Global Microgrid Control Systems Market Analysis, Growth, Trends & Forecast 2018-2023 - ResearchAndMarkets.com
May. 17, 2018
DUBLIN--(BUSINESS WIRE)--May 17, 2018--The "Global Microgrid Control Systems Market - Segmented by Type (Grid-connected, Off-Grid, and Hybrid), Application, and Region - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The global microgrid control systems market was valued at USD 20.89 billion in 2017 and is expected to reach a market value of USD 41.79 billion by 2023, registering a CAGR of 12.25% during the forecast period 2018-2023.
Microgrid control systems are generally low-power and low-voltage, and they can be operated in islanded in an off-grid or hybrid mode. These systems mostly have generating, transmission, and distribution located in a small area, and are mostly set up inside or close to the consumption location. The system can work on both traditional sources, like coal and diesel, and also renewable sources, like solar, wind, and combined heat & power.
Power outages and blackouts are the most common problems globally, especially in the developing and underdeveloped nations. Several industries face frequent blackouts and power outages, resulting in massive losses. Blackouts in residential areas cause inconvenience to the general public.
US is one of the first regions to adopt microgrid systems on a large scale. Due to the increasing adoption of microgrid systems, their number can be expected to more than double by the end of forecast period. Currently, educational institutions and military hold the largest share of microgrid systems in this country, followed by commercial and domestic uses.
Companies MentionedABB Group Siemens AG Hitachi Ltd. Eaton Corporation Plc. Princeton Power Systems General Electric Corporation Pareto Energy Ltd. Honeywell International Inc. Northern Power Systems Corporation Exelon Corporation.
Key Topics Covered:
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
5. Technology Snapshot - Components of a Microgrid System
6. Global Microgrid Control Systems Market Segmentation
7. Vendor Market Share
8. Competitive Intelligence - Company Profiles
9. Investment Analysis
10. Future Outlook of Microgrid Control Systems Market
For more information about this report visit https://www.researchandmarkets.com/research/4rxx2v/global_microgrid?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20180517005649/en/
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SOURCE: Research and Markets
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PUB: 05/17/2018 07:42 AM/DISC: 05/17/2018 07:42 AM