According to the latest market research report "Microgrid Controller Market by Connectivity (Grid connected & Remote), Offering (Hardware, Software, and Services), Vertical (Government, Utilities, Commercial, Military & Defense, Healthcare) and Geography - Global Forecast to 2024", The microgrid controller market is expected to grow from USD 6.1 billion in 2019 to USD 12.6 billion by 2024, at a CAGR of 15.65% during the forecast period. One of the major driving factors for the microgrid controller market’s growth is the rising adoption of microgrids for reliable and secure power supply.

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“Market for software required in microgrid controller systems is expected to grow at the highest CAGR during the forecast period.”

The microgrid controller system market by offering includes hardware, software, and services. The market for the software segment is expected to grow at the highest CAGR during the forecast period. This growth is due to its crucial role in monitoring, prediction, managing, and optimization of energy supply and demand for a microgrid network.

“Microgrid controller market for grid connected microgrids is expected to grow at a higher CAGR during the forecast period.”

Microgrid controllers operate in 2 modes: isolated or grid connected. Isolated microgrids are designed to operate independently, without connection with the main grid. Grid connected microgrids have higher reliability than isolated microgrids as these are connected to main utility grids. Thus, grid connected microgrids are expected to grow at a higher CAGR during the forecast period.

“By vertical, the military & defense segment is expected to account for the largest share of the microgrid controller market during the forecast period.”

The defense sector has been the major adopter of microgrid technology that allows buildings or bases to stay functioning on its own power when the grid goes down. From big players such as General Electric (US), Lockheed Martin (US), Boeing (US), and Honeywell (US) to small specialty technology firms such as Spirae (US) and Power Analytics (US) cater microgrid solutions to this vertical.

Microgrid controller market in APAC is expected to grow at the highest CAGR from 2019 to 2024.

Globally, the microgrid controller market in APAC is expected to grow at the highest CAGR during the forecast period. APAC is one of the most important potential markets for microgrid controller systems. The region’s electricity demand is growing faster than the expansion of conventional electricity grids. The development of the industrial sector and power infrastructure in several of the region’s countries provide significant growth opportunities to local as well as global market players.

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Schneider Electric (France), General Electric (US), ABB (US), Siemens (Germany), Schweitzer Engineering Laboratories (US), Eaton Corporation (Ireland), Honeywell International (US), Lockheed Martin (US), S&C Electric (US), and Power Analytics (US) are the major players in the microgrid controller market.