Smart Microgrid Controller - Global Market Outlook (2021 - 2028)

Smart Microgrid Controller - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Smart Microgrid Controller Market is accounted for $6.09 billion in 2021 and is expected to reach $16.10 billion by 2028 growing at a CAGR of 14.9% during the forecast period. A microgrid is a contiguous section of the network made up of interconnected Distributed Energy Resources (DER) and loads under common control. DERs can distribute renewables, storage devices, generators, electric vehicles, and demand response. Smart Microgrid controls can optimize the combination of DER power and loads to provide reliable and cost-effective operation for end users without human intervention.

Market Dynamics:

Driver:

Increased demand for smart microgrid controller

The smart microgrid controller can be utilized to control domestic devices, which allows the devices to work automatically by an active demand control system. The smart microgrid controller is capable of maintaining grid stability autonomously with less operating costs across all energy-generating sources within a microgrid. The smart microgrid controller provides real-time control of paralleled grid-forming sources and variable renewable generation as well as intelligent load and solar forecasting. It also optimizes sites and systems, supporting storage, load, solar, other generators, and islanding control. The PLC based smart microgrid controller can be helpful in nuclear power plants for load restoration during station blackout. The adoption of smart microgrid controller is rising over the traditional energy grid, as it offers uninterrupted power flow, creates outages, and ultimately slows down economies.

Restraint:

Complexity between inverters from different vendors

However, complexity regarding coordination between inverters from different vendors having different operational standards is restraining the market growth. A microgrid is a contiguous section of the network made up of interconnected Distributed Energy Resources (DER) and loads under common control. DERs can distribute renewables, storage devices, generators, electric vehicles, and demand response. Smart Microgrid controls can optimize the combination of DER power and loads to provide reliable and cost-effective operation for end users without human intervention.

Opportunity:

Rising shift towards the use of renewable energy sources

The growth of this market is driven by the growing demand for micro-grids and the growing shift towards the use of renewable energy sources and the reduction of the carbon footprint. This growth is due to its crucial role in monitoring, forecasting, managing and optimizing energy supply and demand for a micro-grid network. Grid-connected microgrid is more reliable than isolated microgrid because they are connected to major utility grids.

Threat:

High cost of microgrid control systems

However, high cost of microgrid control systems can hinder the growth of the market. With these systems being relatively new, there is also a constant requirement for maintenance, and hence, the need for skilled labor to address technical issues. These factors are standing as roadblocks for the market grow.

The grid connected/ network connected segment is expected to have the highest CAGR during the forecast period

The grid connected/ network connected segment is growing at the highest CAGR in the market. The grid-connected smart microgrid controller is a connected grid network, which is installed to provide energy in accordance with the requirements of the corresponding end-user. The micro sources are able to act as a current source with maximum power transfer capability to the grid. The majority of house owners and small-sized enterprises prefer the grid-connected microgrid controller, owing to its cost-efficient feature, to cater to their respective power requirements.

Region with highest share:

North America is projected to hold the largest share in the market due to rising adoption of electric vehicles and increased investments by private organizations and governments. Microgrid controllers are increasing in adoption as the traditional energy grid struggle to provide uninterrupted power flow, which causes outages, and subsequently slows down the economies.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR in the market due to increased dependence on electronic devices and constant need for electricity in households as well as the commercial sector, which in turn is fueling the smart microgrid controller market.

Key players in the market:

Some of the key players profiled in the Smart Microgrid Controller Market include CleanSpark Inc, Eaton Corporation, Emerson Automation Solutions, Encorp Inc, General Electric Company, Opus One Solutions Inc, PowerSecure Inc, S&C Electric Company, Schneider Electric SE, Schweitzer Engineering Laboratories, Siemens AG, and Spirae LLC.

Key developments:

In November 2019: Siemens partnered with the German renewable energy developer Juwi to jointly provide microgrids in the mining industry. The development of the control system is expected to help simplify the use of renewable energy for mines and help provide a cost-effective and reliable power supply, especially for mine sites that operate off the grid.

In February 2018: GE worked with the Arenko Group (UK) to build grid scale energy storage systems in the UK. Arenko has funded in a 41 MW battery energy storage system that was developed by GE. Energy storage will help balance supply and demand close to real-time, avoiding frequency drifts and supporting the mid-term response to grid imbalances.

In March 2017: Schneider Electric signed a tripartite agreement with ENGIE Lab (Singapore) and Nanyang University of Technology (Singapore) to meet the challenge of energy access for off-grid areas in Asia-Pacific. The collaboration will bring together operational excellence and planning capabilities from ENGIE and energy management expertise and innovative offer from Schneider Electric.

Offerings Covered:
Services
Hardware
Software

Connectivity's Covered:
Remote/Off Grid
Grid Connected/Network Connected

End Users Covered:
Commercial and Industrial
Educational Institutes/Campus
Government/Communities
Healthcare
Military & Defense
Municipalities
Power & Utilities
Small Residential Communities
Villages

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances