Press release
Microgrid Control System Market to witness high grow between 2018 and 2024
Rising development of transmission and distribution infrastructure across different regions is one of the major drivers of the microgrid control system market. Rising investments, both public and private in developing grid system is boosting the growth of the microgrid control system market. Supportive government policies and initiatives to provide electricity in remote areas is also driving the growth of the microgrid control system market. However, a lack of understanding about this new technology still makes microgrids complex systems that require high-end design expertise to implement which is currently hindering the market growth. Furthermore, high levels of project management and finance requirement are further restraining the growth of the microgrid control system market.
Off-grid segment holds significant market share
By grid, Microgrid Control System market is segmented into on-grid and off-grid market. The off-grid segment accounted for a significant market share in 2018 owing to the rapid rise in investments to expand electricity coverage in remote areas. Growing demand for reliable and sustainable power supply supported by government efforts is significantly bolstering the growth of off-grid microgrid control system market. Rising demand across military bases, oil and gas, and mining sector will continue to propel the growth of this segment, thus positively impacting the overall market growth.
North America holds a significant market share
Geographically, Microgrid Control System market is segmented into North America, South America, Europe, Middle East and Africa, and the Asia Pacific. North America holds a significant market share throughout the forecast period owing to the early adoption of new technology and the presence of major market players in the region. APAC is projected to witness the significant CAGR between 2019 and 2024 owing to a rapid rise in the number of clean energy projects and data centers in the region. Increase in the investment in electrification projects is also boosting the growth of APAC Microgrid Control System market.
This report also includes a study of strategies and product portfolios of some of the leading companies in the Microgrid Control System market. It consists of company profiles of the leading companies- Eaton, Siemens, General Electric Company, Hitachi, Ltd., Exelon Corporation, Honeywell International Inc., Spirae, LLC, Woodward, Inc, PowerSecure, Inc., and Schneider Electric.
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting organization based out of India. KSI publishes research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centering on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with whole market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.
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