Published Date: 30-Sep-2022
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According to a new report, published by KBV research, The Global Microgrid Controller Market size is expected to reach $12.6 billion by 2028, rising at a market growth of 21.8% CAGR during the forecast period.
The Off-grid Connected segment is showcasing a CAGR of 24.2% during (2022 - 2028). An off-grid connection is constructed in places that are disconnected from the utility grid and are located far from any distribution and transmission facilities. Studies have shown that operating off-grid microgrids in distant locations or on islands, where renewable energy sources predominate, will lower the net energy electricity price production over the lifetime of such microgrid initiatives.
The Hardware segment acquired maximum revenue share in the Global Microgrid Controller Market by Offering in 2021 thereby, achieving a market value of $6.1 billion by 2028. The increasing number of microgrid projects globally aided by the falling prices for energy storage and renewable energy sources have compelled many to adopt the microgrid technology. Additionally, rising government initiatives to encourage the use of clean energy and reduce greenhouse gas (GHG) emissions are some other factors that drive the expansion of the hardware segment.
The Commercial & Industrial segment has shown the growth rate of 21.6% during (2022 - 2028). The capacity to operate in an island mode is the most important feature of the microgrid. This means that even when disconnected from the main grid, the commercial & industrial facilities can continue to produce and consume energy. A microgrid differs from other related concepts—such as on-site renewable generation—that do not necessarily need to run autonomously by having the potential to island.
The North America market dominated the Global Microgrid Controller Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.4 billion by 2028. The Asia Pacific market is exhibiting a CAGR of 22.4% during (2022 - 2028). Additionally, The Europe market would showcase a CAGR of 21.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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