The latest market report published by Credence Research, Inc. “Microgrid Control System Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the microgrid control system market was valued at US$ 2.61 Bn in 2018 and expected to grow at a CAGR of 12.0% during the forecast period from 2019 to 2027.
“Increasing demand for reliable and secure power supply worldwide will upgrade the market growth during the forecast period”
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.
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The need of a reliable and secure power supply system across the world is one factor boost the global microgrid control system market. Microgrid ensures the supply of electricity during power failure and blackout situations. Additionally, it shares load and provide additional support when connected to the main grid. The increasing demand of electrification of rural areas has lead to the high adoption rate of microgrid control system. An upcoming report by Transparency Market Research on the global microgrid control system market would help readers gauge various macroeconomic factors, business prospects, trends and opportunities associated with it. This compilation is intended to provide a comprehensive view of the global microgrid control system market including opportunities and challenges witnessed by the business. A detailed analysis on geographical factor and competitive landscape will give a brief idea of global feed acidulants market. Increasing investments in transmission & distribution infrastructure and massive investments in smart grids and energy systems, globally, would further drive global microgrid control system market during the forecast period.
Key Industry Developments:
- In January 2018, the Siemens introduced dual microgrid controllers for decentralized energy installations of any size. It handles complex applications that manage smaller scale decentralized energy installations.
Key Market Movements:
- Globally, the enterprise information archiving market market is rising at a CAGR of 12.0% for the estimated period from 2019 to 2027.
- The North America is expected to be the second leading market for MCS during the forecast period, owing to the replacement and refurbishment of the existing infrastructure is the major requirement in the local utility grid scenario.
- Asia Pacific is estimated to be the largest from 2019 to 2024. Presence of developing countries such as China, Japan, and India are heavily investing in electrification projects, moderation & upgradation of existing electric networks to meet the growing demand for electricity.
- However, sustainable market growth, introduction of smart cities, and regulatory developments alon with consumer focused government incentive scemes across the regions will drive the overall demand.
List of Companies Covered:
- General Electric
- Eaton Corporation
- Schneider Electric
- Schweitzer Engineering Laboratories
- S&C Electric Company
- Woodward, Inc.
- Powersecure, Inc.
- Ontech Electric Corporation
Browse the full report at https://www.credenceresearch.com/report/microgrid-control-system-market