Microgrid Control System Market | Exactitude Consultancy Reports
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Microgrid Control System Market Overview
The microgrid control system market is expected to grow at 22.3% CAGR from 2022 to 2029. It is expected to reach above USD 118.52 billion by 2029 from USD 23.68 billion in 2020.
Microgrid control system (MCS) enables distribution grid operators to integrate and optimise energy assets to reduce a local distribution grid’s overall energy cost. It is a microcosm of the larger energy network, but on a smaller scale. The microgrid control system ensures a consistent supply of electricity without the risk of a blackout. It distributes the load and helps to support the main grid. The integration of various DERs into the power grid accelerated the development of microgrids, and as a result, the system experienced a technological boom following the high penetration of distributed energy resources into power systems.
Segment Analysis
The microgrid control system is segmented on the basis of connectivity, offering, end-Use application and region.
Based on connectivity the market is divided into two categories, grid connected, and off-grid connected. The grid-connected network is typically implemented to provide energy in addition to the end-user. The grid network’s slow cost has enabled homeowners to meet their power-related needs. Off-grid connected segment is expected to become the largest holder by 2029 due to electrification in rural areas because they are self-sufficient and provide power security.
The market is divided into two categories based on offering: software and hardware. Hardware components with all physical components are expected to dominate the market in the coming years, and large power plants such as the manufacturing, oil and gas sector, chemical, and mining sectors have already begun to capitalize on the effectiveness of the hardware component.
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