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Microgrid Controller Market to Grow at CAGR of 15.65% from 2019 to 2024
February 21, 2019 | PRNewswireEstimated reading time: 2 minutes
The overall microgrid controller market is estimated to grow from $6.1 billion in 2019 to $12.6 billion by 2024, at a CAGR of 15.65% from 2019 to 2024. Microgrid controllers are designed to maximize microgrids' reliability in providing uninterrupted electric supply and increase their overall efficiency. Microgrid controllers also reduce environmental impact by encouraging the use of renewable energy and achieving fuel and cost savings.
Microgrids, with their value propositions of reliability, security, quality, and sustainability, have proved to be an attractive alternative to centralized distribution. An increasing number of research labs, data centers, universities, hospitals, and manufacturing facilities globally are experiencing a critical need for constant power supply and cannot afford blackouts and outages. The installation and maintenance cost of a whole microgrid network is quite significant. The additional cost of microgrid controllers adds up to the total cost of microgrids, which is a restraint to the growth of the microgrid controller market.
Grid connected microgrids are expected to grow at a higher CAGR during the forecast period.
The demand for microgrid controller systems in grid connected mode is expected to increase during the forecast period.In a grid connected microgrid, power transmission is dependent on the main grid; thus, any damage to the main grid affects the network.
In this case, a microgrid transitions to islanded/remote mode to continue stable power supply to consumers.Microgrid controllers play a substantial role in microgrid transitioning by coordinating distributed energy resources, energy storage systems, and the load.
The main objective is to improve grid reliability and resiliency. Grid connected microgrids usually have higher reliability than remote/island microgrids owing to their connection with power grids.
The Americas is expected to account for the largest share of the microgrid controller market during the forecast period.
The Americas is an important market for microgrid controllers.The market here accounted for the largest share in 2018, majorly driven by the presence of a number of microgrid market players in the region, such as GE Power (US), Schweitzer Engineering Laboratories (SEL) (US), Lockheed Martin (US), Honeywell (US), and Emerson (US).
The Americas is one of the most technologically advanced markets for microgrids.It has a large number of microgrid solution providers.
In January 2017, National Instruments (NI) opened an Industrial Internet of Things (IIoT) lab in Austin, Texas, where companies work together and experiment with solutions.As system integration is a major challenge for the market, the IIoT lab was launched to overcome it.
The major focus of the lab is on microgrid control, advanced manufacturing control, and heavy equipment asset monitoring.
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