Pune, India, 14 March 2019, MRFR Press Release/- Market Research Future published a half-cooked research report on microgrid controller market.
A geographical analysis of the microgrid controller market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world.
The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for the largest share of the global microgrid controller market during the review period. The growth of the market in North America can be attributed to the government support to propel the microgrid installations in the region. Furthermore, the high concentration of market players in the region coupled with the availability of proficient technical expertise also boost market growth.
In terms of market size, Europe is expected to hold the second-largest share. The European market has been divided into the UK, Germany, France, and the rest of Europe. Germany is the leading country-level market and the market in France is expected to register the highest growth rate during the forecast period.
The market in Asia-Pacific is expected to be the fastest-growing during the review period of 2018 to 2023. The regional market has been classified 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 driving the growth of microgrid controller market in the region.
The global microgrid controller market is expected to grow from USD 5.35 billion in 2018 to USD 10.73 billion by 2023, at a CAGR of 12.54% during the forecast period. Rise in demand for microgrids, shifting preferences towards the use of renewable energy sources and reducing carbon footprint, and growing investments by Government in microgrid projects are the key drivers influencing the microgrid controller market. Upcoming smart city projects in Asia-Pacific and replacement of aging grid infrastructure in Europe are a few opportunities for the growth of microgrid controller market.
Based on connectivity, the global microgrid controller market has been classified into grid and off-grid/islanded. The off-grid segment is expected to dominate the market during the review period due to superior reliability of these controllers in various end-use appliactions.
The offering segment of the global microgrid controller market has been segmented into hardware, software, and service. The hardware segment is expected to be the largest, while the software segment is projected to register the highest CAGR during the forecast period.
On the basis of vertical, the global microgrid controller market has been divided into government, oil & gas, energy & power, industrial, automotive, military and defense, commercial, and others.
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The key players profiled in the microgrid controller market research report are Schneider Electric (France), Lockheed Martin Corporation (US), S&C Electric Company (US), Emerson Electric Co. (US), Eaton Corporation (Ireland), Honeywell International Inc. (US), Siemens (Germany), Schweitzer Engineering Laboratories (US), GE Power (US), and ABB (Switzerland).