Microgrid Market Size 2021 Application, Growth, Analysis, 2027
The global microgrid market size is growing continuously over the past few years. The market growth attributes to the increasing deployment of microgrids worldwide. The numbers of smaller, more modular projects are increasing consistently. Improved system standardization and the declining costs of energy resources have reduced development costs. As overall costs have gone down, investor interest has gone up. This, in turn, boosts the growth of microgrids, increasingly attracting diverse financiers.
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Moreover, increasing investments in renewable energy escalate the growth of the market. New third-party financing options for microgrids, also known as energy-as-a-service (EaaS) or microgrids-as-a-service (MaaS), boost market growth, making microgrid more accessible. According to Market Research Future (MRFR), the global microgrid market size is expected to grow at approximately 12.10% CAGR throughout the forecast period (2018 – 2023).
Additionally, potentially aggressive policies of governments promoting renewable energy generation techniques influence the growth of the market. Besides, the increasing demand for reliable & secured power supply and government initiatives to reduce carbon footprint foster the growth of the market. Also, widespread industrialization and population growth fuel the market demand, increasing the global energy demand.
Global Microgrid Market - Segments
The report is segmented into five dynamics;
By Type : Connected and Off-Grid.
By Component : Hardware, Software, and Services.
By Power Source : Natural Gas, Solar PV, Diesel, Fuel Cell, and others.
By End-Use : Industrial, Healthcare, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Microgrid Market - Regional Analysis
North America dominates the global microgrid market. The largest market share attributes to the planned and completed microgrid capacities in the region. Besides, the strong presence of several notable players and advanced grid systems in the region drives the growth of the market. Moreover, the rising trend of renewable energy generation systems in the residential sector and increasing demand for power substantiate the regional market growth.
Increasing government initiatives and utility-scale policy in the region support the growth of the market. Factors such as Furthermore, the development of new technologies and advances in renewables push the growth of the market. The North American microgrid market is estimated to retain its dominance throughout the forecast period.
Europe is another lucrative market for microgrids. The region is primarily focused on large-scale renewable technology deployment, such as offshore wind that augments the development of microgrids. Additionally, the market is driven by sizable investments in grid and transmission infrastructures. Besides, renewable energy variability, including solar & wind power, and cross-border energy trading, fosters the regional microgrid market analysis.
The deployment of distributed energy technologies, ongoing initiatives such as FITs, tax rebates, and other promotional schemes provide favorable business expansion opportunities. Furthermore, technological advancements in the clean energy sector and rigorous measures to reduce the dependency on conventional power generating systems accelerate the regional market growth. The European microgrid market is projected to create a substantial revenue pocket during the estimated period.
The Asia Pacific microgrid market is growing at a rapid pace. Factors such as the continually growing demand for energy due to the ever-increasing population and rapid industrialization & urbanization fuel the regional market growth. Moreover, the increasing emphasis on the low-cost power generation boosts the development of the regional market. Japan, China, and India are the key growth contributors to the regional market.
Players leading the global microgrid market are GE (US), ABB (Switzerland), Eaton (Ireland), Honeywell (US), Schneider Electric (France), Exelon Corporation (US), Power Analytics Corporation (US), S&C Electric (US), Siemens (Germany), and Microgrid Energy LLC (US), among others.
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