The global microgrid control system market will record a 13.01% growth between 2018 and 2023, according to a recent study by Markets and Markets.
The research firm predicts revenue generation within the market to increase from $2 billion to $3.6 billion during the forecast period.
Factors driving the market growth include increasing demand for reliable and secure power supply, increasing government investments on microgrids and the growing adoption of renewable energy sources.
The need to reduce carbon emissions, efforts to address consumer energy poverty, and advancements in IoT and communication technologies is expected to positively impact on the market.
The global demand for microgrid control systems is a result of their ability to ensure redundant energy distribution, local power generation, intelligence and automated energy systems and their ability to disconnect/island the microgrid from the macrogrid. Their use results in limited power outages. Read more: Stakeholder participation in global microgrid market
On the other hand, governmental laws and regulation uncertainty, cybersecurity issues, and the high installation and maintenance costs of microgrid control systems
Read more on the report here.
This article was featured on our sister website Smart Energy International.