New York, United States, Nov. 22, 2023 (GLOBE NEWSWIRE) — The Global Microgrid Controller Market Size is to Grow from USD 4.37 Billion in 2022 to USD 25.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 19.2% during the projected period.
On the basis of type, the global microgrid controller market is segmented into the grid connected and off-grid. Among these, the grid connected segment is dominating the market with the largest revenue share of 78.6% over the forecast period. Grid-connected microgrids employ several generators, distribution networks, and sophisticated controls. These new technologies have the potential to improve grid resiliency, electricity quality, and carbon footprint, but they also offer a slew of other advantages, culminating in increased demand.Based on the solution, the global microgrid controller market is classified into hardware, software, and services. Among these, the hardware segment is expected to hold the largest share of the m Microgrid Controller market during the forecast period. The major factors driving the explosive growth of the hardware segment are global microgrid initiatives, falling prices for energy storage and alternative energy sources, and an increase in government programs designed to encourage the use of green energy and reduce greenhouse gas emissions (GHG).On the basis of ownership, the global microgrid controller market is segmented into private and public. Among these, the private segment is witnessing significant CAGR growth over the forecast period, due to the rising demand for energy alternatives, energy autonomy, and flexibility against power disruptions. Individuals and organizations in the global microgrid controller market that employ microgrid controllers for decentralized renewable energy production and management include private corporations, businesses, and homes.On the basis of application, the global microgrid controller market is segmented into commercial & industrial, remote areas, military, government, utilities, institutes & campuses, healthcare, and others. Among these, the commercial & industrial segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Businesses and industries that employ microgrid controllers to regulate their energy generation and consumption are included in the commercial and industrial section. These businesses might range from small start-ups to large multinationals.This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Microgrid Controller Market based on the below-mentioned segments:
(GlobeNewsWire)