All updated as on -
It was predicted that by 2022, the global market for microgrids would be worth $20.37 billion. Forecasts place the Microgrid market at USD 60.25 billion by 2030, up from an estimated USD 24.78 billion in 2022. This works out to a rate of growth of 12.24% each year on average. Over the forecast period, demand for secure and reliable power is likely to grow, propelling the industry forward.
A microgrid is an autonomous, decentralised electrical grid that provides power to a small geographic area such as a hospital, university, or business district. It can function independently of a centralised grid. In addition to operating independently, a smart microgrid can also communicate with the larger electrical grid for backup power. It aids in the reduction of hazardous emissions, which in turn leads to the most efficient use of renewable resources and the most stable, long-term energy costs. The microgrid market is predicted to increase as a result of rising need for safe and consistent power supply in commercial and industrial sectors around the world and government attempts to minimise carbon footprint. The fast adoption of software to manage and regulate distributed energy resources with integrated weather and load forecasts by various end-user segments such as commercial, industrial, government, and healthcare is also projected to fuel the market over the forecast period. The rising focus on decarbonization by end users and governments, the spike in the use of microgrids for rural electrification, and the growing requirement for reliable uninterrupted power supply are all factors that are driving the expansion of the microgrid market. In addition, the increasing frequency of cyberattacks against energy systems and government measures to promote the development of microgrids will fuel the industry's rapid expansion in the near future.
To realise the smart grid's potential, the next generation of electrical infrastructure will need to be flexible, easily accessible, consistently reliable, and commercially profitable. Efforts to reduce GHG emissions have shifted the focus of research towards alternative microgrid topologies or designs to minimising the likelihood of mechanical failure. Use of renewable energy sources and rising environmental consciousness are also giving rise to promising new commercial opportunities. This has led to an increase in the popularity of RES such as solar, wind, and other distributed energy resources. Hybrid microgrid networks are expected to be primarily driven by the rising need for combined or hybrid integrated grid networks. Most CHP facilities also make use of other cutting-edge technologies, such as solar photovoltaic and battery storage. In most cases, continuous microgrids rely on CH as a source of baseload power and thermal energy.
Market leaders are spending much on research and development to broaden their product lines and fuel the industry's continued growth. Market participants are engaging in a wide range of strategic initiatives to increase their worldwide footprint in response to substantial developments in the sector, such as the launch of new goods, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies. Competition in the microgrid industry is tough, and the market is expanding, therefore businesses must offer competitively priced solutions to thrive. Businesses in the Microgrid sector are increasingly turning to local production as a means of cutting costs and expanding their customer base. The greatest notable advancements in medicine have recently come from the influence of the market. A number of major corporations are investing in research and development to increase demand in their respective markets.
ABB is a global technology leader in industrial electrification, automation, robotics, and digitalization. Its four primary economic sectors are electrical engineering, process automation, mechanical engineering (including motion and robotics), and discrete automation. The electrification company provides a wide variety of goods, including modular substation packages, distribution automation products, switchgear, circuit breakers, measuring and sensing equipment, control products, solar power solutions, EV charging infrastructure, wire accessories, and enclosures and cabling systems. The Process Automation department offers several options for maritime and turbocharging applications in addition to integrated safety technology, human-machine interfaces (HMI), measurement and analytics solutions, turnkey engineering, control technologies, software, and lifecycle services. The Motion division provides products including electric motors, generators, and mechanical power transfer devices. The Robotics and Discrete Automation division provides a wide range of products and services, including industrial robots, software, application solutions, engineering systems, and more.
In 2022, grid-connected products made up more than 64.0% of the global market and generated the lion's share of revenue. Smart micro-grid-connected PV systems are becoming increasingly popular as a means of supplying electricity to consumers while minimising losses in transmission. North Power Systems has, for the past few years, made use of technology that allows their wind turbines to work in tandem with solar PV, diesel gensets, and other microgrid power sources. Grid initiatives in Hawaii, Alaska, the Bahamas, and Antarctica have all made use of this hybrid technology. Grid In both suburban and city settings, where connecting to the main grid is difficult or impossible, connected microgrids are gaining popularity. Microgrids that are connected to the larger power grid have seen rapid expansion alongside the popularity of distributed energy sources like solar panels and batteries. In addition, microgrids are on the rise as municipalities seek means to lessen their carbon footprint and become less reliant on external power sources. As the military searches for alternatives to traditional fuel sources, defence microgrids are also rising in favour. It is a common practise in developing countries to employ remote microgrids to bring electricity to outlying regions.
Report Coverage
Global Microgrid research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Microgrid report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Microgrid competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Microgrid market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Microgrid market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Microgrid market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB, GE, Eaton, Schneider Electric, Honeywell, Caterpillar, S&C Electric, Power Analytics Corporation, Siemens, Microgrid Energy
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Microgrid market based on the below-mentioned segments:
Global Microgrid Market, By Type
Grid Connected
Off-Grid
Global Microgrid market, By Component
Hardware
Software
Services
Global Microgrid Market, By End User
Industrial
Healthcare
Global Microgrid market, Regional Analysis
A microgrid is an autonomous, decentralised electrical grid that provides power to a small geographic area such as a hospital, university, or business district. It can function independently of a centralised grid. In addition to operating independently, a smart microgrid can also communicate with the larger electrical grid for backup power. It aids in the reduction of hazardous emissions, which in turn leads to the most efficient use of renewable resources and the most stable, long-term energy costs. The microgrid market is predicted to increase as a result of rising need for safe and consistent power supply in commercial and industrial sectors around the world and government attempts to minimise carbon footprint. The fast adoption of software to manage and regulate distributed energy resources with integrated weather and load forecasts by various end-user segments such as commercial, industrial, government, and healthcare is also projected to fuel the market over the forecast period. The rising focus on decarbonization by end users and governments, the spike in the use of microgrids for rural electrification, and the growing requirement for reliable uninterrupted power supply are all factors that are driving the expansion of the microgrid market. In addition, the increasing frequency of cyberattacks against energy systems and government measures to promote the development of microgrids will fuel the industry's rapid expansion in the near future.
To realise the smart grid's potential, the next generation of electrical infrastructure will need to be flexible, easily accessible, consistently reliable, and commercially profitable. Efforts to reduce GHG emissions have shifted the focus of research towards alternative microgrid topologies or designs to minimising the likelihood of mechanical failure. Use of renewable energy sources and rising environmental consciousness are also giving rise to promising new commercial opportunities. This has led to an increase in the popularity of RES such as solar, wind, and other distributed energy resources. Hybrid microgrid networks are expected to be primarily driven by the rising need for combined or hybrid integrated grid networks. Most CHP facilities also make use of other cutting-edge technologies, such as solar photovoltaic and battery storage. In most cases, continuous microgrids rely on CH as a source of baseload power and thermal energy.
Market leaders are spending much on research and development to broaden their product lines and fuel the industry's continued growth. Market participants are engaging in a wide range of strategic initiatives to increase their worldwide footprint in response to substantial developments in the sector, such as the launch of new goods, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other companies. Competition in the microgrid industry is tough, and the market is expanding, therefore businesses must offer competitively priced solutions to thrive. Businesses in the Microgrid sector are increasingly turning to local production as a means of cutting costs and expanding their customer base. The greatest notable advancements in medicine have recently come from the influence of the market. A number of major corporations are investing in research and development to increase demand in their respective markets.
ABB is a global technology leader in industrial electrification, automation, robotics, and digitalization. Its four primary economic sectors are electrical engineering, process automation, mechanical engineering (including motion and robotics), and discrete automation. The electrification company provides a wide variety of goods, including modular substation packages, distribution automation products, switchgear, circuit breakers, measuring and sensing equipment, control products, solar power solutions, EV charging infrastructure, wire accessories, and enclosures and cabling systems. The Process Automation department offers several options for maritime and turbocharging applications in addition to integrated safety technology, human-machine interfaces (HMI), measurement and analytics solutions, turnkey engineering, control technologies, software, and lifecycle services. The Motion division provides products including electric motors, generators, and mechanical power transfer devices. The Robotics and Discrete Automation division provides a wide range of products and services, including industrial robots, software, application solutions, engineering systems, and more.
In 2022, grid-connected products made up more than 64.0% of the global market and generated the lion's share of revenue. Smart micro-grid-connected PV systems are becoming increasingly popular as a means of supplying electricity to consumers while minimising losses in transmission. North Power Systems has, for the past few years, made use of technology that allows their wind turbines to work in tandem with solar PV, diesel gensets, and other microgrid power sources. Grid initiatives in Hawaii, Alaska, the Bahamas, and Antarctica have all made use of this hybrid technology. Grid In both suburban and city settings, where connecting to the main grid is difficult or impossible, connected microgrids are gaining popularity. Microgrids that are connected to the larger power grid have seen rapid expansion alongside the popularity of distributed energy sources like solar panels and batteries. In addition, microgrids are on the rise as municipalities seek means to lessen their carbon footprint and become less reliant on external power sources. As the military searches for alternatives to traditional fuel sources, defence microgrids are also rising in favour. It is a common practise in developing countries to employ remote microgrids to bring electricity to outlying regions.
Report Coverage
Global Microgrid research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Microgrid report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Microgrid competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Microgrid market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB, GE, Eaton, Schneider Electric, Honeywell, Caterpillar, S&C Electric, Power Analytics Corporation, Siemens, Microgrid Energy |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Microgrid Market from 2021 to 2030.
- Market Forecast for Microgrid Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Microgrid competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Microgrid
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Microgrid market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Microgrid market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB, GE, Eaton, Schneider Electric, Honeywell, Caterpillar, S&C Electric, Power Analytics Corporation, Siemens, Microgrid Energy
Primary Target Market
- Market Players of Microgrid
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Microgrid market based on the below-mentioned segments:
Global Microgrid Market, By Type
Grid Connected
Off-Grid
Global Microgrid market, By Component
Hardware
Software
Services
Global Microgrid Market, By End User
Industrial
Healthcare
Global Microgrid market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive microgrid market market research and competitor analysis for your business to help you develop more profound insights into the microgrid market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the microgrid market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.