Microgridmarket
Microgrid Market Forecasts to 2028 - Global Analysis By Connectivity (Grid Connected and Off Grid), Grid Type (Hybrid, AC Microgrid and DC Microgrid), Power Source, Pattern, Storage Device, Application and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $8.93 BN |
|
Projected Year Value (2028) |
US $20.89 BN |
|
CAGR (2022 - 2028) |
15.21% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Microgrid Market is accounted for $8.93 billion in 2022 and is expected to reach $20.89 billion by 2028 growing at a CAGR of 15.21% during the forecast period. A microgrid is an energy system with connected loads and scattered energy supplies that functions either simultaneously with or independently from the main power grid. It mainly consists of fuel cells, battery storage systems, wind turbine generators, micro turbines, and solar generators to transport electricity from producers to consumers. It increases the reliability and resilience of the electric grid, improves its efficiency and stability, and reduces peak loads, fuel consumption, and congestion. As microgrids are more effective than traditional electrical networks, they may be connected to a range of renewable energy sources, such as solar, small hydro, wind, waste-to-energy, geothermal, and combined heat and power systems.
According to the US Department of Energy, as of 2021, the off-grid microgrid installed capacity was around 4225 MW (4.2GW). By 2040, its energy consumption is predicted to rise by over 56%.
Market Dynamics:
Driver:
Rising usage for rural electricity
The use of microgrids is spreading around the world. They are employed in the creation of resilient networks in grid-connected assets, the remote electrification of remote installations, the support of regional energy communities, and local energy communities. 87% of the population lives in rural or remote areas. Small-scale microgrids may be built, and can offer electricity at a lower cost than conventional grids. This factor can quicken the market's growth.
Restraint:
Instability during oversupply
Microgrid’s ability to operate in an isolated mode presents one of their biggest operational problems. Microgrids must maintain stability while operating with the aid of dispersed energy supplies. Both periods of excess and deficiency in the supply of power can cause instability in microgrids. This may result in the tripping off of a generator and cutting off the microgrid's power source which is hampering the market demand.
Opportunity:
Growing government interference
The market for microgrids for rural electrification is being impacted by the escalating government support and surge in microgrid project execution. Governments from several nations are increasingly funding microgrid initiatives. Several companies may benefit from a dependable, effective power supply owing to microgrid technology, which is also becoming more and more affordable. These government initiatives are predicted to provide development opportunities for the market throughout the projected period.
Threat:
High cost and operational challenges
Microgrid is employed instead of a standard grid, there will be significant installation costs. Microgrids cannot function well without the inclusion of system engineers, monitoring systems, and relays. Microgrids are more expensive than traditional networks because they have the capacity to store, transform, and recycle energy as well as provide higher levels of dependability and power quality. The demand on the market is being hampered by this factor.
Covid-19 Impact
The significant impact of COVID-19 was seen on the expansion of the microgrid market as a result of the disruption of the raw material supply chain and the stifling of activity brought on by socially alienating standards. The market has experienced a decline in revenue as a result of a number of additional causes, including a shortage of qualified personnel to run the technology and the closure of production facilities throughout the globe. Major associations such as SEIA, AEE, ARE and ILSR are taking actions to put microgrid projects back on rails.
The grid connected segment is expected to be the largest during the forecast period
The grid connected segment is estimated to have a lucrative growth, due to its grid resiliency and power quality. Microgrids that are connected to the grid are constructed using a number of generators, distribution networks, and sophisticated controllers. Numerous advantages are provided by these technologies. Furthermore, it reduces the environmental impact that is fueling the segment's development.
The hybrid segment is expected to have the highest CAGR during the forecast period
The hybrid segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its continuous technology developments. The end-user need for dependable power supply and the continued introduction of effective and optimized energy storage technologies are both factors contributing to the growth of the hybrid market. The dynamics of the industry will be positively impacted by ongoing technological advancements for effective remote energy management.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the presence of multiple microgrid companies and government programs. As resiliency options, several fossil-fuelled commercial and industrial (C&I) microgrids are being constructed in North America. The growth in population and electricity usage has also increased the need for energy in this region.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to its high power demand. The low electrification rate, inadequate grid connectivity, and high demand for power in the area are its main contributors. Governments in Asia-Pacific nations intend to support distributed energy generation and microgrids in order to provide electricity to their citizens. In addition, it is anticipated that rapid urbanization and industrialisation in China and India would greatly increase market demand.
Key players in the market
Some of the key players profiled in the Microgrid Market include ABB Ltd, Honeywell International Inc, Toshiba Corporation, Ameresco Inc, S&C Electric Company, ZBB Energy Corporation, GE Digital Energy, Chevron Energy, HOMER Energy LLC, Viridity Energy Inc, Lockheed Martin Corporation, Siemens AG, Microgrid Energy LLC, Power Analytics Corporation, Hitachi Ltd, Schneider Electric SE, Eaton Corporation Plc, Caterpillar Inc, Exelon Corporation and Cummins Inc.
Key Developments:
In May 2022, Siemens Smart Infrastructure has announced an open, modular grid software suite to support energy stakeholders and enable them to be fast, agile and flexible when coping with existing and future challenges.
In January 2022, Ameresco Inc. announced that it had been awarded a microgrid project in Prince Edward Island, Canada. The "Slemon Park Microgrid Project" will be developed by the joint effort of Ameresco and Prince Edward Island Energy Corporation. The project is expected to be completed by the end of 2022. It consists of a 10 MW solar facility with DC-coupled energy storage, and both of them will share the same interconnection.
In November 2021, Hitachi Energy has today launched the next generation of its e-mesh portfolio of energy storage and digital automation solutions. e-meshTM battery energy storage and digital solutions are engineered for fast, modular execution and high renewable penetration.
Connectivities Covered:
• Grid Connected
• Off Grid
Grid Types Covered:
• Hybrid
• AC Microgrid
• DC Microgrid
Power Sources Covered:
• Natural Gas
• Diesel Generators
• Combined Heat & Power
• Solar PV
• Fuel Cell
• Other Power Sources
Patterns Covered:
• Urban/Metropolitan
• Semi Urban
• Rural/Island
Storage Devices Covered:
• Lead Acid
• Lithium-ion
• Flywheels
• Flow Battery
• Other Storage Devices
Applications Covered:
• Educational institutes
• Healthcare
• Utility
• Military
• Industrial/commercial
• Remote Areas
• Government
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Microgrid Market, By Connectivity
5.1 Introduction
5.2 Grid Connected
5.3 Off Grid
6 Global Microgrid Market, By Grid Type
6.1 Introduction
6.2 Hybrid
6.3 AC Microgrid
6.4 DC Microgrid
7 Global Microgrid Market, By Power Source
7.1 Introduction
7.2 Natural Gas
7.3 Diesel Generators
7.4 Combined Heat & Power
7.5 Solar PV
7.6 Fuel Cell
7.7 Other Power Sources
8 Global Microgrid Market, By Pattern
8.1 Introduction
8.2 Urban/Metropolitan
8.3 Semi Urban
8.4 Rural/Island
9 Global Microgrid Market, By Storage Device
9.1 Introduction
9.2 Lead Acid
9.3 Lithium-ion
9.4 Flywheels
9.5 Flow Battery
9.6 Other Storage Devices
10 Global Microgrid Market, By Application
10.1 Introduction
10.2 Educational institutes
10.3 Healthcare
10.4 Utility
10.5 Military
10.6 Industrial/commercial
10.7 Remote Areas
10.8 Government
10.9 Other Applications
11 Global Microgrid Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ABB Ltd
13.2 Honeywell International Inc
13.3 Toshiba Corporation
13.4 Ameresco Inc
13.5 S&C Electric Company
13.6 ZBB Energy Corporation
13.7 GE Digital Energy
13.8 Chevron Energy
13.9 HOMER Energy LLC
13.10 Viridity Energy Inc
13.11 Lockheed Martin Corporation
13.12 Siemens AG
13.13 Microgrid Energy LLC
13.14 Power Analytics Corporation
13.15 Hitachi Ltd
13.16 Schneider Electric SE
13.17 Eaton Corporation Plc
13.18 Caterpillar Inc
13.19 Exelon Corporation
13.20 Cummins Inc
List of Tables
1 Global Microgrid Market Outlook, By Region (2020-2028) ($MN)
2 Global Microgrid Market Outlook, By Connectivity (2020-2028) ($MN)
3 Global Microgrid Market Outlook, By Grid Connected (2020-2028) ($MN)
4 Global Microgrid Market Outlook, By Off Grid (2020-2028) ($MN)
5 Global Microgrid Market Outlook, By Grid Type (2020-2028) ($MN)
6 Global Microgrid Market Outlook, By Hybrid (2020-2028) ($MN)
7 Global Microgrid Market Outlook, By AC Microgrid (2020-2028) ($MN)
8 Global Microgrid Market Outlook, By DC Microgrid (2020-2028) ($MN)
9 Global Microgrid Market Outlook, By Power Source (2020-2028) ($MN)
10 Global Microgrid Market Outlook, By Natural Gas (2020-2028) ($MN)
11 Global Microgrid Market Outlook, By Diesel Generators (2020-2028) ($MN)
12 Global Microgrid Market Outlook, By Combined Heat & Power (2020-2028) ($MN)
13 Global Microgrid Market Outlook, By Solar PV (2020-2028) ($MN)
14 Global Microgrid Market Outlook, By Fuel Cell (2020-2028) ($MN)
15 Global Microgrid Market Outlook, By Other Power Sources (2020-2028) ($MN)
16 Global Microgrid Market Outlook, By Pattern (2020-2028) ($MN)
17 Global Microgrid Market Outlook, By Urban/Metropolitan (2020-2028) ($MN)
18 Global Microgrid Market Outlook, By Semi Urban (2020-2028) ($MN)
19 Global Microgrid Market Outlook, By Rural/Island (2020-2028) ($MN)
20 Global Microgrid Market Outlook, By Storage Device (2020-2028) ($MN)
21 Global Microgrid Market Outlook, By Lead Acid (2020-2028) ($MN)
22 Global Microgrid Market Outlook, By Lithium-ion (2020-2028) ($MN)
23 Global Microgrid Market Outlook, By Flywheels (2020-2028) ($MN)
24 Global Microgrid Market Outlook, By Flow Battery (2020-2028) ($MN)
25 Global Microgrid Market Outlook, By Other Storage Devices (2020-2028) ($MN)
26 Global Microgrid Market Outlook, By Application (2020-2028) ($MN)
27 Global Microgrid Market Outlook, By Educational institutes (2020-2028) ($MN)
28 Global Microgrid Market Outlook, By Healthcare (2020-2028) ($MN)
29 Global Microgrid Market Outlook, By Utility (2020-2028) ($MN)
30 Global Microgrid Market Outlook, By Military (2020-2028) ($MN)
31 Global Microgrid Market Outlook, By Industrial/commercial (2020-2028) ($MN)
32 Global Microgrid Market Outlook, By Remote Areas (2020-2028) ($MN)
33 Global Microgrid Market Outlook, By Government (2020-2028) ($MN)
34 Global Microgrid Market Outlook, By Other Applications (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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