Microgrid Control System Market is projected to reach USD 3.6 billion by 2023

According to the new market research report 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, published by MarketsandMarkets™,  The microgrid control system market is expected to grow from an estimated USD 2.0 billion in 2018 to USD 3.6 billion by 2023, at a CAGR of 13.01%. Increasing investments in electric networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the microgrid control system market.

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The private segment, is expected to dominate the microgrid control system market, by ownership, in 2018. Private microgrid control system is normally grid-connected but can also operate in islanded mode. In private utility, the ownership lies with the shareholders or investors. These types of utilities are regulated by certain utility commissions.

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In this report, the microgrid control system market has been analysed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Countries such as China and India are heavily investing in electrification projects, moderation & upgradation of existing electric networks to meet the growing demand for electricity. North America is the second most lucrative market for microgrid control systems, as the replacement and refurbishment of the existing infrastructure is the major requirement in the local utility grid scenario. Meanwhile, Europe is another major market for the microgrid control systems. Renewed focus on renewable sources of energy is being developed in countries such as Germany and the UK. Attractive incentives in the form of feed-in tariffs, tax credits, and maturity of the technology on a commercial scale, ensured that investors and project developers embraced the microgrid control system.

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The key players are ABB (Switzerland), GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), Emerson (US), Spirae (US), Schweitzer Engineering Laboratories, Inc.  (US), ETAP (US), S&C Electric (US), Woodward, Inc. (US), PowerSecure (US), RT SOFT (Germany), Ontech Electric Corporation (China). Contracts & agreements was one of the key strategies adopted by the players to strengthen their global presence and offerings.

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