PUBLISHER: SkyQuest | PRODUCT CODE: 1270677
PUBLISHER: SkyQuest | PRODUCT CODE: 1270677
Microgrid Control System Market size was valued at USD 2.47 billion in 2021 and is poised to grow from USD 2.8 billion in 2022 to USD 7.5 billion by 2030, growing at a CAGR of 13.3% in the forecast period (2023-2030).
The global microgrid control system market is projected to experience significant growth in the coming years. Microgrid control systems offer an efficient and cost-effective solution for managing the supply and demand of power within a localized energy system. Factors driving market growth include increasing demand for reliable and efficient energy sources, rising adoption of renewable energy technologies, and the need for grid modernization. However, challenges related to interoperability and regulatory barriers may hinder market growth.
Top-down and bottom-up approaches were used to estimate and validate the size of Microgrid Control System market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Microgrid Control System Market is segmented based on grid type, component, ownership, end-user, and region. Based on the Grid Type, it is categorized into On-grid, Off-grid and Hybrid. Based on Component, it is categorized into Hardware and Software. Based on Ownership, it is categorized into Private and Public. Based on End-user, it is categorized into Utilities, Campuses & Institution, Residential, Commercial and Industrial. Based on region, it is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Driver
Numerous global industries are working towards reducing their energy consumption to not only decrease carbon dioxide emissions but also to lower operating expenses. This has become imperative as it is predicted that carbon emissions at a global level will increase by 23% by the year 2050. This increase has led to a significant growth projection in the microgrid control systems market as they have the ability to reduce energy costs and increase productivity within various industries. To further reduce operating costs, many industries are incorporating additional storage into their microgrid control systems to meet backup requirements and provide additional energy supply to their systems. In countries such as India, where power outages are frequent and the world experiences a daily power shortfall of 1 lakh MW, microgrid control systems have demonstrated to be more effective than typical backup systems. Additionally, microgrids have the capacity to function independently for prolonged periods while still maintaining adequate power supply.
Restrain
Regular maintenance is required for the microgrid control system, which is currently the most advanced technology on the market. However, this maintenance can be costly due to the need for specialized professionals. This could result in a significant increase in the operational expenses of the system, which may impede the growth of the global microgrid control system market. Furthermore, raising awareness of this system among businesses is essential, as a lack of knowledge about these new technological advancements could hinder the expansion of the market for these systems.
Trend
The growing demand for energy and the effects of climate change, including the increase in atmospheric carbon dioxide levels, have prompted the development of renewable energy technologies in recent years. However, the integration of these decentralized energy sources into the current power grid has had a detrimental effect on its performance. To tackle this issue, the microgrid concept has emerged as a viable solution that enables further integration of renewable energy sources. Depending on power quality concerns and conditions, the microgrid can operate in either grid-connected or islanded mode. In both scenarios, effective control of the microgrid is essential, and various control solutions have been suggested by researchers for different circumstances. These factors are expected to drive the adoption of microgrid control systems, leading to global market growth.