Global Microgrid Market Size By Type (AC Microgrid, DC Microgrid), By End-Use (Commercial And Industrial, Remote), By Geographic Scope And Forecast

Microgrid Market Size And Forecast

Microgrid Market size was valued at USD 30.40 Billion in 2022 and is projected to reach USD 82.55 Billion by 2030, growing at a CAGR of 11.98% from 2023 to 2030.

The growing demand for clean energy, rising incidences of cyberattacks on energy infrastructures, and the developing renewable energy capacity of emerging economies are expected to drive the market over the predicted years. The Global Microgrid Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Microgrid Market Definition

A microgrid can be defined as a localized group of electricity sources and loads that normally operates with the traditional wide area synchronous grid as well as a disconnect to island mode and functions autonomously as physical or economic conditions dictate. A grid in and of itself can connect homes, businesses, and other buildings to central power sources, which allow for appliances such as heating/cooling systems and electronics to be used. This grid’s interconnection becomes a problem when it experiences difficulty. At this point, a microgrid can be useful. The microgrid typically runs while connected to the grid, but it is also capable of running independently during emergencies like storms or power outages.

Global Microgrid Market Overview

The growing demand for clean energy and rising incidences of cyberattacks on energy infrastructures are expected to drive the market over the predicted years. Also, the increasing requirement for a reliable & secure global power supply and the upsurge in the global deployment of microgrids for rural electrification are predicted to fuel the market during the forecasted years. Additionally, the developing renewable energy capacity of emerging economies coupled with the government initiatives for the expansion of the microgrid is anticipated to influence the market positively in the coming years. Some limitations and difficulties can impede market expansion. Factors such as the difficulty of resynchronization to the utility grid are restraining the Microgrid Market.

Global Microgrid MarketSegmentation Analysis

The Global Microgrid Market is Segmented on the basis of Type, End-Use, And Geography.

Microgrid Market, By Type

• AC Microgrid
• DC Microgrid
• Hybrid Microgrid

Based on Type, the market is bifurcated into AC Microgrid, DC Microgrid, and Hybrid Microgrid. Microgrid avoids substantial energy losses in multiple conversions. Hence they are predicted to have higher demand.

Microgrid Market, By End-Use

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

Based on End-Use, the market is bifurcated into Commercial & Industrial, Remote, Government, Utilities, Institutes & Campuses, Military, and Healthcare. The remote segment is expected to hold the largest market share.

Microgrid Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Microgrid Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The largest share in the market will be dominated by the Asia Pacific owing to the high rate of rural electrification in several economies such as India, Malaysia, and the Philippines, and the lack of proper electricity infrastructure in emerging economies led to a demand for cost-effective microgrids in the region.

Key Players

The “Global Microgrid Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as Power Analytics Corporation, S&C Electric Company, HOMER Energy LLC, Honeywell International Inc., Schneider Electric SE, Eaton Corporation Inc., Siemens AG, General Electric Company, ABB, and Exelon Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• In Dec 2019, UL, a worldwide pioneer in safety science, announced the purchase of HOMER Energy, a world leader in microgrid modeling and optimization software located in Boulder, Colorado.
• In June 2022, AXA IM Alts, a European investment firm with $160 billion in assets under management, announced today that it has invested $15 million in microgrid developer GreenStruxure, joining previous investors Huck Capital and Inclusive Capital Partners, as well as strategic investor and technology partner Schneider Electric.
• In May 2022, Mainspring Energy, a provider of linear generators for microgrids, has raised more than $150 million in Series E funding led by global growth equity investor Lightrock, with participation from Khosla Ventures, Bill Gates, Fine Structure Ventures, the private equity firm affiliated with Fidelity Investments’ parent company, Princeville Capital, Lineage Ventures, and others.
• In May 2022, Volt Advisory Group has been awarded AU$18.75 million over three years by the Australian government to create the Daintree Microgrid Project, an innovative renewable energy microgrid in Queensland.

Product Launches and Product Expansions

• In June 2022, Emera Technologies Limited, a subsidiary of Emera Inc., and NOVONIX Limited, a premier battery materials and technology firm in Halifax, announced the delivery of their custom-designed microgrid battery prototype, which is the first of its kind.
• In May 2022, With the help of a $200,000 grant from the Maryland Energy Administration, the Housing Initiative Partnership (HIP), Emera Technologies, and Pepco have announced a residential microgrid project at a subdivision of net-zero, low-to-moderate-income homes (MEA).
• In April 2021, EconiQTM is a portfolio of products, services, and solutions developed by Hitachi ABB Power Grids that has been demonstrated to perform better in terms of the environment.
• In April 2021, The Sentron 3NA COM LV HRC fuse connection with integrated communication and measuring functions was produced by Siemens Smart Infrastructure.
• In Nov 2020, The MGC300 and MGC900 are two new PowerCommand® Microgrid Control products launched by Cummins Inc. (NYSECMI) for controlling, coordinating, and optimizing Distributed Energy Resources (DER).

Report Scope

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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