Global Microgrid Control System Market to Grow at 12% CAGR till 2024
Growth in renewable power generation and increasing
investments in transmission & distribution infrastructure to drive global
microgrid control system market through 2024
According to TechSci Research report, “Global
Microgrid Control System Market By Grid Type, By Component,
By Ownership, By End User, By Region,
Competition, Forecast & Opportunities, 2024”,
global microgrid control system market is projected to grow at a CAGR of over 12%
during 2019-2024, on account of growth in renewable power generation,
increasing investments in transmission & distribution infrastructure and growing
energy demand. Some of the other factors that would have a positive impact on
the market are limitations of space availability in densely populated urban
areas and government initiatives towards improving electricity access.
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In terms of grid type, global microgrid
control system market has been categorized into on-grid and off-grid. Of these,
the off-grid segment is expected to account for the largest market share by 2024,
owing to increasing electrification of rural and remote areas across the globe,
which would lead to the high adoption rate of remote/islanded microgrid control
systems. Remote/islanded networks are energy self-sufficient and provide power
security at the time of electricity failure. This energy self-sufficiency
substantiates the high deployment of remote/island microgrid systems.
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In 2018, Asia-Pacific accounted for the largest share in global microgrid
control system market, backed by replacement and refurbishment of the existing
infrastructure, which is the major requirement in the local utility grid
scenario. Moreover, factors such as increasing power consumption, government
mandates on energy efficiency, growing influx of renewable sources in the
energy mix, and renovation, modernization and upgrade of aging grid
infrastructure are anticipated to drive the region’s microgrid control
system market. China and India are making huge investments in electrification
projects, as well as moderation and upgrade of existing electric networks to
meet the growing demand for electricity.
“Over the coming years,
global microgrid control system market is expected to be driven by evolving
technologies, growing importance of alternative energy production, and increasing
demand for power, globally. Moreover, surging investments in transmission &
distribution infrastructure and massive investments in smart grids and energy
systems would provide lucrative growth opportunities to microgrid control
system market players during the forecast period.”, said, Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“Global Microgrid Control System Market By Grid Type, By Component, By Ownership, By End User, By Region, Competition,
Forecast & Opportunities, 2024”
has evaluated the future growth potential of global microgrid control system
market and provides statistics and information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global microgrid control
system market.
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