Microgrid Control System Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3493
Growing environmental measures in line with strict regulations to curb GHG emissions have aligned industry inclination toward the incorporation of efficient energy conservation systems. Operational & regulatory re-structuring across eminent power markets supported by ongoing product advancements in the fields of technological efficiency, flexibility and operation have been focal point for this evolution. Moreover, advanced power distributed generation systems in line with the rapid development of renewable electric infrastructure will stimulate the microgrid control system market.
In the current industry scenario, manufacturers across the power industry have continuously been focusing on improving environmental compatibility, low installation costs, microgrid operations and power output. Henceforth, significant upgrades & variations in manufacturing practices along with cost-competitiveness will energize the global microgrid control system market growth. Furthermore, growth of micro-grid network for large-scale renewable incorporation has infused a favorable business scenario in emerging nations across the globe.
Regulators across the world have been focused on the development and expansion of reforms, schemes and plans to favor microgrid installation. Introduction of energy efficient accord, portfolio standards, clean energy drives, renewable certificates and green bonds are a few government mandates driving the overall microgrid control system market growth. Although, the industrial and regulatory prospects pose immense growth potential, the industry witnesses marginal growth owing to the persisting financial barriers.
Stringent schemes and initiatives with reference to the capping of FiT’s in the current industry scenario have obstructed microgrid deployments across European nations. However, government has continuously focused towards distributed power storage technologies in line with the provision of fund flow grants. In addition to the conventional measures across all the European countries, the EU Commission has imposed numerous governmental measures to support renewable integration which in turn will boost the microgrid control system market.
Reforms including subsidies, feed-in tariff (FiT’s), favored by strict regulatory measures toward the integration and manufacture of effective microgrid technologies will further complement the microgrid control system market. Furthermore, government strategies with an aim to favor commercial & industrial deployments positively influenced by incremental energy efficient accord will augment the technological adoption.
High reliability, low engineering, integration & design cost coupled with easy installation are few indispensable parameters positively swaying the overall microgrid control system market. Furthermore, rising integration of self-generating power plants across the industrial peripherals including refineries, pulp & paper and petrochemicals will strengthen the industry landscape.
Eminent participants across the microgrid control system market includes ABB, GE, Siemens, Eaton, Emerson, Schneider, S&C Electric Company, RT Soft, Woodward Inc and others.
Product design and innovation coupled with extensive R&D activities with regard to renewable technologies are the key measures adopted by the eminent participants across the microgrid control system market. Decreasing capital cost in line with attaining economies of scale has further infused a positive strategic platform for the power industry players.
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