The Microgrid Controller is also known as Microgrid Controller System (MCS) facilitates integration and optimization of energy assets among distribution grid operators or professionals and results in energy cost reduction criteria for local grid operators. The MCS system has the capability to supply regular electricity by ensuring zero blackouts. At a distributed level, it is also considered a microcosm of a wide energy network.
The Global Microgrid Controller Market is growing at a higher pace, which registered the market size and revenue of $2.79 billion in 2020, and is projected to reach $6.42 billion by 2027. The market is expected to grow with a significant CAGR of 12.76% during the forecast period 2024-2031. The increasing demand for renewable power generation with secure, reliable, and efficient power supply and limited space availability among urban areas due to high growth in population are some factors that are expected to promote the market growth and create new opportunities for the Global Microgrid Controller Market. The increasing investment in rapidly growing transmission and emerging infrastructure in the field of Microgrid Controller contribute as a major factor to explore the growth of the Global Microgrid Controller Market during the forecast period.
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The MCS is highly applicable in smart parking sectors including- photovoltaic power generation, charging devices, and wind power generation among others. Additionally, the application of MCS is gradually increasing among remote areas due to its optimum power supply efficiency delivered by grid operators. The MCS can widely serve their activities in terms of generators, storage devices,s and controllable loads. Thus, all these factors are expected to drive the growth and catalyze opportunities to raise market values during the forecast period for Global Microgrid Controller Market. The increasing demand for optimum, reliable, economic, and efficient power supply and energy demand is anticipated to flourish the growth of the Global Microgrid Controller Market.
Besides, on the basis of market growth, size and shares the Global Microgrid Controller Market is segmented into- By Connectivity, By Offering, By Vertical, and By Region segment. Based on the Connectivity, the market is further categorized as Grid Connected and Off-Grid/Remote/Islanded segment. The Highest CAGR and market trend for the global microgrid controller market is exhibited by Grid Connected segment, owing to its accelerated dependability. Thus, Grid Connected segment dominates the market and is anticipated to drive the growth of the Global Microgrid Controller Market.
Based on the Offering, the Microgrid Controller Market is segmented into- Hardware, Software, and Services segment. The market is dominated by the Software segment due to its compelling function in optimization, prediction, monitoring, and managing of energy supply, as well as an ultimatum for a microgrid network, is the most significant factor that drives the growth of the Global Microgrid Controller Market by Software segment. Based on the Vertical, the Microgrid Controller Market is further segmented into- Government, Oil & Gas, Energy & Power, Industrial, Automotive, Military & Defense, Commercial and Others. The market is dominated Military & Defense segment and is projected to account largest market size and shares for the global market.
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Market Coverage
- Segment Covered-
o By Connectivity
o By Offering
o By Vertical
- Competitive Landscape- GE Power (US), SEL (US), Lockheed Martin (US), Honeywell (US), S&C Electric (US), Power Analytics (US), Emerson (US), Princeton Power Systems (US), Homer Energy (US), and Pareto Energy, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Microgrid Controller Market Segment
By Connectivity
- Grid Connected
- Off Grid/Remote/Islanded
By Offering
- Hardware
- Software
- Services
By Vertical
- Government
- Oil & gas
- Energy & Power
- Industrial
- Automotive
- Military & Defense
- Commercial
- Others
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