Microgrid Market Global Industry Analysis, Size, Share, Growth Trends and Forecasts 2020 – 2027
Research Reports
Jan 18, 2021
Market Size – USD 28.80 billion in 2019, Market Growth – CAGR of 10.5%, Market Trends – Increasing investments in the research & development of microgrid infrastructure
The growth of this market can be attributed to the growing demand for clean sources of energy. Increasing government initiatives to reduce carbon footprints on the environment and lower the dependency on fossil-fuel-based power generation to produce electricity is expected to increase the demand for the technology. Increasing government policies and initiatives and a shift towards renewable distributed energy generation such as fuel cells, wind turbines, and Solar PV are also expected to drive the microgrid market’s demand.
The commercial and the industrial sector are increasingly adopting microgrid technology in order to reduce the emission levels and avail a reliable and uninterrupted supply of electricity in remote areas. The declining cost of renewable energy sources is also a contributing factor to the increasing demand of the microgrid facility. The microgrid is also used in the defense services and research labs to have a secure network from independent external power stations and reduce the risks of cyber-attacks.
The emergence of technologically advanced communication technologies such as cloud computing or wireless technology has resulted in the growing adoption of microgrid facilities. The high installation cost of the microgrids might be a barrier to the industry’s growth over the forecast period.
Regional Scope- North America; Europe; Asia Pacific; Central & South America; MEA
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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.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the government’s increasing initiatives to provide a cost-effective and uninterrupted supply of electricity in the rural areas of the developing economies.
Key participants include Siemens, 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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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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