Microgrid Control System Market Size, Regional Outlook, Growth Potential, COVID-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3493
Microgrid Control System Market size is projected to grow at a rapid pace over 2021-2027, due to the rapid adoption of distributed power generation systems and the development of clean energy sources to increase energy efficiency. Grid-integrated solar PV systems provide the operators with the possibility to sell extra electricity produced by the grid, thus resulting in their growing demand from hospitals, schools, utility customers, and other organizations.
Microgrid refers to an energy system that serves a discrete geographic footprint including college campuses or business centers, which consists of one or more distributed energy such as combined heat and power, solar panels, wind turbines, and generators to produce electricity. Microgrid controllers can be customized through hardware configuration & software programming to perform various functions.
Robust focus on energy system management in urban areas, the emergence of solar & wind energy as promising cleaner sources, and the rapid advancement of microgrid technology are the prominent factors fostering the overall microgrid control system market trends. Microgrids were traditionally deployed in remote areas with no access to grid services. However, significant technological innovations have led to the development of smart microgrids capable of handling power transactions between various devices and intercommunicating & exchanging power with the utility power grids, which will further push the demand for microgrid power control systems in years ahead.
In terms of segmentation by type, the off-grid segment is set to exhibit a high growth rate through 2027, on account of the accelerating developments of PV & wind-power technology for the off-grid hybrid systems, to mitigate the negative effects of using diesel to generate electricity in remote off-grid communities. The segmental growth will further be driven by the myriad advantages of using off-grid solar systems such as efficient energy supply during events of power shutdown and infrastructure faults.
Regionally, Europe is poised to emerge as a lucrative revenue prospect for the microgrid control system industry over the projected timeframe. This is attributable to shifting preference from fossil fuels to solar PV, wind, and other renewable sources for generating electricity, coupled with the substantial increase in power consumption across the region. Germany lifted its forecast for power consumption in 2030 by over 9.3%, owing to the increasing launch of electric vehicles, declining adoption of oil & gas, and the implementation of tough climate targets.
Key microgrid control system market players include Woodward Inc., RT Soft, S&C Electric Company, Schneider Electric, Emerson Electric, Eaton Corporation, Siemens, General Electric, and ABB, among others. Strategic mergers & acquisitions and new product launches are among the prominent efforts employed by these industry participants to enhance their stance and gain a competitive advantage over rivals.
For instance, in January 2021, Schneider Electric announced the availability of its EcoStruxure Microgrid Solution designed for small and medium buildings in Canada, with an aim to provide greater energy resiliency, reduce energy costs, and lower carbon footprint across educational institutions, healthcare facilities, and industrial buildings.
Declining Energy Consumption During COVID-19 to Assert Impacts on Microgrid Control System Market Trends:
There has been a significant variation in the consumption, prices, and production of energy following the novel coronavirus outbreak, as governments across the globe were compelled to limit business activities to lower the rate of virus transmission. The overall decline and changes in load demand & sequences have created negative impacts on the integration & curtailment of the photovoltaic power generation, which in turn, lowered the deployment of microgrid control techniques over the past months.
Despite a substantial decrease in industrial and commercial loads, the residential power demand across emerging economies has been accelerating during COVID-19 related lockdowns. Studies suggest that in India, the average electricity consumption per day in the residential sector recorded an increase of 26% in the lockdown, as compared to the pre-lockdown period. These aforementioned factors, along with the gradual relaxation of localized shutdowns across various countries, may create a positive influence on the microgrid control system market dynamics in years to come.
What Information does this report contain?
Customize this Report
Our Market Research Reports Include:
- Market snapshot
- Market Segmentation
- Value Chain Analysis
- Growth Dynamics
- Potential Market Opportunities
- Regulatory Overview
- Technology Evolution
- Innovation & Sustainability