The global microgrid control system market is expected to grow from an estimated USD 2.0 billion in 2018 to USD 3.6 billion by 2023, at a CAGR of 13.01%. Factors such as increasing demand for reliable and resilient power supply worldwide, increasing government investments in microgrid projects and growing adoption of renewable resources are driving the microgrid control system market.
The microgrid control system market is dominated by a few major players that have a wide regional presence. The leading players in the microgrid control system market include ABB (Switzerland), GE (US), Siemens (Germany), Eaton(Ireland), Emerson(US), and Schneider electric(France).
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The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy from January 2015 to November 2018. The industry players also adopted new product launches, which was the second most widely followed strategy during the same period.
ABB is one of the leading power and automation technology companies globally. It offers a wide range of products, systems, solutions, and services to various industries such as oil & gas, power generation, and transport & infrastructure. The company operates through 4 divisions, namely, power grids, electrification products, discrete automation and motion, and process automation. It offers microgrid control system through its power grids and industrial automation segments. The companyís microgrid solutions ensure power supply resilience, power quality, sustainability, and cost-effectiveness in a broad range of applications. It has a presence in over 100 countries, with production and R&D centers located across the globe. It has approximately 320 consolidated operating and holding subsidiaries worldwide. Moreover, in Feb 2018, ABB was awarded a contract by Jamaica Public Service Company to supply an ABB Ability enabled microgrid and storage system that helps to integrate renewable solar and wind energy into the large tropical islandís power supply, reducing the need for fossil fuels and lowering the carbon footprint.
General Electric is one of the largest multinational conglomerates and positions itself as a digital industrial company that offers software-defined machines and solutions for various end-user sectors. The company operates through 8 business segments, namely, power, aviation, healthcare, energy connection and lighting, oil & gas, capital, renewable energy, and transportation. It provides microgrid control systems through its power segment. The company has a presence in 170 countries with R&D facilities in the US, Brazil, India, Germany, and China. In November 2015, GE acquired Alstomís power and grid businesses. The acquisition helped Alstom to secure the future of its energy activities and helped GE to enhance its products & solutions related to T&D.
Microgrid Control System Market by Grid- Type (On-Grid and Off-grid), Component (Hardware and Software), Ownership (Private and Public), End-User (Utilities, Campuses and institutions, Commercial, and Industrial), and Region - Global Forecast to 2023
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