Fintech PR

Microgrid Controller Market worth $18.7 billion by 2029 – Exclusive Report by MarketsandMarkets™

Published

8 months ago

March 22, 2024

CHICAGO, March 22, 2024 /PRNewswire/ — The microgrid controller market is expected to reach USD 18.7 billion by 2029 from USD 6.8 billion in 2024, at a CAGR of 22.6% during the 2024-2029 period according to a new report by MarketsandMarkets™. Various companies are investing in microgrid controller which gives an opportunity for growth in the microgrid controller market. The microgrid controller market is continuously developing, with the presence of multiple players. Americas is likely to contribute significantly to the growth of the microgrid controller market. Similarly, the Asia Pacific, RoW and Europe regions are expected to be the growing market for the forecasted period.

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Browse in-depth TOC on “Microgrid Controller Market” 159 – Tables
60 – Figures
225 – Pages

Microgrid Controller Market Report Scope:
Report Coverage	Details
Market Revenue in 2024	$ 6.8 billion Advertisement
Estimated Value by 2029	$ 18.7 billion
Growth Rate	Poised to grow at a CAGR of 22.6%
Market Size Available for	2020–2029
Forecast Period	2024–2029
Forecast Units	Value (USD Million/Billion) Advertisement
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Connectivity, Offering, End User and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Technological, operational, and security risks associated with microgrids
Key Market Opportunities	Increasing energy consumption and growing need for renewable energy in Asia Pacific Advertisement
Key Market Drivers	Increasing demand for reliable, uninterrupted power supply

Grid-connected microgrid controller is expected to have the largest market share in the forecast period.

The grid-connected segment leads the microgrid controller market. These microgrids contribute to grid resilience, enhance power quality, and exhibit minimal environmental impact. They are typically linked to large utility grids and serve diverse areas ranging from small residential clusters to expansive installations like military bases. Power transmission in grid-connected microgrids relies on the main grids; hence, any disruptions to these grids affect overall power transmission networks.

Solar PV technology predominantly powers grid-connected microgrids, which encompass multiple generators, distribution systems, and advanced controls. These microgrids draw on the main power grid for primary energy supply, balance, and backup. Grid-connected microgrids offer more reliable power generation than remote/island microgrids, as they can generate power within their distribution circuits and import it from utility sources.

The microgrid market in the Americas is growing rapidly due to the increase of distributed energy plants and the decrease in energy storage costs. This growth is particularly noticeable in the US. Grid-connected microgrids facilitate renewable energy integration without extensive upgrades, thereby enhancing energy efficiency, resilience, and curbing carbon emissions.

Software & Services offering of the microgrid controller market is predicted to register the highest CAGR in the forecast period.

Microgrid controllers, pivotal in optimizing and managing microgrids, rely on sophisticated software as their core control logic, programmed to enhance power system availability and reduce energy consumption. This software facilitates monitoring, prediction, management, and optimization of energy supply and demand within the microgrid network. To ensure efficiency, proper communication among microgrid hardware components, including generators, wind turbines, solar arrays, and energy storage devices, is essential. Microgrid controller software is purpose-built to integrate these components, enabling efficient interaction and control over energy generation, storage, and consumption.

Service offerings for microgrid controllers encompass feasibility studies, system design, generation optimizer configuration, integration, commissioning support, and training, with regular system check-ups ensuring operational success and compliance with evolving cybersecurity standards. Engineering, monitoring, and maintenance services are pivotal for the effective adoption and development of microgrids, with local involvement promoted through technician training and collaboration with local organizations. Artificial intelligence (AI) presents an innovative avenue for enhancing microgrid maintenance, offering the potential to track, predict, and visualize maintenance needs using machine learning techniques. The energy-as-a-service (EaaS) business model introduces new opportunities in the microgrid controller market, allowing customers to access energy services without upfront capital investments and tailoring agreements to individual energy needs, goals, and local regulations, with fees based on usage, alleviating risk for the microgrid host.

In May 2023, Schneider Electric (France) launched its EcoStruxure Microgrid Flex, which represents a pioneering, standardized microgrid solution aimed at substantially shortening project timelines, thereby enhancing the system’s return on investment.

Growing initiatives for energy and sustainable development in smart cities.

Smart cities represent a groundbreaking approach to urban management aimed at enhancing sustainability and improving residents’ quality of life. As metropolitan populations continue to burgeon and the costs associated with ensuring a reliable power supply rise, the modernization of power delivery becomes imperative. However, the mere replacement of outdated components with new ones is insufficient. The investments made must also address the integration of larger proportions of renewable energy while meeting the heightened demand for reliability and resilience from energy consumers and businesses.

To tackle these challenges, innovative tools such as intelligent energy storage, smart grids, consumer demand response management (DRM), Internet of Things (IoT) technology, and microgrids are being deployed. Among these, microgrid controllers stand out as crucial assets driving the advancement of smart cities. These controllers are instrumental in optimizing energy usage within urban environments, thereby promoting sustainability and environmental responsibility. Leveraging advanced control algorithms and real-time data analytics, microgrid controllers enable the efficient distribution and utilization of energy resources, minimizing waste and enhancing operational efficiency.

Moreover, microgrid controllers play a significant role in achieving emissions reduction goals by facilitating the seamless integration of renewable energy sources into urban energy infrastructure. Through intelligent management of solar, wind, and other clean energy assets, these controllers reduce reliance on fossil fuels, thereby mitigating environmental impact and fostering the transition toward a low-carbon economy. In essence, microgrid controllers are pivotal tools in driving the evolution of smart cities towards greener, more efficient, and sustainable urban landscapes.

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Microgrid controller market for the Asia Pacific region to register the highest CAGR between 2024 and 2029 forecast.

The Asia Pacific region is predicted to register the highest CAGR in the forecast period. Notably, industries like semiconductors & consumer electronics, automotive, metals & mining, and healthcare exhibit robust adoption rates of microgrids within the region. The proliferation of semiconductor and consumer electronics manufacturing facilities, led by key players like TSMC, Samsung, and Sony, is a significant driver of market growth. Key adopters of microgrid technology in Asia Pacific include China, Australia, India, Singapore, and other Southeast Asian nations.

The Asia Pacific microgrid controller industry is forecasted to experience the most rapid growth during the projection period. Analysis of the market encompasses Australia, China, Japan, and the rest of Asia Pacific. In July 2020, Canopy Power entered into a strategic partnership with EDF to jointly develop renewable energy microgrids in Asia. Growth in this region is propelled by extensive rural electrification efforts observed in economies like India, Malaysia, and the Philippines. Moreover, the inadequacy of electricity infrastructure in emerging markets, coupled with the geographical makeup of island nations such as Indonesia and the Philippines, has spurred a rising demand for economical microgrid solutions. These factors are poised to significantly bolster the growth of the microgrid controller market in the Asia Pacific region throughout the forecast period.

Key Players

The report profiles major players in the microgrid controller companies are Schneider Electric (France), General Electric (US), ABB (Switzerland), Siemens (Germany), Eaton (Ireland), Schweitzer Engineering Laboratories, Inc. (US), Honeywell International Inc. (US), Caterpillar (US), S&C Electric Company (US), Power Analytics Corporation (US), Cummins Inc. (US), Tesla Energy (US), Emerson Electric Co. (US), HOMER Energy (US), Hitachi Energy Ltd. (Switzerland), Pareto Energy (US), Encorp (US), Powerhive (Kenya), Enchanted Rock (US), AutoGrid Systems, Inc. (US), Heila Technologies (US), Ameresco, Inc. (US), PowerSecure, Inc. (US), Canopy Power (Singapore), Scale Microgrid Solutions LLC (US), and Spirae, LLC (US).

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Fintech PR

Joe Depa named as EY Global Chief Innovation Officer to lead its global innovation strategy

Published

7 hours ago

November 26, 2024

CISION (PR Newswire)

joe-depa-named-as-ey-global-chief-innovation-officer-to-lead-its-global-innovation-strategy

Depa will lead on the discovery and deployment of emerging technologies to help address business challenges and shape the future with confidence
Brings deep experience in identifying new ways that can practically help business transformation through an innovation mindset and culture shift

LONDON, Nov. 26, 2024 /PRNewswire/ — The EY organization announces today the appointment of Joe Depa as the new EY Global Chief Innovation Officer, effective immediately. Within this role, he will spearhead applied innovation to help improve service delivery and guide EY teams to address and solve business challenges.

Depa joins the EY organization at a pivotal moment, as a range of emerging technologies are reshaping businesses and industries, creating a multitude of new challenges and opportunities. To keep pace, the EY organization is continuing to make significant investments in areas such as artificial intelligence (AI), quantum computing and blockchain, and most recently formed the EY.ai Global AI Advisory Council.

In his new role, Depa will be leading the organization’s global innovation strategy. This will include overseeing efforts to successfully implement emerging technologies for tangible business applications, both internally and across work of EY member firms with clients.

Raj Sharma, EY Global Managing Partner of Growth and Innovation, says:

“At this time of constant disruption, success would require a forward-thinking approach and willingness to make bold decisions, which are at the heart of an innovative mindset. We’re thrilled to have Joe’s deep experience and knowledge around AI and data to lead on our strategic approach to innovation so that EY teams can help clients shape their future more confidently.”

Throughout the last decade, Depa has worked closely with C-suite leaders and boards to bring innovative products and services to market, improve client and employee experiences, and help enhance operational efficiencies through technology. Most recently, he served as the inaugural Chief Data and AI Officer at a leading university and health care organization. At the university, he helped to promote AI literacy, launch a responsible AI governance program and enable a secure data foundation. Prior to that, he acted as Senior Managing Director and Global Lead for Data and AI at a global multinational professional services company, where he led a team of AI strategists and data engineers in developing and implementing new products and services.

Joe Depa, EY Global Chief Innovation Officer, says:

“I’m truly excited to join an organization that is ‘All in’ on its commitment to the transformative potential of emerging technologies. I look forward to working with the EY teams and clients to help empower them to apply innovation in bold, new ways that help create value for clients through data, AI and emerging technologies to make the world a better place.”

A renowned thought leader in the field of AI, Depa has been recognized as one of the “Top 50 Global Leaders” by World Summit AI and has received Fast Company’s “World Changing Idea” award, among other accolades.

For more information, visit: ey.com.

About EY

EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

All in to shape the future with confidence.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

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Fintech

Fintech Pulse: A Daily Dive into Industry Innovations and Developments

Published

9 hours ago

November 26, 2024

Peter Tolan

fintech-pulse:-a-daily-dive-into-industry-innovations-and-developments

The financial technology sector continues to evolve at a rapid pace, offering innovations that disrupt traditional paradigms. Today’s briefing underscores fintech’s diverse growth avenues: from substantial venture capital plays and strategic partnerships to groundbreaking implementations in lending. Here’s a closer look at recent developments shaping the landscape.

Synapse’s Comeback and Andreessen Horowitz’s Strategic Bet

Source: Axios
Synapse, a financial infrastructure company previously embattled by controversy, is staging a remarkable comeback, backed by none other than venture capital heavyweight Andreessen Horowitz (a16z). With this new infusion of funds, Synapse aims to consolidate its position as a premier platform for building financial services tools.

This resurgence demonstrates the resilience of the fintech ecosystem, where innovation often prevails over turbulence. Synapse’s renewed vigor also signals that top-tier investors remain bullish on infrastructural solutions pivotal to the future of digital finance. Andreessen Horowitz’s participation not only validates Synapse’s model but also underscores the VC giant’s enduring interest in fintech infrastructure, even amid global economic uncertainties.

Analysis:
This partnership exemplifies the dynamism within fintech, highlighting the interplay of innovation, capital, and resilience. It also raises questions about the broader implications of giving second chances to firms with turbulent histories. While Synapse’s evolution could inspire others, it also places a spotlight on governance and accountability in high-growth sectors.

Israel’s Fintech Scene Gets a Boost with Investment in Finova Capital

Source: Calcalistech
Israeli fintech startup Finova Capital has raised an impressive $20 million in a funding round led by prominent institutional investors. This marks a significant milestone for the company as it seeks to expand its suite of financial solutions aimed at underserved markets.

Israel’s fintech ecosystem has long been recognized as a hub of innovation, and this latest investment only reinforces its global standing. Finova Capital’s focus on empowering smaller businesses and fostering financial inclusivity aligns with emerging trends where tech-driven solutions bridge critical gaps in financial services.

Analysis:
With this funding, Finova is poised to enhance its technological offerings while contributing to economic inclusion. However, the broader fintech industry will watch closely to see how the company leverages this capital amid increasing competition from regional and global players.

India’s Yubi Plans a Fundraising Push

Source: Bloomberg
Yubi, a prominent Indian fintech platform backed by Insight Partners, is reportedly preparing for a new fundraising round. Having already established itself as a leader in credit infrastructure, Yubi aims to bolster its offerings and expand its market footprint.

India’s fintech landscape is witnessing explosive growth, with platforms like Yubi playing a critical role in the credit ecosystem. Yubi’s planned fundraising reflects the broader appetite for scaling solutions that streamline credit access, particularly in emerging markets where traditional lending models often fall short.

Analysis:
This development highlights two key trends: the increasing reliance on credit platforms in high-growth economies and the strategic role of international investors like Insight Partners in driving fintech innovation. Yubi’s expansion plans could set a precedent for other regional fintech players seeking to scale amid global economic headwinds.

Provenir and Hastings Financial Services Win Global Recognition

Source: Business Wire
In a testament to the transformative power of digital lending solutions, Provenir and Hastings Financial Services have been jointly recognized for the Best Digital Lending Implementation at the IBSi Global Fintech Innovation Awards. This accolade underscores the success of their collaboration in modernizing the lending process through cutting-edge technology.

Provenir’s advanced decision-making platform and Hastings Financial Services’ lending expertise have delivered a solution that significantly enhances user experience, operational efficiency, and risk management. Such innovations highlight the increasing role of partnerships in advancing fintech’s digital transformation.

Analysis:
This recognition not only validates the efficacy of digital lending but also emphasizes the importance of partnerships in driving innovation. It signals to the industry that collaboration can be a powerful tool for staying ahead in a rapidly evolving marketplace.

Microf and Quantum Financial Technologies Forge New Alliances

Source: PR Newswire
Microf, a financial solutions provider, has announced a strategic partnership with Quantum Financial Technologies. This collaboration aims to expand lending solutions for contractors, providing streamlined access to capital for businesses in need of flexible financing options.

This partnership is a timely response to the growing demand for specialized financial products in niche markets. By leveraging Quantum’s technology, Microf can now offer more tailored solutions, particularly to contractors navigating complex financial requirements.

Analysis:
This development reflects a growing trend: the diversification of fintech offerings to serve specific market segments. As competition in mainstream fintech intensifies, targeting underserved niches could become a defining strategy for success.

Key Takeaways for the Fintech Ecosystem

Resilience in Fintech Funding: Despite economic uncertainties, venture capital continues to fuel innovative fintech players like Synapse and Finova Capital.
Regional Growth Stories: From Israel to India, fintech ecosystems are thriving, attracting global attention and investment.
Collaboration as a Catalyst: The success of partnerships like Provenir-Hastings and Microf-Quantum underscores the importance of strategic alliances.
The Power of Recognition: Awards like the IBSi Fintech Innovation Awards validate industry achievements, inspiring others to push the envelope.
Focus on Inclusion: Whether through credit platforms or lending solutions, fintech is playing a pivotal role in fostering financial inclusivity worldwide.

Looking Ahead: Challenges and Opportunities

The fintech sector’s journey is far from linear. Regulatory complexities, technological disruptions, and market volatility remain persistent challenges. However, as seen in today’s developments, the opportunities far outweigh the risks. By prioritizing innovation, collaboration, and inclusivity, fintech players can navigate the complexities of the global financial landscape.

This moment in fintech history is pivotal. It’s a time for bold decisions, strategic partnerships, and a commitment to bridging financial divides. As industry players rise to the occasion, the road ahead promises a future where technology and finance intertwine to empower individuals and businesses alike.

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Fintech PR

BIZCLIK MEDIA LAUNCHES DECEMBER EDITION OF FINTECH MAGAZINE

Published

10 hours ago

November 26, 2024

CISION (PR Newswire)

The December edition of FinTech Magazine includes interviews with leading experts and executives from Alipay+, Marqeta & Flyfish

LONDON, Nov. 26, 2024 /PRNewswire/ — BizClik, the UK’s fastest-growing publishing company, has released the latest edition of FinTech Magazine.This publication is highly regarded by voices within the Financial Sector for its in-depth reports and interviews with prominent figures in the industry.

FinTech Magazine

This month’s edition features an exclusive lead interview with Flyfish C-Suite, Savvas Pashias, Shay Merary and Michael Zetser on how they have developed a platform for SMEs to access banking services, as traditional infrastructure struggles to meet increasing cross-border needs.

“The UniFi platform is inherently scalable, designed to growin line with a company’s expansion and service requirements” – Michael Zetser, CEO, Flyfish

The edition also contains extensive interviews with key thought leaders from Marqeta, Sidekick, PayU and more. Plus the Top 10: Decacorns

You can visit FinTech Magazine for daily news and analysis of the ever-changing financial industry.

About BizClik

BizClik is one of the fastest-growing digital media companies in the UK, host to a growing portfolio of industry-leading global brands and communities.

BizClik’s expanding portfolio includes Technology, AI, FinTech, InsurTech, Supply Chain, Procurement, Energy, Mining, Manufacturing, Healthcare, Mobile, Data Centre, Cyber, and Sustainability.

For more information, please visit our website.

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