Microgrid Control System Market Analysis:
The microgrid control system market is growing rapidly, mainly due to rising open-source microgrid initiatives. Besides, augmenting demand for power growing continuously over the past few years acts as a key driving force for the market growth. Moreover, substantial investments in renewable energy boost the market size. The market valuation was settled at USD 3.68 Billion in 2020.
Microgrid Control System Market share is to hit USD 5.8 Billion by the end of 2027, with a compound annual growth rate of 13.05% during the period of forecast
Additionally, potentially aggressive government policies for promoting renewable energy generation techniques substantiate the market revenues. Increasing energy demand led by widespread industrialization & population growth fuel market growth. Increasing government initiatives to reduce carbon footprints and demand for reliable & secured power supply influence the market value.
Major Players
Players leading the global microgrid control system market are Eaton Corporation (Ireland), ABB (Switzerland), Schneider Electric (France), Emerson (US), Spirae (US), Etap (US), Schweitzer Engineering Laboratories (US), S&C Electric Company (US), Power Secure, Inc. (US), Woodward, Inc. (US), Ontech Electric Corporation (China), General Electric (US), and Siemens (Germany), among others.
Microgrid Control System Market - Segmentations
The report segments market dynamics into grid types, components, ownerships, end-uses, and regions. The grid type segment is bifurcated into on-grid and off-grid. The component segment is bifurcated into hardware and software.
The ownership segment is bifurcated into public and private. The end-use segment is bifurcated into utilities, campuses & institutions, commercial & industrial, and others. The region segment is bifurcated into the Americas, Asia Pacific, MEA, Europe, and rest-of-the-world.
Microgrid Control System Market – Geographical Analysis
North America dominates the global microgrid control system market. Factors such as government initiatives and increased numbers of completed microgrid capacities drive the market growth. Besides, the presence of several key market players and the availability of proficient technical expertise in the region positively impact the market growth. Additionally, rising renewable energy generation in the residential sector and increasing power generation capacities in the region substantiate the market demand.
This market appears highly competitive and fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, these players adopt strategies such as collaboration, acquisition, product/ technology launch, and expansion.
Substantial investments are poured into developing products and expanding global footprints. Most players adopt organic business strategies, whereas tier I & II companies emphasize inorganic business strategies to achieve their goals.
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