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Microgrid Control Systems Market Growing Demand Overview Volume and Value Forecast Report 2024

Microgrid Control Systems

The Microgrid Control Systems Market Report provides comprehensive information on the top of market owners, their annual transactions, the stability of their actions and the strategies used to attract the activity. Microgrid Control Systems Market report also highlights some of the rules and regulations that have been established by the governing bodies of some countries that can stimulate and restrict commercial activities in certain parts of the world. The information includes the company profile, annual turnover, the types of products and services they provide, income generation, which provide direction to businesses to take important steps.

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Microgrid Control Systems Market study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

The global microgrid control systems market was valued at USD 20.89 billion in 2017 and is expected to reach a market value of USD 41.79 billion by 2023, registering a CAGR of 12.25% during the forecast period (2018 – 2023). Microgrids are similar to main power grids but are smaller in size with low capacities. They are referred as a distributed electric grids that can be operated and controlled depending on the requirement. Unlike regular grids, these grids work on distributed energy sources and can operate on multiple sources at any given point. Microgrids are an essential part of smart cities

The scope of this study is limited to grid-connected, off-grid, and hybrid kind of microgrids. The report is segmented by application into utilities, cities & municipalities, defense, and industrial.

Continuously increasing demand for microgrids with high penetration of distributed energy generators, mainly renewable energy sources, is modifying the traditional structure of the electric distribution grid. More than 1437 microgrid projects, that represent nearly 13,400 megawatts of capacity, are proposed, planned, under construction, or are operating worldwide.

Microgrid control systems are generally low-power and low-voltage, and they can be operated in islanded in an off-grid or hybrid mode. These systems mostly have generating, transmission, and distribution located in a small area, and are mostly set up inside or close to the consumption location. The system can work on both traditional sources, like coal and diesel, and also renewable sources, like solar, wind, and combined heat & power. Newer systems are being incorporated into storage systems to provide continuous power. Microgrids control systems continuously monitor, analyze, and track the system to maintain hassle-free operation. These systems have to be capable of controlling the power ratings, frequency, and other parameters of the grid. Microgrid controllers are thus one of the most important systems in the microgrid and have been seeing a significant increase in demand with respect to adoption of microgrids. Many cities are now looking to go smart by employing smart grids. This is resulting in an increased demand for microgrid controllers.

Increasing Demand for Backup Solutions Major Driver for the Market

Power outages and blackouts are the most common problems globally, especially in the developing and underdeveloped nations. Several industries face frequent blackouts and power outages, resulting in massive losses. Blackouts in residential areas cause inconvenience to the general public. These outages can because of various factors, such as weather conditions, natural disasters, equipment failure, etc. Continuous power has become a primary requirement for industries to operate and people to live. With increasing global warming and changing weather conditions, the frequency of natural disasters is increasing.

Microgrids provide better backup solutions compared to traditional backup solutions. Microgrids can be operated in parallel to the main grid and can switch in without delay at the time of main grid failure. Unlike generators and UPS, microgrids can provide backup supply for longer durations and can work independently of the main grid. This enables them to operate in any situation. With increasing frequency of natural disasters around the world, industries looking for better backup solutions are choosing microgrids over traditional solutions. As these can use renewable sources during backup operations, they are now increasingly being deployed in most residential and areas with power issues. Thus, increased demand for backup systems is driving the growth of microgrid control systems.

Demand For Microgrid Control Systems in Industrial Applications To Grow

Industries have always been looking to reduce energy costs while also reducing their carbon emissions. It has been estimated that industries account for more than 23% of the global carbon emissions. With increasing environmental concerns around the world, many industries are now looking to reduce their CO2 emissions. Industries are now in need of optimizing their energy consumption to reduce operating costs. This has resulted in many companies opting for microgrid systems to increase efficiency while reducing energy costs and carbon emissions. The demand for green microgrids is increasing with increasing use of renewable energy sources for industrial power. Many industries are also employing storage systems in the microgrid for backup supplies and to reduce costs by selling surplus power. Storage systems enable smooth operations, regardless of the power outages and faults in the main grid.

US to Play Important Role In The Growth Of The Market

US is one of the first regions to adopt microgrid systems on a large scale. Due to the increasing adoption of microgrid systems, their number can be expected to more than double by the end of forecast period. Currently, educational institutions and military hold the largest share of microgrid systems in this country, followed by commercial and domestic uses. Microgrids are being employed in remote locations to facilitate power and communication capabilities. However, with increasing adoption of smart grid technology and the need to increase energy efficiency, the adoption of microgrids is expected to see a rapid growth rate. Moreover, more than 85% of the microgrids in the United States are powered by fossil fuels. The increasing need to curb pollution and reduce carbon footprint is resulting in the growth of demand for microgrid control systems using renewable sources.

Key Developments in the Market

• July 2017: Advanced Microgrid Solutions raised USD 34 Million in a Series B funding round amid projections by utility executives that distributed energy resources (DERs) will create the biggest stress on the grid in the coming decade. With this the total funding of AMS reached USD 52 million
• June 2017: ABB’s microgrid to power Aruba. The island of Aruba plans to cover half its annual energy need using renewable energy sources and the other half using alternative fuels by 2020. It has a peak demand of 134 MW, that is currently met by a mix of thermal, wind, and solar photovoltaic generation. Using 24 hour forecasts of both renewable output and system load, the system will help plan operations and adjust dispatch in real-time to accommodate changes in renewable output, load or generation availability.

The major players include – ABB GROUP, SIEMENS AG, HITACHI LTD, EATON CORPORATION PLC, PRINCETON POWER SYSTEMS, GENERAL ELECTRIC CORPORATION, PARETO ENERGY LTD, HONEYWELL INTERNATIONAL INC., NORTHERN POWER SYSTEMS CORPORATION, AND EXELON CORPORATION, amongst other.

Reasons To Purchase This Report

• Current and future microgrid control systems outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in Excel)

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Microgrid Control Systems Market Analyse according to leading players, Competitive landscape, geographical regions, top manufacturers, types, and applications forecast over a period of 2019 to 2024. Geographically, this report is divided into many key Regions, with production, consumption, revenue (million USD), market share and rate of Microgrid Control Systems Market 2019 in these regions, from 2018 to 2024 (forecast), covering: North America, China, Europe, Japan, Southeast Asia, India.

The Objectives of this report are:

  • To define, describe, and analyze the Microgrid Control Systems market on the basis of product type, application, and region
  • To forecast and analyze the size of the Microgrid Control Systems market (in terms of value) in six key regions, namely, Asia Pacific, Western Europe, Central & Eastern Europe, North America, the Middle East & Africa, and South America
  • To forecast and analyze the Microgrid Control Systems market at country-level in each region
  • To strategically analyze each submarket with respect to individual growth trends and its contribution to the Microgrid Control Systems market
  • To analyze opportunities in the Microgrid Control Systems market for stakeholders by identifying high-growth segments of the market

Key Questions Answered in Microgrid Control Systems market report:

  • What will the market size be in 2024 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?
  • What are the market opportunities and threats faced by the key vendors?
  • What are the strengths and weaknesses of the key vendors?

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Microgrid Control Systems Market Report Provides Comprehensive Analysis as Following:

Market segments and sub-segments

Market size & shares

Market trends and dynamics

Market Drivers and Opportunities

Market Analysis and Segmentation

Competitive landscape

Supply and demand

Technological inventions in Microgrid Control Systems trade

Marketing Channel Development Trend

Microgrid Control Systems Market Positioning

Pricing Strategy

Brand Strategy

Target consumer

Distributors/Traders List enclosed in Positioning Microgrid Control Systems Market

Microgrid Control Systems Market report provides you a visible, one-stop breakdown of the leading product, submarkets and market leaders revenue forecasts till 2024. In conclusion, Microgrid Control Systems Market 2019 report presents the descriptive analysis of the Microgrid Control Systems Market Major Key-players, Types, Application and Forecast Period knowledge which is able to function a profitable guide for all the Microgrid Control Systems Market competitors.

Browse complete table of contents at – https://www.marketreportsworld.com/TOC/12346032#TOC

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