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Microgrid Controller Market Including Growth Factors, Applications, Regional Analysis, Key Players and Forecasts
The global microgrid controller market is expected to grow from USD 5.35 billion in 2017 to USD 10.73 billion by 2023, at a CAGR of 12.54%, during the forecast period.
Microgrid controller market is an electronic device that manages the microgrid’s operational interconnection with the distribution utility. The key functions of a microgrid controller include coordination of the integration and dispatch of local distributed energy resources and loads, provision of ancillary services to the grid, and seamless grid disconnection and reconnection.
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Rise in demand for microgrids, increasing shift toward the use of renewable energy sources to reduce carbon footprint, and growing investments by various governments in microgrid projects are factors driving the microgrid controller market. Furthermore, the upcoming smart city projects in Asia-Pacific and replacement of aging grid infrastructure in the European region can create growth opportunities in the microgrid controller market.
The global microgrid controller market has been segmented based on connectivity, offering, vertical, and region.
By connectivity, the market has been segmented into grid and off-grid/islanded, the two modes in which a microcontroller works. The off-grid segment is expected to grow at the highest CAGR during the forecast period as these controllers are more reliable.
By offering, the market has been segmented into hardware, software, and service. The software segment is expected to grow at the highest CAGR during the forecast period owing to their growing usage for monitoring, predicting, managing, and optimizating energy supply and demand for a microgrid network.
On the basis of vertical, the market has been segmented into government, oil & gas, energy & power, industrial, automotive, military and defense, commercial, and others. Increasing deployments of microgrids across various end-use industries such as military, government, utilities, and healthcare drive the growth of microgrid controller market.
The key players profiled in the Microgrid Controller Market research report are Schneider Electric (France), Lockheed Martin Corporation (US), S&C Electric Company (US), Emerson Electric Co. (US), Eaton Corporation (Ireland), Honeywell International Inc. (US), Siemens (Germany), Schweitzer Engineering Laboratories (US), GE Power (US), and ABB (Switzerland).
The major players constantly focus on growth strategies such as strategic partnerships, mergers, acquisitions, and new product development to enhance their product offerings and expand their market. For instance, in 2018, Schneider Electric unveiled one new EcoStruxure microgrid solution—EcoStruxure Microgrid Operation, and an update to its existing offering, Energy Control Center at the Innovation Summit North America in Atlanta. EcoStruxure Microgrid Operation is a microgrid controller that maximizes renewable energy penetration above 30%.
The prominent players in the microgrid controller market are Schneider Electric (France), Lockheed Martin Corporation (US), S&C Electric Company (US), Emerson Electric Co. (US), Eaton Corporation (Ireland), Honeywell International Inc. (US), Siemens (Germany), Schweitzer Engineering Laboratories (US), GE Power (US), ABB (Switzerland), Power Analytics (US), Princeton Power Systems (US), Spirae, Inc. (US), HOMER Energy LLC (US), Pareto Energy (US), Advanced MicroGrid Solutions, Inc. (US), and Qinous GmbH (Germany).
By connectivity, the market has been segregated into grid connected and off-grid/islanded
On the basis of offering, the market has been segmented into hardware, software, and service.
By vertical, the market has been segmented into government, oil & gas, energy & power, industrial, automotive, military and defense, commercial, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
The global market for microgrid controller market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of the microgrid controller market is done for North America, Europe, Asia-Pacific, and the rest of the world.
North America followed by Europe is expected to dominate the microgrid controller market from 2018 to 2023 owing to the government initiatives that have encouraged the microgrid installations in the region. Furthermore, high concentration of market players in the region and availability of proficient technical expertise propel the demand for microgrid controller in the region.
Asia-Pacific is expected to register the fastest growth due to rise in number of rural electrification projects in developing countries such as India and Bangladesh. The major countries identified to witness high growth in Asia-Pacific are China, Japan, Australia, and India.
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The key players have adopted partnerships and new product launches as a part of their organic growth strategy to further strengthen their market position. For instance, in 2019, Go Electric Inc., a provider of energy resiliency and microgrid solutions launched a new microgrid-enabled switchgear product—Hive. Hive is embedded with the company’s patented microgrid controller—AutoLYNC and can be used with a wide range of distributed energy resources such as solar, wind, energy storage, and gensets.
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