Global Microgrid Control System Market

Microgrid Control System Market Size, Share, Growth Analysis, By Grid Type(On-Grid, Off-Grid, Hybrid), By Component(Hardware, Software), By Ownership(Private, Public), By End-User(Utilities, Campuses & Institution, Residential, Commercial), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45K2088 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 117 | Figures: 77

Microgrid Control System Market News

  • In September 2021, an agreement to buy a 51 percent investment in Holu Hou Energy LLC was signed by Borqs Technologies, Inc., a global developer of Internet of Things (IoT) software and integrated devices and a portfolio company of Qualcomm Technologies. The first company to introduce a large MDU market to solar power generation, HHE is the only business in the US market to offer a novel microgrid function.
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Microgrid Control System Market size was valued at USD 2.47 billion in 2022 and is poised to grow from USD 2.8 billion in 2023 to USD 7.5 billion by 2031, growing at a CAGR of 13.3% in the forecast period (2024-2031).

The microgrid control systems market is relatively less competitive due to the substantial initial investments required to establish a firm in the industry. Due to the existence of numerous new and existing companies, the worldwide microgrid control system market is projected to experience severe competition. The top players are constantly implementing a variety of tactics to improve their penetration, including market collaboration and the launch of new products. 'ABB Ltd.', 'Schneider Electric SE', 'Siemens AG', 'Honeywell International Inc.', 'Eaton Corporation Plc', 'General Electric Company', 'Spirae, LLC', 'Schweitzer Engineering Laboratories, Inc.', 'Power Analytics Corporation', 'Exelon Corporation', 'Hitachi, Ltd.', 'S&C Electric Company', 'Emerson Electric Co.', 'Advanced Microgrid Solutions, LLC', 'Northern Power Systems Corp.', 'Opus One Solutions Energy Corp.', 'Toshiba Corporation', 'Green Energy Corp.', 'PowerSecure International, Inc.', 'Rockwell Automation, Inc.'

The majority of global industries aim to cut their energy usage in order to lower carbon dioxide emissions and operating expenses because it is estimated that global carbon emissions will reach 23% by 2050. The market for microgrid control systems is projected to expand significantly as a result of these systems' ability to both significantly lower energy costs and boost industry productivity. Additional industries are utilizing additional storage in microgrid control systems to handle backup needs and to supply extra energy to systems for their effective and efficient operation in an effort to lower operating costs. Power outages are quite common in a place like India. The entire planet experiences a daily power dim-out of 1 lakh MW. The microgrid control system has been demonstrated to be more effective when compared to typical backup systems. Additionally, the capability of microgrids to operate autonomously for extended periods of time while still supplying enough power.

The development of renewable energy technology was sparked by the last few decades' rising energy demand and climatic changes that raised the amount of carbon dioxide in the atmosphere. However, the addition of these distributed generating sources to the grid has had a negative effect on the current system's integrated functionality. The microgrid concept, which would enable the existing system to accommodate further integration of renewable energy sources into it, is a potential remedy for this issue. Depending on the power quality concerns and conditions, the Microgrid will either operate in islanded mode or in grid connected mode. Control of the microgrid is crucial in both scenarios. Different control solutions for Microgrid have been presented by several researchers under varied circumstances. These factors are expected to increase the adoption of microgrid control systems, thus fueling the growth of the market globally.

Based on the region, the North American region is projected to dominate the global microgrid control system market with respect to market share. This is due to the growing focus on grid modernization in the region. Due to increased investments in the country's grid technology update, the United States is predicted to dominate the North American microgrid control system market. As the number of smart grid projects in Canada has increased, the market has been growing. The market in North America is also projected to continue to grow as a result of the implementation of a strict government regulatory framework.

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Global Microgrid Control System Market

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