Microgrid Controller Market to Surpass $14 Billion by 2030

Published on: 30 August 2022
by KnowESG
pr-2022-0830-slb-aker-subsea7-jv-card

As more projects such as an installation by ESS to help a recycling company in Pennsylvania with energy resiliency become more common, the microgrid controller market is expected to grow at a quick rate through the end of the decade, according to a report by Market Research Future.

The microgrid controller market is expected to grow by a CAGR of 15.65% through 2030, with a value reaching $14.35 billion. Off-grid systems, hardware needs, and installations with the military will promote growth over the forecast period, according to Market Research Future.

ESS recently installed a microgrid project for a Sycamore International industrial recycling facility in West Grove, Pennsylvania. The project includes an ESS Energy Warehouse, which will be integrated with a 115-kilowatt solar array that will reduce peak electricity demand and provide backup energy.

A microgrid system at White Sands Missile Range in New Mexico was also recently revealed. It will include a 700 KW solar energy system, a 500 KW natural gas generator, and a 500 KW battery energy storage system.

Microgrid controllers optimise systems that operate partially off-grid while supporting storage, energy loads, renewable energy such as solar, and other power sources. The market is growing because demand for dependable, resilient, and low-carbon power supplies is increasing, Market Research Future says.

With increased government incentives for clean energy and microgrid development, North America is expected to hold a larger market share than other regions. According to the report, North America also has increasing renewable energy resources and new technologies, including smart grids.

Asia-Pacific, particularly Bangladesh and India, is also seeing growth in the microgrid controller market. That is being driven by increased rural energy projects, and the region is expected to see an increase of nearly 6% per year through the forecast period. The report says China is also seeing increased investments in improving its energy resources.

Overall, the microgrid market is expected to be valued at $40.3 billion by 2026, according to a previous report by Research and Markets. They are becoming valuable tools for remote business locations, smaller communities, and individual commercial operations to maintain dependable energy.

According to Market Research Future, key players in the microgrid controller market include Schneider Electric, Lockheed Martin, S&C Electric, Emerson Electric, Eaton, Honeywell International, Siemens, Schweitzer Engineering Laboratories, GE Power, ABB, Power Analytics, Princeton Power Systems, Spirae, Homer Energy, Pareto Energy, Advanced Microgrid Solutions, and Vinous GmbH.

Source: Environmental Leader

For more investor-related news

Share:
esg
esg
esg
esg