Market Research Future (MRFR), in its newly released research report, asserts that the global market is thriving and slated to grow significantly over the review period, recording substantial revenue generation from USD 5.35 billion in 2017 up to USD 10.73 billion by 2023, at a moderate CAGR of 12.54%, over the review period. and a healthy CAGR in the review period.
The rise in demand for microgrids, fluctuating preferences towards the deployment of renewable energy sources and falling carbon footprint, and growing investments by government authorities in microgrid projects are the key drivers positively impacting the microgrid controller market. Imminent smart city projects in Asia-Pacific and replacement of mature grid infrastructure in Europe are a few prospective opportunities for the growth of microgrid controller market over the review period.
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Segmental Analysis
The global microgrid controller market has been analyzed based on offering, connectivity, vertical, and region.
Based on the 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 slated to grow at the fastest CAGR over the review period as these controllers are more reliable.
Based on the offering, the market has been segmented into software, hardware, and service. The software segment is slated to grow at the fastest CAGR during the assessment period due to their increasing usage for predicting, monitoring, managing, and optimizating energy supply and demand for a microgrid network.
On the basis of vertical, the global market for microgrid controllers has been segmented into oil & gas, government, energy & power, automotive, industrial, military and defense, commercial, and others. The increasing adoption of microgrids across various end-use industries such as military, government, utilities, and healthcare drive the growth of microgrid controller market.
Regional Analysis
The geographical analysis of the global microgrid controller market has been carried out in four major regions, comprising the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa). The North American market for microgrid controllers has been segmented into Canada, the US, and Mexico. The regional market is poised to account for the maximum share of the global microgrid controller market over the assessment period. The development of the market in North America can be credited to the government support to fuel the microgrid installations in the region. Additionally, the high concentration of market players in the region coupled with the availability of capable technical expertise also boost market growth.
In terms of market share, Europe is slated to hold the second-largest share. The European market has been segmented into the UK, France, Germany, and the rest of Europe. Germany is the dominate country-level market and the market in France is likely to record the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing in the review period. The regional market has been divided as China, Japan, India, and the rest of Asia-Pacific. Rise in the number of rural electrification projects in developing countries such as India and Bangladesh are fueling the growth of microgrid controller market in the region.
Competitive Analysis
The major market players operating in the global micrgrid controller market as identified by MRFR are Lockheed Martin Corporation (US), Schneider Electric (France), S&C Electric Company (US), Eaton Corporation (Ireland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schweitzer Engineering Laboratories (US), Siemens (Germany), GE Power (US), Power Analytics (US), ABB (Switzerland), Princeton Power Systems (US), HOMER Energy LLC (US), Spirae, Inc. (US), Advanced MicroGrid Solutions, Inc. (US), Pareto Energy (US), and Qinous GmbH (Germany). The leading market players have adopted partnerships and new product launches as a part of their organic growth strategy to further sustain their market position.
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