ID: MRFR/E&P/6520-HCR | February 2021 | Region: Global | 111 pages
Microgrid control system market share is expected to grow from 3.68 Billion in 2020 to 5.8 Billion by the end of 2027, with a compound annual growth rate of 13.05% during the period of forecast.
The coronavirus pandemic has given a very tough time to most of the manufacturing, developing, production, and logistic units of the market. The policy of social distancing and lockdowns have resulted in restricting people from going out form their homes. But this pandemic has also created opportunities for some industries to grow. Like some companies are completely sitting unharmed during this pandemic. So some industries will register a drop in demand and growth but some will register a rise in growth and will express promising growth opportunities. Whereas this pandemic has led to an increase in demand for residential or domestic electricity as people are staying at home and spending their most of time in their rooms. This rising electricity demand has also increased the demand for the micro-control grid system market. With that, the demand for micro-grid backup solutions also increased as the people are working from their homes so they need a constant and undisrupted supply of electricity. But the use of such systems and their backups used in industries like manufacturing, aviation, transportation, etc. has been decreased due to these pandemic restrictions. But there is a ray of hope that when this restriction will be lifted the micro-grid control system market will bounce back tremendously.
To get a detailed and acute idea about the micro-grid control system market insights, it is very crucial to create a competitive environment amongst the different key players at different market locations all around the globe. At this point, only one strategy is being used by the key players and that is partnerships and collaborations. This very industry prime players include: -
Most of the industries around the globe are calculated for 23% for carbon emissions worldwide, so the industries all around the world are trying to optimize their energy consumption to reduce carbon dioxide emissions and costs of operation. The micro-grid control systems market growth will increase tremendously because such systems are capable of reducing the cost of energy to a greater extent and also increase the efficiency of working of the industry. Further industries to reduce operational costs are engaging more storage in micro-grid control systems to cope up with backup needs and for providing excess energy to systems for their effective and efficient working. Power blackouts are very normal in a country like India. On daily basis, the whole world faces a daily power dim-out of 1lakh MW. If we compare the micro-grid control systems with traditional backup systems, the micro-grid control system is proved to be a more efficient one. Also, the reason that microgrids can work without the main grid and then also provide sufficient power for long durations independently.
The micro-grid control system is the latest technology in the market for which there is a requirement for its regular maintenance. The cost of regularly maintaining it is very high because of the specific requirement of skilled labor in the process. This in turn will also increase the operating cost of the system. This is the only reason or factor which will hinder the micro-grid control system drastically. Also, there is a need to create some awareness among the industries about this micro-grid control system as this factor's lack of awareness about the new technological advancements may prove to be a roadblock in way of the micro-grid control system market growth.
For the first time, this type of system has been developed that can provide energy to the end-user according to its needs. As this solution is very cost-effective most house owners and small & medium-sized enterprises are preferring micro-grid control systems to cope up with their needs. Due to its efficient working and effective results, massive and complex grid systems are being adopted by educational campuses and the defense industry. Also, the manufacturers who want to establish their private network of power are making huge investments in the micro-grid system to ensure their backups and continuous power supply.
Micro-grid control system market share is anticipated to witness significant growth owing to the performance of different market segments. Among all segments, the hardware segment is anticipated to witness tremendous growth. For an amplifying use the market is segmented into the following on different bases:
The microgrid control system market industry movements are significantly working in 3 major regions of the world Europe, Asia Pacific, North America, and the rest of the world. Asia Pacific is expected to be the largest market and may witness significant growth over the forecast period with a CAGR of 5.7%. The reason attributed to this growth will be the rising investments in smart micro-grid control infrastructure, modernization of electrical works, and increasing dependence on sustainable sources of power generation. North America will be the second-largest market of the micro-grid control system. The US has anticipated the market and the reason is the increasing smart grid activities and rising usage of sustainable sources of power production. Developing countries like India, China, and Japan are also making partnerships with foreign companies to import new technological systems to enhance their micro-grid systems.
Global Micro-Grid Control System Market is a combination of deployed energy technologies and intelligent software by which both energy demand and supply can be anticipated and optimized. It combines small and smart grid technologies, modernizes grids, and enhances customer participation by way of demand-side management. This system of micro-grid ensures the continuous supply of electricity during power failure and during blackout situations, the devaluation of price in distributed sustainable energy as well as in battery technologies, along with other technological advancements in energy preservation systems, will create a more efficient renewable grid network with smart technologies. It gives its user a simple and effective solution to combine fossil fuel-based DERs and sustainable DERs. This micro-grid acts as an intermediate between the fuel cells or batteries with local loads. It is used in both industrial and commercial sectors.
The microgrid control system market report presents a shift analysis that covers market drivers, opportunities, and restraints that are available in the global market. The report takes into account the impact of covid-19 on the key players of the micro-grid control system market industry. The report also informs us about the segmentation of the market on a different basis and how a competitive environment is created among the key players around the globe. At last, the report shows some recent developments in the micro-grid control system market.
|Market Size||2027: USD 5.8 billion|
|CAGR||13.05% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Grid Type, Ownership, Component and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB (Switzerland), Eaton Corporation (Ireland), Schneider Electric (France), Siemens (Germany), Emerson (US), Spirae (US), Schweitzer Engineering Laboratories (US), Etap (US), S&C Electric Company (US), Woodward, Inc. (US), Power Secure, Inc. (US), Ontech Electric Corporation (China), and General Electric (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
At 13.05% CAGR, the microgrid control system market can expand between 2020 and 2027.
The microgrid control system market can value at USD 5.8 billion by 2027.
Emerson (US), Schweitzer Engineering Laboratories (US), Spirae (US), and Etap (US) are prominent companies in the microgrid control system market.
Smart electricity management offered by microgrid control system can boost the market expansion.
The rise in number of electrification projects in APAC can bolster the microgrid control system market.