North America Microgrid Controller Market Size, Share & Industry Trends Analysis Report By Connectivity (Grid Connected and Off-grid Connected), By Offering (Hardware, Software and Services), By End User, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Microgrid Controller Market would witness market growth of 21.2% CAGR during the forecast period (2022-2028).
The development and timely updating of operational methodologies, protocols, standards, and codes that outline operational requirements, protocols, and safety are also required when adding new components to a microgrid. This is because testing is required to confirm the functionality, viability consistency, compatibility, reliability, and interoperability of the power grid with several other microgrid systems.
Concerns about the environment, the scarcity of fossil fuels, and economic considerations have increased interest in microgrid technology, which consists of a variety of distributed renewable energy-based generators like solar, wind, fuel cells, and biomass. Numerous benefits of microgrids include increased reliability, decreased technical losses, lower carbon emissions, and improved combined power and heat efficiency.
The development of the microgrid controller industry has been directly impacted by the rise in demand for microgrids and the swift transition to the usage of renewable energy sources. The major producers of microgrid controllers put a lot of effort into adding innovative control technologies to lower costs overall and move toward renewability. The expansion of the Microgrid Controller has been enabled by the expanding population and rising demand for reliable power supply.
The North American region, specifically the United States is home to a significant portion of all microgrid projects in the globe, which may be attributed to the region's aging power mega grid and growing end-user demand for increased security and dependability. The U.S. government and businesses have put in place supporting regulations, control systems research, demonstration projects, and the creation of software tools over the previous ten years.
The US market dominated the North America Microgrid Controller Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,143.2 million by 2028.The Canada market is poised to grow at a CAGR of 24% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 22.9% during (2022 - 2028).
Based on Connectivity, the market is segmented into Grid Connected and Off-grid Connected. Based on Offering, the market is segmented into Hardware, Software and Services. Based on End User, the market is segmented into Remote Areas, Commercial & Industrial, Military, Government, Utilities, Manufacturing and Healthcare. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, General Electric (GE) Co., Schneider Electric SE, ABB Group, Honeywell International, Inc., Eaton Corporation, Caterpillar, Inc., S&C Electric Company, Cummins, Inc., and Emerson Electric Co.
Scope of the Study
Market Segments Covered in the Report:
- Grid Connected
- Off-grid Connected
By End User
- Remote Areas
- Commercial & Industrial
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Siemens AG
- General Electric (GE) Co.
- Schneider Electric SE
- ABB Group
- Honeywell International, Inc.
- Eaton Corporation
- Caterpillar, Inc.
- S&C Electric Company
- Cummins, Inc.
- Emerson Electric Co.
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