Microgrid Controller Market worth $12.6 billion by 2024<span class="rating-result after_title mr-filter rating-result-8471">			<span class="no-rating-results-text">No ratings yet.</span>		</span>
Microgrid Controller Market worth $12.6 billion by 2024

The microgrid controller market is expected to grow from USD
6.1 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 15.65% during the
forecast period. One of the major driving factors for the microgrid controller
market’s growth is the rising adoption of microgrids for reliable and secure
power supply.

Based on offering, hardware is expected to account for
the major share of the microgrid controller market during the forecast period.

Microgrid controllers consist of hardware, software, and
services. Hardware includes generation optimizers, local controllers,
supervisory controllers, communications network, and human machine interfaces.
The expected largest market share of hardware is attributed to the high cost of
components such as generation optimizers, HMIs, and intelligent controllers.

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Grid connected microgrids are expected to grow at a
higher CAGR in the global microgrid controller market.

Microgrids mainly operate in 2 modes: connected with the
main grid (grid connected) or isolated (off grid/remote). In a grid connected
microgrid, power transmission is dependent on the main grid whereas isolated
microgrids generate their own power without any connection with a utility grid.
Grid connected microgrids have higher reliability than remote/island microgrids
owing to their connection with power grids.

Microgrid controller market in APAC is expected to grow
at the highest CAGR from 2019 to 2024.

Globally, the microgrid controller market in APAC is
expected to grow at the highest CAGR during the forecast period. APAC is one of
the most important potential markets for microgrid controller systems. The
region’s electricity demand is growing faster than the expansion of
conventional electricity grids. The development of the industrial sector and
power infrastructure in several of the region’s countries provide significant
growth opportunities to local as well as global market players.

Schneider Electric (France), General Electric
(US), ABB (US), Siemens (Germany), Schweitzer Engineering Laboratories (US),
Eaton Corporation (Ireland), Honeywell International (US), Lockheed Martin
(US), S&C Electric (US), and Power Analytics (US)  are the major
players in the microgrid controller market.

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