The global microgrid market is expected to reach USD 17.51 billion by 2025, growing at a CAGR of 17.0%. The improvement in manufacturing sectors of the developing markets such as Mexico, India, and China is a result of favorable government policies. This has attracted international investments and is projected to promote market growth.
Major hindrance and disruption in the supply chain due to the Covid-19-induced workforce restrictions and shutdowns have affected the microgrid market. India imports 80% of clean energy solutions and the closing of industries has affected the target dates. The Indian Ministry of New and Renewable Energy (MNRE) had extended the deadlines of activities proposed under the ‘One Sun One World One Grid (OSOWOG)’. The OSOWOG aims at interconnecting the power transmission grids in the countries of South Asia, the Middle East, and Southeast Asia.
Microgrid Market Report Highlights
• Based on power source, fuel cell is anticipated to foresee a CAGR of 25.1% from 2017 to 2025. This can be attributed to the superior ability of fuel cells to operate at high temperatures with negligible electrolytic loss
• Based on products, grid-connected products market was valued at USD 2.17 billion in 2016 and is gaining popularity due to its ability to reduce transmission losses
• Based on region, North America dominated the overall market and accounted for 71.9% of global volume share in 2016. This can be factored to the high adoption rate of captive power generation methods in the U.S. industrial and municipal sectors
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Microgrid Market Segmentation
Grand View Research has segmented the global microgrid market on the basis of power source, product, application, and region:
Microgrid Power Source Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)
• Natural Gas
• Solar PV
• Fuel Cell
Microgrid Product Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)
Microgrid Application Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)
Microgrid Regional Outlook (Volume, MW; Revenue, USD Million; 2014 – 2025)
• North America
• The U.S.
• Asia Pacific
• Central and South America
• Middle East & Africa
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