Microgrid Controller Market 2021 Global Analysis and Industry Expansion 2023

Posted by sneha patil on February 9th, 2021

Market Highlights

The global microgrid controller market is expected to grow from USD 5.35 billion in 2018 to USD 10.73 billion by 2023, at a CAGR of 12.54% during the forecast period. Rise in demand for microgrids, shifting preferences towards the use of renewable energy sources and reducing carbon footprint, and growing investments by Government in microgrid projects are the key drivers influencing the Microgrid Controller Market. Upcoming smart city projects in Asia-Pacific and replacement of aging grid infrastructure in Europe are a few opportunities for the growth of microgrid controller market.

Microgrid Controller Industry Competitive Analysis

The key players have adopted partnerships and new product launches as a part of their organic growth strategy to further strengthen their market position. For instance, in 2019, Go Electric Inc., a provider of energy resiliency and microgrid solutions launched a new microgrid-enabled switchgear product—Hive. Hive is embedded with the company’s patented microgrid controller—AutoLYNC and can be used with a wide range of distributed energy resources such as solar, wind, energy storage, and gensets.

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Microgrid Controller Market Segmentation

The global microgrid controller market has been segmented based on connectivity, offering, vertical, and region.

By connectivity, the market has been segmented into grid and off-grid/islanded, the two modes in which a microcontroller works. The off-grid segment is expected to grow at the highest CAGR during the forecast period as these controllers are more reliable.

By offering, the market has been segmented into hardware, software, and service. The software segment is expected to grow at the highest CAGR during the forecast period owing to their growing usage for monitoring, predicting, managing, and optimizating energy supply and demand for a microgrid network. 

On the basis of vertical, the market has been segmented into government, oil & gas, energy & power, industrial, automotive, military and defense, commercial, and others. Increasing deployments of microgrids across various end-use industries such as military, government, utilities and healthcare drive the growth of microgrid controller market.

Regional Analysis

A geographical analysis of the microgrid controller market has been conducted for North America, Europe, Asia-Pacific, and the rest of the world. 

The North American market has been segmented into the US, Canada, and Mexico. The regional market is expected to account for the largest share of the global microgrid controller market during the review period. The growth of the market in North America can be attributed to the government support to propel the microgrid installations in the region. Furthermore, the high concentration of market players in the region coupled with the availability of proficient technical expertise also boost market growth.

In terms of market size, Europe is expected to hold the second-largest share. The European market has been divided into the UK, Germany, France, and the rest of Europe. Germany is the leading country-level market and the market in France is expected to register the highest growth rate during the forecast period.

The market in Asia-Pacific is expected to be the fastest-growing during the review period of 2018 to 2023. The regional market has been classified as China, Japan, India, and the rest of Asia-Pacific. Rise in the number of rural electrification projects in developing countries such as India and Bangladesh are driving the growth of microgrid controller market in the region.

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