The global microgrid market was valued at USD 18.74 billion in 2017 and is expected to reach USD 33 billion in 2023 with a healthy CAGR of 10.28%.
Rapid digitization has witnessed variations from centralized energy systems to distributed and decentralized energy systems encouraging the application of microgrid systems for energy production. Microgrid systems comprise a network of interconnected loads and distributed energy resources that act as a single compact grid. A number of these compact grids can then be integrated to operate individually or as a hybrid grid. These microgrid systems can improve energy efficiency and reliability of supply, thereby minimizing energy consumption and reducing the environmental impact.
The major factors contributing to the growth of Microgrid Market include the rising global demand for a secure and reliable power supply, industrialization and rapidly growing world population demanding energy storage systems, and convergence of IoT in enhancing microgrid connectivity. As the population increases, the consumption of energy also increases which also gives rise to the need for having a secure and reliable power supply. In addition, the internet of things and its convergence with microgrids to have better energy storage solutions in industrial as well as residential applications is expected to influence the global market. It has been observed that the traditional means of power generation is facing challenges catering to a huge population and growing need for more power in industries. This also increases the cost of power generation. Many governments led organizations are still following traditional methods, due to lack of knowledge about securing legal rights for deploying microgrids.
Considering government initiatives for microgrids, Asia-Pacific and Africa carry a bundle of opportunities for electrification projects in rural areas. In addition, the growing demand for microgrids in military and defense, and healthcare is expected to present opportunities for solution providers in the coming future.
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The prominent players in the microgrid market are — ABB Ltd (Switzerland), General Electric Company (US), Eaton PLC (US), Microgrid Energy LLC (US), Siemens AG (Germany), Power Analytics Corporation (US), S&C Electric Company (US), Schneider Electric (France), Exelon Corporation (US), and Honeywell International Inc. (US). These players focus on expanding their market reach into emerging geographies by merging with companies operating locally in these regions.
Other players in the microgrid market include Pareto Energy Ltd (US), Anbaric Development Partners (US), Tesla Inc. (US), Spirae Inc (US), General MicroGrids Inc. (US), Gram Power (India), Powerhive Inc. (US), Advanced Microgrid Solutions (US), Go Electric (US), Dajie (China).
These players majorly focus on research and development to innovate new products and enhance its performance enabling them to stay competitive in the microgrid market.
By component, the market is segmented into hardware, software, and services. Hardware is further segmented into switchgear, relays, transformers, inverters, uninterrupted power supply (UPS), and others. Services is further segmented into design and implementation service, monitoring & control services, and operations & maintenance services
By type, the market is segmented into off-grid, smart grid, hybrid grid, and others.
By consumption, the market is segmented into urban, semi-urban, rural, and others
By end-user, the market is segmented into healthcare, education, industrial, military & defense, electric utility, and others
The global market for microgrid is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The regional analysis of microgrid market is studied for North America, Europe, Asia-Pacific, and the rest of the world. Among these regions, North America is currently dominating the microgrid market. The US and Canda are relatively advance countries who witnessed early adoption of microgrid solutions in North America. The governments in these countries have identified the need for a reliable and secure energy source which would take off the load from traditional power generation methods.
Further, the rising adoption of automation in industries, healthcare, military, and smart homes is increasing the demand for more power. The current power generation methods are not reliable and result in frequent power failures. Therefore, the microgrid market is expected to grow at a significant rate during the forecast period in North America.
On the other hand, European countries believe in clean and efficient power generation methods. Most of the countries in Europe run on renewable energy. Microgrids present a potential opportunity for various enterprises, industries, and governments in Europe to adopt these solutions for efficient, reliable, and secure power distribution.
The global microgrid market is expected to reach USD 33 billion with a growing compound annual growth rate (CAGR) of 10% during the forecast period 20182023.
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- Technology Investors
- Research/Consultancy Firms
- Original Equipment Manufacturers (OEMs)
- Research Organizations and Consulting Companies
- Power Grid Suppliers
- Electrical Component Manufacturers
- Smart City Solution Providers
- System Integrators
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