The overall microgrid controller market is estimated to grow from USD 6.1 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 15.65% from 2019 to 2024. Key market drivers include optimization of energy assets and improved efficiency of microgrids using microgrid controllers, increasing global demand for microgrids for reliable and secure power supply, and the growing shift toward renewable energy sources and reducing carbon footprints.
Microgrid controllers mainly operate in 2 modes: connected with the main grid (grid connected) or isolated (off grid). The grid connected segment is expected to grow at a higher CAGR during the forecast period. The key reason for this growth is the need for uninterrupted power supply and reliable microgrids and catastrophic failures of main grids causing huge losses. Also, grid connected microgrids usually have higher reliability than remote/island microgrids owing to their connection with power grids.
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Microgrid controllers consist of hardware, software, and services. Hardware is the most important part of microgrid controllers. A software monitors, predicts, manages, and optimizes energy supply and demand for a microgrid network. It helps in optimal scheduling and management of microgrids. Hence, the microgrid controller software segment is expected to grow at the highest CAGR.
Microgrid controller systems are used in various verticals, such as government, utilities, commercial, industrial, educational institutes, military & defense, and healthcare. The microgrid controller market for the utility segment is expected to grow at the fastest rate during the forecast period. The steep decline in the price of renewable energy and the need for uninterrupted power supply are the major reasons for the growth of microgrids in the utilities vertical. APAC is expected to be the fastest-growing market for microgrid controllers. APAC constitutes thriving economies, such as Japan, China, India, and Australia, which are expected to register high growth rates in the microgrid controller market. APAC is in the early stage of adopting microgrid solutions. Uninterrupted energy supply is a critical parameter for this region, which is vulnerable to acts of terrorism, natural disasters, and other risks. The region’s electricity demand is growing faster than the expansion of conventional electricity grids. The development of the industrial sector and power infrastructure in several of the region’s countries provides significant growth opportunities to local as well as global market players.
