The global microgrid controller market size is estimated to be USD 4.2 Billion in 2022 and is projected to reach USD 11.5 Billion by 2027, at a CAGR of 22.3% during the forecast period. Growing emphasis on decarbonization by end users and governments, the need to ensure uninterrupted power supply are all contributing factors, and optimization of energy assets and improved efficiency of microgrids using microgrid controllers are some of the major factors contributing towards the growth of microgrid controller market.
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Grid-connected microgrids likely to dominate the market during the forecast period
Grid-connected microgrids will lead the microgrid controller market during the forecast period. Grid-connected microgrids consist of multiple generators, distribution systems, and sophisticated controls. These technologies not only improve grid resiliency, improve power quality, and reduce their environmental impact, but also have a number of other advantages, resulting in increased demand. The expansion of utility-based grid networks globally, as well as the large-scale exploitation of renewable energy sources, like offshore wind, are driving the growth of this segment.
Hardware segment to account for largest market share of microgrid controller market during the forecasting period
The key drivers for the growth of the microgrid controller market for the hardware segment include the growing number of microgrid projects worldwide, decreasing costs of energy storage and renewable sources of energy, and increasing government initiatives to promote the use of clean energy and minimize greenhouse gas (GHG) emissions. Microgrids generate electricity from different energy sources such as renewable energy sources (solar, wind, photovoltaic (PV) cells, etc.) and non-renewable energy sources (fuel cells, diesel generators, combined heat and power (CHP) and micro-CHP, microturbines, etc.).
Americas likely to be the largest market for microgrid controller market during the forecast period
In 2021, the Americas accounted for 40% of the microgrid controller market. North America and South America have been studied for the microgrid controller market in the Americas. A number of microgrid developers and government initiatives are supporting the adoption of microgrids in the region, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) program. Microgrids that use fossil fuels as resilience solutions are becoming prevalent in North America. Globally, more than half of all microgrid projects were deployed in the Americas in 2019. Grid-connected microgrids are most common in the US.
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Key players in the microgrid controller market include Schneider Electric (France), General Electric (US), ABB (Switzerland), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Honeywell International (US), Caterpillar Inc. (US), S&C Electric (US), and Power Analytics (US), Cummins Inc. (US), Tesla Energy (US), Homer Energy (US), Spirae (US), Powerhive (US), Advanced Microgrid Solutions (US), Go Electric (US), and Green Energy Corp (US).