Microgrid Control System Market is projected to reach USD 3.6 billion by 2023 | IoT For All

Microgrid Control System Market is projected to reach USD 3.6 billion by 2023

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According to the new market research report Microgrid Control System Market by Grid- Type (On-Grid and Off-grid), Component (Hardware and Software), Ownership (Private and Public), End-User (Utilities, Campuses and institutions, Commercial, and Industrial), and Region – Global Forecast to 2023, published by MarketsandMarkets™,  The microgrid control system market is expected to grow from an estimated USD 2.0 billion in 2018 to USD 3.6 billion by 2023, at a CAGR of 13.01%. Increasing investments in electric networks, refurbishment of the existing grid networks, and growing adoption of renewable energy sources across the globe are likely to drive the microgrid control system market.

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The private segment, is expected to dominate the microgrid control system market, by ownership, in 2018. Private microgrid control system is normally grid-connected but can also operate in islanded mode. In private utility, the ownership lies with the shareholders or investors. These types of utilities are regulated by certain utility commissions.

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In this report, the microgrid control system market has been analysed with respect to 5 regions, namely, North America, Europe, South America, Asia Pacific, and the Middle East & Africa. Countries such as China and India are heavily investing in electrification projects, moderation & upgradation of existing electric networks to meet the growing demand for electricity. North America is the second most lucrative market for microgrid control systems, as the replacement and refurbishment of the existing infrastructure is the major requirement in the local utility grid scenario. Meanwhile, Europe is another major market for the microgrid control systems. Renewed focus on renewable sources of energy is being developed in countries such as Germany and the UK. Attractive incentives in the form of feed-in tariffs, tax credits, and maturity of the technology on a commercial scale, ensured that investors and project developers embraced the microgrid control system.

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The key players are ABB (Switzerland), GE (US), Siemens (Germany), Schneider (France), Eaton (Ireland), Emerson (US), Spirae (US), Schweitzer Engineering Laboratories, Inc.  (US), ETAP (US), S&C Electric (US), Woodward, Inc. (US), PowerSecure (US), RT SOFT (Germany), Ontech Electric Corporation (China). Contracts & agreements was one of the key strategies adopted by the players to strengthen their global presence and offerings.

About MarketsandMarkets™

 MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
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