Market Overview
A microgrid is considered a local energy grid that has a controlling ability. It can disconnect from the conventional grid and operate autonomously without support from a centralized grid. The advantage of this grid is reduced harmful emissions, energy-efficient programs, improved features, and cost-efficiency. These features are accelerating the growth of the Microgrid Market.
The growing global demand for a secured and reliable power supply is driving the market. The government's major initiatives concerned with the environment for reducing carbon emissions are one of the primary reasons for boosting the market demand. The massive growth of industrialization and urbanization increases the need for energy storage systems. The inclination towards the IoT to enhance microgrid connectivity is fueling up the market.
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The rise in focus on microgrids and the investment in research and development activities are creating vast opportunities for the Microgrid Market. The improvement of microgrid technology will grow higher in the forecast period due to the rise in power generation using renewable energy resources. The demand for grids to supply electricity in the smallest area is driving the market at the global level.
The Microgrid Market will witness significant growth due to the increase in deployment of a microgrid in the developing countries, which are contributing to the global market growth. The Southeast Asian countries are installing a number of microgrids for their ongoing and upcoming projects. This factor is emerging in the market's value at the global level.
The Microgrid Market has reached a valuation of USD 23.47 Billion in 2020. In the forecast period, it is estimated to achieve USD 47.62 Billion and a CAGR of 12.55 % between 2028 to 2030.
Market Segmentation
The Microgrid Market is segmented into type, component, power source and end-users.
The type segment of the Microgrid Market is fragmented into grind connected and off-grid. The component segment is bifurcated into hardware, software and services. The power source of the market is categorized into natural gas, solar PV, diesel and fuel cell. The end-users section of the market is classified into industrial and healthcare.
Regional Analysis
According to the regional report, the Microgrid Market is noticing significant growth in prominent continents such as the North American region, Europe, Asia Pacific, and other world regions.
North America is expected to achieve a favourable growth rate in the forecast period due to the presence of high-end industrial players in the region.
The Asia Pacific will acquire a steady CAGR and is projected to register the highest CAGR growth during the forecast period. It is considered a rapidly growing region due to the high rate of rural electrification in developing countries such as Malaysia, India, and the Philippines. The unelectrified islands in countries like Indonesia and the Philippines lack electricity infrastructure, and further demand for cost-efficient microgrids in the APAC region.
Key Players
Exelon Corporation (US), S&C Electric (US), ABB (Switzerland), GE (US), Eaton (Ireland), Schneider Electric (France), Honeywell (US), Power Analytics Corporation (US), Microgrid Energy LLC (US) are the prominent industrial players of US.
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Industry News
In April 2021, Hitachi ABB Power Grids launched EconiQ™ and the portfolio of products, services and solutions to deliver exceptional environmental performance. With EconiQ, the company will reinforce its commitment to a carbon-neutral energy future.
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