Global Market for Microgrid is Anticipated to grow at a Significant Pace i.e., USD 43.4 Billion during the Forecast Period 2021-2027

Published Date: Mar, 2022

The global microgrid market is anticipated to grow at a rapid pace i.e. 11.6% CAGR during the forecast period owing to rising global demand for clean energy generation and provides a self-sufficient source of power generation during crisis or grid disconnection. Microgrids can be utilised as a backup or supplemental power source for major grids in order to meet end customers' rising electricity demands. The increased need for proper electrification in the emerging economies, rising dissemination of distributed energy resources (DER’s) owing to robust commercial and industrial development, sectors like military & research needs a secure network along with 24*7 power supply which can be offered by microgrids owing to its functioning under Island mode and independent of external power and transmissions, thus foster the industry landscape. Also, cut in transmission losses, robust usage of software among several end-user verticals like commercial, government, industrial, and healthcare so as to manage and control distributed energy resources, integrates weather, and load forecasting will bolster the growth of the market.

In October 2021, Eaton, a power management company, and Enel X, the Enel Group's advanced energy services business line, announced that they will collaborate on a second microgrid project in Puerto Rico. The projects will lower demand for regional energy infrastructure, allow Eaton to use more renewable energy in production, and improve Eaton's energy resilience.

The COVID-19 outbreak has substantially impacted the growth of the global microgrid market due to the lack of skilled professional in operating the technology and temporary shutdown of manufacturing unite worldwide.

Browse 80 market data Tables and 50 Figures spread through 300 Pages and in-depth TOC on " Microgrid Market by Offering (Hardware, Software, and Services), by Type (AC Microgrids, DC Microgrids, and Hybrid), by Connectivity (Grid Connected and Off-Grid Connected), by Storage Device (Lithium-Ion, Lead Acid, Flow Batteries, and Flywheel), by Power (Combined Heat & Power (CHP), Solar Photovoltaic, Natural Gas, Fuel Cell, and Diesel), by End Use (Utilities, Commercial & Industrial, Institutes & Campuses, Military, Remote, Government, and Healthcare), and Region - Global Forecast to 2027"

By end use, the remote segment contributes to the largest share in the microgrid market.

The remote segment contributes to the largest share in the global microgrid market owing to increased demand for microgrids for rural electrification, support from government and surging microgrid projects in remote areas. Thus, the increased demand for microgrids in remote areas to transmit power and manage and control distributed energy resources will drive the growth of the segment.

Global Microgrid Market Segmentation Analysis

Segment

Categorization

Leading Category

Offering

Hardware, Software, and Services

Hardware (Largest)

Type

AC Microgrids, DC Microgrids, and Hybrid

AC Microgrids

(High CAGR)

Connectivity

Grid Connected and Off-Grid Connected

Grid Connected (Largest)

Storage Device

Lithium-Ion, Lead Acid, Flow Batteries, and Flywheel

Lithium-Ion

(High CAGR)

 

Power

Combined Heat & Power (CHP), Solar Photovoltaic, Natural Gas, Fuel Cell, and Diesel

Combined Heat & Power (CHP)

(Largest)

Fuel Cell (Fastest)

 

End Use

Utilities, Commercial & Industrial, Institutes & Campuses, Military, Remote, Government, and Healthcare

Remote (Largest)

Commercial & Industrial

(High CAGR)

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America

(Largest)

Asia-Pacific

(High CAGR)

 

Discover More About This Report, Download A Free Sample Copy of Global Microgrid Market

“Asia-Pacific is anticipated to have high CAGR in the Microgrid Market during 2021-2027.”

Asia-Pacific is estimated to have a high CAGR during 2021-2027 owing to increased favorable norms and incentives by several countries so as to increase the adoption of sustainable energy mix globally will propel the growth in the region. Moreover, the need for technology will be fueled by regional carbon emission objectives and an increase in the use of stand-alone power sources.

Some of the major players in the global microgrid market include ABB, Hitachi Energy Ltd., General Electric, Eaton, Siemens, Schneider Electric, Honeywell International Inc., HOMER Energy (Acquired by UL LLC), S&C Electric Company, and General Microgrids.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Offering, Type, Connectivity, Storage Device, Power, End Use, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

ABB, Hitachi Energy Ltd., General Electric, Eaton, Siemens, Schneider Electric, Honeywell International Inc., HOMER Energy (Acquired by UL LLC), S&C Electric Company, and General Microgrids

Global Microgrid Market Coverage

Offering Insight and Forecast 2015-2027

  • Hardware
  • Software
  • Services

Type Insight and Forecast 2015-2027

  • AC Microgrids
  • DC Microgrids
  • Hybrid

Connectivity Insight and Forecast 2015-2027

  • Grid Connected
  • Off-Grid Connected

Storage Device Insight and Forecast 2015-2027

  • Lithium-Ion
  • Lead Acid
  • Flow Batteries
  • Flywheel

Power Insight and Forecast 2015-2027

  • Combined Heat & Power (CHP)
  • Solar Photovoltaic
  • Natural Gas
  • Fuel Cell
  • Diesel

End Use Insight and Forecast 2015-2027

  • Utilities
  • Commercial & Industrial
  • Institutes & Campuses
  • Military
  • Remote
  • Government
  • Healthcare

Geographical Segmentation

Microgrid Market by Region

North America

  • By Offering
  • By Type
  • By Connectivity
  • By Storage Device
  • By Power
  • By End Use
  • By Country – U.S., Canada, and Mexico

Europe

  • By Offering
  • By Type
  • By Connectivity
  • By Storage Device
  • By Power
  • By End Use
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Offering
  • By Type
  • By Connectivity
  • By Storage Device
  • By Power
  • By End Use
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Offering
  • By Type
  • By Connectivity
  • By Storage Device
  • By Power
  • By End Use
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries