According to a recent estimate by Emergen Research, the worldwide microgrid market would be worth USD 61.18 billion by 2027. The rising demand for clean energy sources is to blame for this market’s expansion. The demand for the technology is anticipated to rise as governments take more measures to minimise carbon footprints on the environment and reduce reliance on fossil fuel-based power generation to generate electricity. The need for microgrids is also anticipated to rise as a result of expanding government programmes and laws as well as a move toward distributed renewable energy generation, including fuel cells, wind turbines, and solar photovoltaics (PV).
To lower emission levels and provide a consistent and constant supply of electricity in remote places, the commercial and industrial sectors are progressively implementing microgrid technology. Another cause in the rising demand for the microgrid facility is the falling cost of renewable energy sources. In order to create a safe network from independent external power stations and lower the dangers of cyber-attacks, the microgrid is also employed in defence services and research labs.
Key Microgrid Market participants include Honeywell, General Electric (GE), ABB, Schneider Electric, Eaton, Exelon Corporation, Spirae, Inc., S & C Electric Company, and Homer Energy, among others.
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The coronavirus outbreak has led to drastic changes in the current Microgrid Market business landscape, limiting the growth opportunities for various manufacturers and buyers for the next few years. Besides making speculations about the market’s post-COVID-19 scenario, the report discusses its existing situation. The report eventually offers conclusive data related to the Microgrid Market growth assessed on both regional and global levels.
Some Key Highlights from the Report :
In September 2019, Honeywell and NRStor C&I Launch the largest Behind-the-Meter Battery Energy storage Program in the world.
Combined heat & power (CHP) held the largest market share of 34.0% in the year 2019 due to the increasing adoption of sustainable sources of power generation, including hydro, solar, and wind energy.
The grid-connected segment is forecasted to grow with the fastest CAGR of 10.6% over the forecast period. Reliable power supply, improved resiliency & efficiency, low cost of energy storage, and reduction in the emission level are some of the driving factors of the segment.
The education segment accounted for the largest market share of the microgrid market in 2019 due to the government’s increased funding towards the enhancement of the education infrastructure in the developing economies.
North America accounted for the largest market share of the microgrid market in 2019 due to the favorable government policies, including tax rebates and other promotional schemes on adopting microgrid infrastructure.
Microgrid software market likely to witness higher growth between 2022 and 2027
The market for microgrid software is anticipated to develop at the fastest rate during the forecast period. Remote microgrid operators can dynamically manage and regulate distributed energy supplies with integrated weather and demand predictions thanks to software utilised in such microgrids.
Emergen Research has segmented the global Microgrid Market on the basis of Power, Product, Application, and region:
Power Outlook (Revenue, USD Billion; 2017-2027)
- Combined heat & power (CHP)
- Solar Photovoltaic (PV)
- Natural Gas
- Fuel Cell
- Diesel
- Others
Product Outlook (Revenue, USD Billion; 2017-2027)
- Grid-connected
- Hybrid
- Remote
Application Outlook (Revenue, USD Billion; 2017-2027)
- Commercial
- Defense
- Government
- Education
- Utility
- Others
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Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
United States
Europe
China
Japan
Southeast Asia
India
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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Some of the key questions answered in this report:
What is the size of the overall Microgrid Market and its segments?
What are the key segments and sub-segments in the market?
What are the key drivers, restraints, opportunities and challenges of the Microgrid Market and how they are expected to impact the market?
What are the attractive investment opportunities within the Microgrid Market ?
What is the Microgrid Market size at the regional and country-level?
Who are the key market players and their key competitors?
What are the strategies for growth adopted by the key players in Microgrid Market ?
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