The global microgrid controller market size was US$ 7.1 billion in 2021. The global microgrid controller market is forecast to grow to US$ 17.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 12.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The increasing deployment of microgrid infrastructure in the military and defense sector is forecast to fuel the growth of the global microgrid controller market. In addition, the benefits of microgrid controllers, such as cost efficiency, are expected to surge their demand in households and small-sized enterprises. As a result, it will surge the growth of the global microgrid controller market.
The growing demand for microgrids that deliver a consistent, reliable, and safeguarded power supply will propel the microgrid controller market forward. In addition, the growing use of microgrid controllers to optimize energy output and improve microgrid performance will escalate market growth.
Government investment to meet the growing demand for operational efficiency is forecast to boost the growth of the global microgrid controller market.
The increasing demand for microgrids from various end-user industries, such as utility, military, and government sectors, will offer ample growth opportunities for the market.
The growing initiatives for smart city development are forecast to surge the growth of the global microgrid controller market during the study period.
High installation costs associated with a microgrid controller system may restrict the growth of the global market.
Regional Analysis
North America is forecast to hold the largest share in the global microgrid controller market. The growth of the market is attributed to the growing concentration of market-leading enterprises and considerable technological competence. In addition, favorable government initiatives to boost the military segment are likely to offer ample growth opportunities for the market during the study period.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic has significantly disrupted the global microgrid controller market. Due to the growing spread of the virus, several companies were forced to stop the operations or shift to the remote working model. As a result, it postponed research and development activities, which further hampered market growth.
Competitors in the Market
Market Segmentation
The global microgrid controller market segmentation focuses on Connectivity, Offering, End-User Industry, and Region.
Based on the connectivity type, the microgrid controller market has been segmented into –
Based on the offering, the microgrid controller market has been segmented into –
Based on the end-user industry, the microgrid controller market has been segmented into –
Based on region, the microgrid controller market has been segmented into –
