Microgrid Control System Market is Driven by Growing demand for reliable and resilient power supply Through 2028
Global Microgrid Control System market is expected to develop
quickly due to rising renewable energy adoption and rising need for energy
security.
According to
TechSci Research report, “Microgrid Control System Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028F,” the Global Microgrid Control
System market is driven by integration of renewable energy sources, energy cost
savings, grid resiliency, supportive government policies, and technological
advancements. A microgrid control system is a device that allows the creation
of a microgrid by regulating dispersed energy resources and loads in a preset
electrical system in order to maintain acceptable frequency and voltage. Global
expenditures in transmission and distribution infrastructure, as well as
substantial investments in smart grids and energy systems, are expected to
drive the worldwide microgrid control system market over the projected period. The
world is shifting towards sustainable and renewable energy, and microgrids are
playing a significant role in this transition.
A microgrid control system is
a state-of-the-art system that provides advanced control and monitoring
capabilities to microgrids. The system is designed to integrate with various
types of renewable energy sources, such as solar, wind, hydro, and biomass, and
provides optimal control of the microgrid's power flow. The system's advanced
algorithms analyze the microgrid's performance data and optimize the power flow
to ensure reliable and efficient operation. It also provides real-time
monitoring of the microgrid's performance and alerts the operators in case of
any issues. A microgrid control system is scalable and can be customized to
meet the specific requirements of various microgrid applications. It can be
integrated with existing microgrid systems or installed as a standalone system.
The benefits of the microgrid
control system are numerous. It helps microgrids to operate more efficiently
and reliably, reduces the reliance on fossil fuels, and minimizes the carbon
footprint. Moreover, the system is cost-effective and can significantly reduce
the operational costs of microgrids. A microgrid control system is
the result of extensive research and development by a team of experts in the
renewable energy industry. It is a system tested and validated in various
microgrid applications.
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The Global Microgrid
Control System market can be segmented by Grid Type, Component, Application, Region
and Competitive Landscape. On the basis of Grid Type, the market is
segmented into On grid, Off-grid, Hybrid and Others. Off-grid
is predicted to account for the greatest market share by 2028, owing to
increased electrification of rural and distant locations throughout the world,
which would result in a high adoption rate of remote/islanded microgrid control
systems. Remote/island networks are self-sufficient in terms of energy and
provide power security in the event of a power outage. Its energy
self-sufficiency validates the widespread use of remote/island microgrid systems.
On the basis of Component, the market is
segmented into Hardware and Software. On the basis
of Application, the market is segmented into Utilities, Cities &
Municipalities, Defense, and Industrial. a.
Key market players in the Global
Microgrid Control System market include:
·
Green
Technology Solutions Inc
·
Siemens
AG
·
General
Electric Company,
·
ABB
Ltd, Emerson Electric Co
·
Eaton
Corporation
·
Schneider
Electric SE
·
Spirae,
LLC
·
Schweitzer
Engineering Laboratories (Sel)
·
Electrical
Transient Analyzer Program
·
S&C
Electric Company
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“In the forthcoming years, it
is anticipated that the worldwide market for microgrid control systems will
experience a boost due to the continuous advancement of technologies, the rise
in significance of alternative energy production, and the growing demand for
power across the globe. Furthermore, the augmented investment in transmission
and distribution infrastructure, as well as the substantial funding in
intelligent grids and energy systems, is likely to offer favorable growth
prospects for the stakeholders of the microgrid control system market
throughout the projected timeframe. Microgrid implementation is
becoming more widespread as a strategy to increase energy security, grid
resiliency, and minimize the carbon impact of power generation. As a result,
there is an increasing demand for microgrid control systems that can handle the
operation and control of microgrids effectively. Moreover, rising investment in
smart grid infrastructure, the expansion of distributed generation, and the
expanding usage of energy storage technologies are all likely to drive the global
microgrid control system market in the coming years.”. said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Microgrid Control System
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028F , Segmented By Grid Type (On grid, Off-grid, Hybrid and Others),
By Component (Hardware and Software), By Application (Utilities, Cities &
Municipalities, Defense, and Industrial), By Region,” has
evaluated the future growth potential of global microgrid control system market
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the global microgrid control system market.
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