$12.6 Billion Microgrid Controller Market by Connectivity, Offering, Vertical and Geography - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Microgrid Controller Market by Connectivity (Grid connected & Remote), Offering (Hardware, Software, and Services), Vertical (Government, Utilities, Commercial, Military & Defense, Healthcare) and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The overall microgrid controller market is estimated to grow from USD 6.1 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 15.65% from 2019 to 2024.

Microgrid controllers are designed to maximize microgrids' reliability in providing uninterrupted electric supply and increase their overall efficiency. Microgrid controllers also reduce environmental impact by encouraging the use of renewable energy and achieving fuel and cost savings. Microgrids, with their value propositions of reliability, security, quality, and sustainability, have proved to be an attractive alternative to centralized distribution.

An increasing number of research labs, data centers, universities, hospitals, and manufacturing facilities globally are experiencing a critical need for constant power supply and cannot afford blackouts and outages. The installation and maintenance cost of a whole microgrid network is quite significant. The additional cost of microgrid controllers adds up to the total cost of microgrids, which is a restraint to the growth of the microgrid controller market.

Grid-connected microgrids are expected to grow at a higher CAGR during the forecast period

The demand for microgrid controller systems in grid-connected mode is expected to increase during the forecast period. In a grid-connected microgrid, power transmission is dependent on the main grid; thus, any damage to the main grid affects the network. In this case, a microgrid transitions to islanded/remote mode to continue stable power supply to consumers.

Microgrid controllers play a substantial role in microgrid transitioning by coordinating distributed energy resources, energy storage systems, and the load. The main objective is to improve grid reliability and resiliency. Grid-connected microgrids usually have higher reliability than remote/island microgrids owing to their connection with power grids.

The Americas is expected to account for the largest share of the microgrid controller market during the forecast period

The Americas is an important market for microgrid controllers. The market here accounted for the largest share in 2018, majorly driven by the presence of a number of microgrid market players in the region, such as GE Power (US), Schweitzer Engineering Laboratories (SEL) (US), Lockheed Martin (US), Honeywell (US), and Emerson (US). The Americas is one of the most technologically advanced markets for microgrids. It has a large number of microgrid solution providers.

In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions. As system integration is a major challenge for the market, the IIoT lab was launched to overcome it. The major focus of the lab is on microgrid control, advanced manufacturing control, and heavy equipment asset monitoring.

Market Dynamics

Drivers

  • Optimization of Energy Assets and Improved Efficiency of Microgrids Using Microgrid Controllers
  • Increasing Global Demand for Microgrids for Reliable and Secure Power Supply
  • Growing Shift Toward Renewable Energy Sources and Reducing Carbon Footprints
  • Increasing Government Investments in Microgrid Projects

Restraints

  • High Cost of Microgrid Control Systems
  • Dynamic Government Policies, Regulations, and Standards Worldwide

Opportunities

  • Growing Demand for Microgrids From Utility, Military, and Government Sectors Worldwide
  • Up-Coming Smart City Projects in Developing Regions
  • Modernization of Aging Grid Infrastructure

Challenges

  • Interoperability and Compatibility Issues Due to Large Number of Components/Devices
  • Operational, Technological and Security Risks Associated With Microgrids

Topics Covered

1 Introduction

1.1 Study Objectives

1.2 Definition

1.3 Study Scope

1.4 Currency

1.5 Limitations

1.6 Stakeholders

2 Research Methodology

2.1 Research Data

2.2 Market Size Estimation

2.3 Market Breakdown and Data Triangulation

2.4 Research Assumptions

3 Executive Summary

4 Premium Insights

4.1 Attractive Opportunities in Microgrid Controller Market

4.2 Market, By Vertical and Offering

4.3 Market, By Connectivity

4.4 Market, By Geography

5 Market Overview

5.1 Introductions

5.2 Market Dynamics

5.3 Value Chain Analysis

6 Microgrid Controller Market, By Connectivity

6.1 Introduction

6.2 Grid Connected

6.3 Off Grid/Remote/Islanded

7 Microgrid Controller Market, By Offering

7.1 Introduction

7.2 Hardware

7.3 Software

7.4 Services

8 Microgrid Controller Market, By Vertical

8.1 Introduction

8.2 Government

8.3 Utilities

8.4 Commercial

8.5 Industrial

8.6 Educational Institutes

8.7 Military & Defense

8.8 Healthcare

8.9 Others

9 Geographic Analysis

9.1 Introduction

9.2 Americas

9.3 Europe

9.4 APAC

9.5 RoW

10 Competitive Landscape

10.1 Overview

10.2 Market Ranking Analysis, 2018

10.3 Competitive Scenario

10.4 Recent Developments (Top 5 Players)

10.5 Competitive Leadership Mapping

10.6 Strength of Product Portfolio

10.7 Business Strategies Excellence

11 Company Profiles

11.1 Key Players

11.1.1 Schneider Electric

11.1.2 GE Power

11.1.3 ABB

11.1.4 Siemens

11.1.5 Schweitzer Engineering Laboratories

11.1.6 Eaton

11.1.7 Lockheed Martin

11.1.8 Honeywell

11.1.9 S&C Electric

11.1.10 Power Analytics

11.2 Other Important Players

11.2.1 Emerson

11.2.2 Princeton Power Systems

11.2.3 Spirae

11.2.4 Homer Energy

11.2.5 Pareto Energy

11.3 Key Innovators/Startup Ecosystem

11.3.1 Opus One Solutions

11.3.2 Advanced Microgrid Solutions

11.3.3 Encorp

11.3.4 Qinous

11.3.5 Go Electric

For more information about this report visit https://www.researchandmarkets.com/research/zthr5l/12_6_billion?w=4

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Related Topics: Electricity

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T. Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Electricity