A new report exploring the global microgrid controller market has been published.
The report points out the possibility of the market recording a 16.7% growth between 2017 and 2026.
Revenue generation is expected to increase from $4.67 billion to $18.84 billion during the forecast period.
Factors driving the growth of the market include:
- Huge investments from the government for microgrid projects
- The shift towards renewable energy sources
- Improvement in the efficiency of microgrids
- Modernisation of infrastructure by global cities to possess smart city capabilities
On the other hand, the high price of microgrid controllers and stringent government regulations are hampering the growth of the market.
Microgrid controllers consist of hardware, software, and services.
The hardware segment which includes generation optimisers, local controllers, supervisory controllers, communications network, and human-machine interfaces is expected to generate the highest revenue.
On the software segment, the connected grid sector is expected to propel the market as utilities will focus more on connecting with main grid networks.
By geography, Asia Pacific region is anticipated to grow due to the development of the industrial sector and power infrastructure in several of the region's countries.
For more information about the report, visit "Microgrid Controller - Global Market Outlook (2017-2026)"