awareness and initiatives to limit greenhouse gas emissions have increased the demand for improving energy efficient conservation systems coupled with surging demand for uninterrupted power supply in rural areas is expected to further boost the expansion of global microgrid controller market during period in analysis. However, due to lack of awareness and changing of regulations and norms pertaining to microgrid controller and the shortage of skilled professionals are anticipated to limit the overall market expansion.

Global Microgrid Controller Market – Overview

Microgrid Control System (MCS) enables distribution grid operators to incorporate and manage energy resources to decrease a local distribution grid's overall energy cost. It is a miniature of the larger energy network but at a distributed level. MCS assures a consistent electricity supply without the risk of a blackout. It distributes the load and assists in maintaining the main grid. The integration of various DERs (Distributed Energy Resources) into the power grid accelerated the development of microgrids, and as a result, the system has experienced a wave of technological growth after the massive deployment of distributed energy resources into power systems.

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Opportunity: Growing investments in T&D facilities

Global microgrid controller market is expected to gain from the increasing investments in transmission and distribution (T&D) facilities. The market benefits from increasing energy demand and the necessity for reliable power supply. In addition, companies account for 23% of global carbon emissions, they are migrating to microgrids because of their high efficiency and low carbon output to minimize their carbon footprints. Another driver of market expansion could be the necessity for consistent supply, particularly in remote places, which will boost reliance on microgrid control systems in the coming years.

Global Microgrid Controller Market – By Region

Geographically, global microgrid controller market has North America, Europe, Asia Pacific, Latin America, and Middle East and Africa region. The Asia-Pacific region is expected to hold the highest share due to surging demand for electricity is growing faster than the capacity of existing electrical networks. The development of traditional energy grids, major investment in electrification projects, and optimization and upgrading of existing electrical networks are predicted to propel Asia Pacific growth. In addition, growing rural electrification programs in developing countries such as Bangladesh and India have aided the expansion of the region's microgrid controller industry. North America is expected to be the second largest region during the forecast period.

Impact of COVID-19 on Global Microgrid Controller Market

Covid-19 pandemic had a detrimental effect on microgrid controller market stringent lockdown imposition, travel restriction and closure of manufacturing and production activity. In addition, these factors have limited employment and economic expansion possibilities in the business. The need for microgrids and associated operating systems decreased dramatically during the pandemic due to a drop in demand for electricity, notably for industrial operations. However, with increasing investments in renewable energy and distributed energy systems, microgrid controllers will be in high demand. The market for microgrid controllers could expand at a significant growth rate in the coming years.

Competitive Landscape

Major players operating in global microgrid controller market include ABB, Caterpillar Inc, Eaton Corporation, Emerson, General Electric, Honeywell International, Siemens, Schweitzer Engineering Laboratories, Advanced MicroGrid Solutions, Inc., S&C Electric, and Hitachi Energy Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and Global Microgrid Controller Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Microgrid Controller Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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