2018 $2 Billion Microgrid Control System Market by Grid-Type, Component, Ownership, End-User, and Region - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 15, 2019--The “Microgrid Control System Market by Grid-Type (On-Grid and Off-grid), Component (Hardware and Software), Ownership (Private and Public), End-User (Utilities, Campuses and institutions, Commercial, and Industrial), and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
The microgrid control system market is projected to reach USD 3.6 billion by 2023, from an estimated USD 2.0 billion in 2018 at a CAGR of 13.01%.
This growth can be attributed to the increasing demand for reliable and secure power supply worldwide and increasing government investments in microgrid projects and growing adoption of renewable resources. However, governmental laws and regulations and high installation and maintenance cost of the microgrid control system can hinder the growth of the market.
A microgrid control system plays a crucial role in enabling the integration and use of renewable power such as rooftop solar and wind, reducing costs, and enhancing system resilience. There is a growing demand for microgrid control systems in the market as they enhance power reliability for users owing to redundant distribution, smart switches, intelligence and automation, local power generation, and the ability to disconnect/island the microgrid from the macrogrid. This also helps eliminate or substantially minimize blackouts and power disturbances.
Moreover, rising clean energy projects and high emphasis on reducing carbon emissions and advancement in IoT, as well as communication technologies and growing adoption of renewable energy sources, are some of the major drivers of the microgrid control system market. Microgrid control system caters to various verticals such as educational campuses and institutes, commercial and industrial, military, healthcare, utilities, electric vehicles, and data centers.
DriversIncreasing Demand for Reliable and Secure Power Supply Worldwide Increasing Government Investments in Microgrid Projects Growing Adoption of Renewable Energy Sources
RestraintsGovernmental Laws and Regulation Uncertainty High Installation and Maintenance Cost of the Microgrid Control System
OpportunitiesRising Electrification Projects Advancement in IoT as Well as Communication Technologies
ChallengesCyber Security Issues
Companies MentionedABB Eaton Corporation Emerson Etap General Electric Ontech Electric Corporation Powersecure, Inc. RT Soft S&C Electric Company Schneider Electric Schweitzer Engineering Laboratories (Sel) Siemens Spirae Woodward, Inc.
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SOURCE: Research and Markets
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PUB: 01/15/2019 10:23 AM/DISC: 01/15/2019 10:23 AM