CAGR of 12.25%, Microgrid Control Systems Market is expected to grow (2019-2023), Covering Major Applications, Product types, Key players, Focused Regions, Forecasting-The Revert News
Microgrid Control Systems Market 2019 Global Industry research report offers you market size, industry growth, share, development trends, product demand, investment plans, business idea and forecasts to 2023.
Global “Microgrid Control Systems Market 2019-2023” has been providing up and changing the worldwide economy as far as growth rate, revenue, deal, market proposition, and scope. The Global Microgrid Control Systems market Consumption market report is an extensive analysis of this corporate field, which has been established to be one of the most profitable business verticals in futures. The Reportspecifies the complete estimate of Global Microgrid Control Systems market business terms, in addition to presenting a brief segmentation of the industry, the expansion opportunities, as well as Key region.
Top-Listed Playersin Microgrid Control Systems Market Research Report 2019-2023
- ABB Group
- Siemens AG
- Eaton Corporation Plc.
- Princeton Power Systems
- General Electric Corporation
- Pareto EnergyLtd.
- Honeywell InternationalInc.
- Northern Power Systems Corporation
- Exelon Corporation.
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Overview of Microgrid Control Systems Market:
The global microgrid control systems market was valued at USD 20.89 billion in 2017 and is expected to reach a market value of USD 41.79 billion by 2023, registering a CAGR of 12.25% during the forecast period (2019 – 2023). Microgrids are similar to main power grids but are smaller in size with low capacities. They are referred as a distributed electric grids that can be operated and controlled depending on the requirement. Unlike regular grids, these grids work on distributed energy sources and can operate on multiple sources at any given point. Microgrids are an essential part of smart cities
The scope of this study is limited to grid-connected, off-grid, and hybrid kind of microgrids. The report is segmented by application into utilities, cities and municipalities, defense, and industrial.
Continuously increasing demand for microgrids with high penetration of distributed energy generators, mainly renewable energy sources, is modifying the traditional structure of the electric distribution grid. More than 1437 microgrid projects, that represent nearly 13,400 megawatts of capacity, are proposed, planned, under construction, or are operating worldwide.
Microgrid control systems are generally low-power and low-voltage, and they can be operated in islanded in an off-grid or hybrid mode. These systems mostly have generating, transmission, and distribution located in a small area, and are mostly set up inside or close to the consumption location. The system can work on both traditional sources, like coal and diesel, and also renewable sources, like solar, wind, and combined heat and power. Newer systems are being incorporated into storage systems to provide continuous power. Microgrids control systems continuously monitor, analyze, and track the system to maintain hassle-free operation. These systems have to be capable of controlling the power ratings, frequency, and other parameters of the grid. Microgrid controllers are thus one of the most important systems in the microgrid and have been seeing a significant increase in demand with respect to adoption of microgrids. Many cities are now looking to go smart by employing smart grids. This is resulting in an increased demand for microgrid controllers.
Increasing Demand for Backup Solutions Major Driver for the Market
Power outages and blackouts are the most common problems globally, especially in the developing and underdeveloped nations. Several industries face frequent blackouts and power outages, resulting in massive losses. Blackouts in residential areas cause inconvenience to the general public. These outages can because of various factors, such as weather conditions, natural disasters, equipment failure, etc. Continuous power has become a primary requirement for industries to operate and people to live. With increasing global warming and changing weather conditions, the frequency of natural disasters is increasing.
Microgrids provide better backup solutions compared to traditional backup solutions. Microgrids can be operated in parallel to the main grid and can switch in without delay at the time of main grid failure. Unlike generators and UPS, microgrids can provide backup supply for longer durations and can work independently of the main grid. This enables them to operate in any situation. With increasing frequency of natural disasters around the world, industries looking for better backup solutions are choosing microgrids over traditional solutions. As these can use renewable sources during backup operations, they are now increasingly being deployed in most residential and areas with power issues. Thus, increased demand for backup systems is driving the growth of microgrid control systems.
Demand For Microgrid Control Systems in Industrial Applications To Grow
Industries have always been looking to reduce energy costs while also reducing their carbon emissions. It has been estimated that industries account for more than 23% of the global carbon emissions. With increasing environmental concerns around the world, many industries are now looking to reduce their CO2 emissions. Industries are now in need of optimizing their energy consumption to reduce operating costs. This has resulted in many companies opting for microgrid systems to increase efficiency while reducing energy costs and carbon emissions. The demand for green microgrids is increasing with increasing use of renewable energy sources for industrial power. Many industries are also employing storage systems in the microgrid for backup supplies and to reduce costs by selling surplus power. Storage systems enable smooth operations, regardless of the power outages and faults in the main grid.
US to Play Important Role In The Growth Of The Market
US is one of the first regions to adopt microgrid systems on a large scale. Due to the increasing adoption of microgrid systems, their number can be expected to more than double by the end of forecast period. Currently, educational institutions and military hold the largest share of microgrid systems in this country, followed by commercial and domestic uses. Microgrids are being employed in remote locations to facilitate power and communication capabilities. However, with increasing adoption of smart grid technology and the need to increase energy efficiency, the adoption of microgrids is expected to see a rapid growth rate. Moreover, more than 85% of the microgrids in the United States are powered by fossil fuels. The increasing need to curb pollution and reduce carbon footprint is resulting in the growth of demand for microgrid control systems using renewable sources.
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Key Highlights from Microgrid Control Systems Market Report 2019.
Revenue and Sales Estimation — Historical Revenue and sales volume is presented and further data is triangulated with top-down and bottom-up approaches to forecast complete market size and to estimate forecast numbers for key regions covered in the report along with classified and well recognized Types and end-use industry. Additionally, macroeconomic factor and regulatory policies are as curtained in Microgrid Control Systems industry evolution and predictive analysis.
Manufacturing Analysis —the report is currently analyzed concerning various product type and application. The Microgrid Control Systems Market provides a chapter highlighting manufacturing process analysis validated via primary information collected through Industry and Key officials of profiled companies.
Competition — Leading players have been analyzed depending on their company profile, product portfolio, capacity, product/service price, sales, and cost/profit.
Demand and Supply and Effectiveness — Microgrid Control Systems Market report additionally provides distribution, Production, Consumption for the complete industry.
Microgrid Control Systems MarketTop Regions(regional analysis covers):-
- North America (the USA, Canada, andMexico)
- Europe (Germany, France, UK, Russia, andItaly)
- Asia-Pacific (China, Japan, Korea, India, andSoutheast Asia)
- South America, Middle East, andAfrica
Reasons To Purchase This Report
- Current and future microgrid control systems outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in Excel)
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Microgrid Control Systems Market 2019 Report Brief:-
- The report covers forecast and analysis for the Microgrid Control Systems market on a global and regional level
- The report includes the drivers and the restraints that affect the growth of the market
- Detailed information about the market opportunities are discussed
- The key target audience for the market has been determined in the report
- The revenue generated by the prominent industry players has been analyzed in the report
- The market numbers have been calculated using top-down and the bottom-up approaches
- The market is segmented on the basis of product, technology, ownership, and end-user industry which in turn is bifurcated on the regional level as well
- All the segments have been evaluated based on the present and the future trends
- The report deals with the in-depth quantitative and qualitative analyses of the Microgrid Control Systems market
- The report includes detailed company profiles of the prominent market players
Look into Table of Content of Microgrid Control Systems Market 2019 Research Report at
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