Market Research Future (MRFR) asserts that the global microgrid controller market 2020 is thriving and slated to grow considerably over the review period, recording substantial revenue generation from USD 5.35 billion in 2017 up to USD 10.73 billion by 2023, at a moderate CAGR of 12.54%, over the review period.
Drivers and Restraints
Rising demand for microgrids, fluctuating preferences towards the deployment of renewable energy sources and decreasing carbon footprint, and growing government investments in microgrid projects are key drivers that have a positive impact on the market for microgrid controllers. Imminent Asia-Pacific smart city projects and the replacement of mature grid infrastructure in Europe are a few prospects for the growth of the microgrid controller market over the review period.
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Competitive Analysis
The major market players functioning in the global micrgrid controller market as identified by MRFR are Lockheed Martin Corporation (US), Schneider Electric (France), S&C Electric Company (US), Eaton Corporation (Ireland), Emerson Electric Co. (US), Honeywell International Inc. (US), Schweitzer Engineering Laboratories (US), Siemens (Germany), GE Power (US), Power Analytics (US), ABB (Switzerland), Princeton Power Systems (US), HOMER Energy LLC (US), Spirae, Inc. (US), Advanced MicroGrid Solutions, Inc. (US), Pareto Energy (US), and Qinous GmbH (Germany). The leading market players have adopted partnerships and new product launches as a part of their organic growth strategy to further sustain their market position.
