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LONDON, GREATER LONDON, UNITED KINGDOM, September 25, 2024 /EINPresswire.com/ -- The microgrid controller market has experienced robust growth in recent years, expanding from $5.88 billion in 2023 to $6.88 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to regulatory support and funding, pioneering projects and pilot program, rural electrification programs, early adoption in research and universities, grid modernization initiatives.
What Is The Estimated Market Size Of The Global Microgrid Controller Market And Its Annual Growth Rate?
The microgrid controller market is projected to continue its strong growth, reaching $12.47 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to rising demand for decentralized energy, increasing energy storage deployments, focus on energy efficiency, rise of smart cities and communities, emergence of microgrid-as-a-service (MaaS) models.
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Growth Driver Of The Microgrid Controller Market
The growing investments by various governments in microgrid projects are expected to propel the growth of the microgrid controller market going forward. A microgrid controller is a system that controls the microgrid and determines when and how to connect to and disconnect from the grid. The increasing investments by the governments increase the demand for the microgrid controller market.
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Who Are The Key Players Shaping The Microgrid Controller Market Trends?
Key players in the market include Schneider Electric SE, General Electric Company, Asea Brown Boveri Limited, Siemens AG, Schweitzer Engineering Laboratories Inc., Eaton Corporation PLC, Honeywell International Incorporated Inc., Lockheed Martin Corporation, Schweitzer & Conrad Inc. Electric Company, Power Analytics Corporation, Emerson Electric Co., Advanced Micro-Grid Solutions Incorporated., Princeton Power Systems Inc., Spirae Inc., Pareto Energy Ltd., Opus One Solutions, Encorp Inc., CleanSpark Inc., Hitachi Ltd., Northern Power Systems Corporation, Exelon Corporation, Blue Pillar, EnSync Energy Systems, Green Energy Corp, Sunverge Energy, Toshiba Corporation, Typhoon HIL, Varentec Inc., Xtreme Power Inc., Bloom Energy .
What Are The Dominant Trends In Microgrid Controller Market Growth?
Major companies operating in the market are focusing on developing advanced microgrids. Microgrids are small, self-contained energy systems that can run alone or in cooperation with the main power grid. For instance, in October 2023, Vertiv, a US-based critical digital infrastructure provider, launched a 1-MW microgrid to support its new customer experience center.
How Is The Global Microgrid Controller Market Segmented?
1) By Connectivity: Grid Connected, Off-Grid
2) By Offering: Hardware, Software, Services
3) By End User: Commercial And Industrial, Remote Areas, Military, Government Utilities, Institutes And Campuses, Healthcare
Geographical Insights: North America Leading The Microgrid Controller Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Microgrid Controller Market Definition
A microgrid controller is a system that controls the microgrid and determines when and how to connect to and disconnect from the grid. The primary function of a microgrid controller is to automate and control all microgrid components and macro grid interconnections to meet electricity demand while maintaining stable operational conditions.
The main connectivity in the market for microgrid controllers is grid-connected and off-grid. Off-grid is not connected to the main electricity grid. A grid connection is an electrical link between a power plant and the transmission grid, the distribution grid, or a home or business. The distribution and use of power are made feasible by these grid connections. The offerings are hardware, software, and services, that are used by industries such as commercial and industrial, remote areas, military, government utilities, institutes and campuses, and healthcare.
Microgrid Controller Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global microgrid controller market report covering trends, opportunities, strategies, and more
The Microgrid Controller Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on microgrid controller market size, microgrid controller market drivers and trends, microgrid controller market major players and microgrid controller market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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