Dublin, Feb. 22, 2019 (GLOBE NEWSWIRE) -- The "Microgrid Controller Market by Connectivity (Grid connected & Remote), Offering (Hardware, Software, and Services), Vertical (Government, Utilities, Commercial, Military & Defense, Healthcare) and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The microgrid controller market for grid-connected microgrids was valued at USD 1.72 billion in 2018 and is expected to reach USD 5.29 billion by 2024, at a higher CAGR of 18.65% from 2019 to 2024.

Microgrid controller is a device that enables establishing microgrids by controlling multiple distributed energy resources, energy storage systems, and responsive loads. Microgrid controllers form an interface between Distributed Energy Sources (DERs), battery, and load by optimizing the operation of a microgrid during interconnected operation. Microgrid controllers efficiently monitor and optimally operate several functions to manage microgrids reliably.

A typical microgrid controller system includes local controllers, communications network, supervisory controller, human-machine interface, and operating software. Need for uninterrupted power supply, the reliability of microgrids, and failure instances of main power grids are driving the market of microgrid controllers. Apart from this, the decline in the prices of renewable energy is a major reason for the growth of this market.

The key reasons for this growth are the reliability of grid-connected microgrids, increasing demand for uninterrupted power supply, and the catastrophic failures occurred in main utility grids.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Microgrid Controller Market
4.2 Market, By Vertical and Offering
4.3 Market, By Connectivity
4.4 Market, By Geography

5 Market Overview
5.1 Introductions
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Optimization of Energy Assets and Improved Efficiency of Microgrids Using Microgrid Controllers
5.2.1.2 Increasing Global Demand for Microgrids for Reliable and Secure Power Supply
5.2.1.3 Growing Shift Toward Renewable Energy Sources and Reducing Carbon Footprints
5.2.1.4 Increasing Government Investments in Microgrid Projects
5.2.2 Restraints
5.2.2.1 High Cost of Microgrid Control Systems
5.2.2.2 Dynamic Government Policies, Regulations, and Standards Worldwide
5.2.3 Opportunities
5.2.3.1 Growing Demand for Microgrids From Utility, Military, and Government Sectors Worldwide
5.2.3.2 Up-Coming Smart City Projects in Developing Regions
5.2.3.3 Modernization of Aging Grid Infrastructure
5.2.4 Challenges
5.2.4.1 Interoperability and Compatibility Issues Due to Large Number of Components/Devices
5.2.4.2 Operational, Technological, and Security Risks Associated With Microgrids
5.3 Value Chain Analysis

6 Microgrid Controller Market, By Connectivity
6.1 Introduction
6.2 Grid Connected
6.2.1 Grid Connected Microgrids are Expected to Grow at A Faster Rate During the Forecast Period
6.3 Off Grid/Remote/Islanded
6.3.1 Islanded Microgrids are Deployed at Geographically Remote Communities

7 Microgrid Controller Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Hardware is the Crucial Element of Microgrid Controllers
7.3 Software
7.3.1 Software is Expected to Grow at A Fastest Rate During the Forecast Period
7.4 Services
7.4.1 Services Include Consulting and Training

8 Microgrid Controller Market, By Vertical
8.1 Introduction
8.2 Government
8.2.1 Governments Across the Globe are Focusing on Power Generation Through Renewable Sources
8.3 Utilities
8.3.1 Utilities Segment to Grow at A Fastest Rate During the Forecast Period
8.4 Commercial
8.4.1 Air Quality Regulations and the Increasing Cost of Diesel Have Increased the Demand for Microgrids in Commercial Sector
8.5 Industrial
8.5.1 Energy Reliability and Stability are of Critical Importance
8.6 Educational Institutes
8.6.1 Educational Institutes Have Started Investing in Microgrids to Ensure Stable Power Supply
8.7 Military & Defense
8.7.1 Military & Defence Vertical Accounted for the Largest Share
8.8 Healthcare
8.8.1 Grid Connected Microgrids are Expected to Grow in Healthcare Sector
8.9 Others

9 Geographic Analysis

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis, 2018
10.3 Competitive Scenario
10.4 Recent Developments (Top 5 Players)
10.5 Competitive Leadership Mapping
10.6 Strength of Product Portfolio
10.7 Business Strategies Excellence

11 Company Profiles
11.1 Key Players
11.1.1 Schneider Electric
11.1.2 GE Power
11.1.3 ABB
11.1.4 Siemens
11.1.5 Schweitzer Engineering Laboratories
11.1.6 Eaton
11.1.7 Lockheed Martin
11.1.8 Honeywell
11.1.9 S&C Electric
11.1.10 Power Analytics
11.2 Other Important Players
11.2.1 Emerson
11.2.2 Princeton Power Systems
11.2.3 Spirae
11.2.4 Homer Energy
11.2.5 Pareto Energy
11.3 Key Innovators/Startup Ecosystem
11.3.1 Opus One Solutions
11.3.2 Advanced Microgrid Solutions
11.3.3 Encorp
11.3.4 Qinous
11.3.5 Go Electric

For more information about this report visit https://www.researchandmarkets.com/research/c42tlj/microgrid?w=12

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