It is projected that the worldwide microgrid market will reach a value of approximately US$ 35.5 billion in 2023. Looking ahead to 2033, the sales of microgrid systems are expected to increase significantly, potentially reaching a total of US$ 113.3 billion. This growth is anticipated to occur at an average annual rate of 12.3% over the course of the decade.
Growing industrialization, government initiatives toward green energy, and a rising demand for reliable power generation with renewable resources are some of the key factors driving the growth of the microgrid market. On the contrary, financial impediments, difficulties in acquiring and registering land for solar PV microgrid installations in rural areas, and high initial installation costs limit the microgrid market from its true growth potential.
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How is the Global Microgrid Market Classified?
The microgrid market on the basis of verticals can be segmented by the public sector, healthcare, telecom, and manufacturing. On the basis of technology, the market can be divided into various categories, such as power and component technology. There are three different types of microgrids. The first one is a true microgrid or customer microgrid, which is self-governed, has a regulatory structure, and is compatible with the current technology. The second type is a utility or community microgrid or milligrid, which involves a division of a regulated grid. The third variety is the virtual microgrid or V-grid. It covers multiple sites’ distributed energy resources (DER) and is coordinated in a manner such that they can be presented as a single unit to the grid. Based on the verticals, manufacturing is emerging as a key end user of microgrid projects for reducing the emissions and prioritizing energy conservation.
Which Region Is Likely to Dominate the Microgrid Market?
North America now leads the industry due to increased industrialization and electrification. North America will account for 28% of the microgrid market’s growth. The United States and Canada are the region’s most important microgrid markets. Factors such as the US government’s increased initiatives to deploy energy-efficient power solutions are propelling the microgrid industry in North America forward. In addition, innovative solutions such as EaaS are also going mainstream, which further raises the growth bar for the microgrid market.
Growing economies in the Asia-Pacific area, such as India, China, and Australia, are considered to have enormous potential.
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How can you Establish Authority in the Microgrid Market?
Introduction of advanced solutions, collaboration with other organizations, joint ventures/partnerships, and acquisitions & mergers are a few strategies followed by key players operating in the microgrid market, in order to outperform their competitors.
Rising renewable integration combined with favorable government regulations for the construction and deployment of solar and wind farms, as well as combined heat and power systems in commercial buildings, offices, and healthcare facilities, will boost the off-grid microgrid network.
For example, Toshiba Corporation acquired Consert Inc. in 2013, in order to improve their distribution services and widen their global presence and customer base. Additionally, in November 2014, HOMER Energy LLC introduced HOMER Pro software, an upgraded version of their HOMER software, to set a global standard for microgrid design and analysis at the initial stage. Further, its analysis tool mainly focuses on hybrid microgrids that are combined with multiple storage and renewable energy resources.
Natural gas (NG) powered microgrid infrastructure will benefit from favorable government standards and policies that encourage the integration of sustainable and efficient power production sources. The corporate picture will be complemented by a paradigm shift toward renewable energy sources due to low carbon emissions and substantial incentives.
Leading Key Players:
- Lockheed Martin Corporation
- ZBB Energy Corporation
- ABB Ltd.
- GE Digital Energy
- Power Analytics Corporation
- Consert Inc.
- Viridity Energy Inc.
- S&C Electric Company
- Chevron Energy
- Toshiba Corporation
- HOMER Energy LLC
- Honeywell International Inc.
- Microgrid Energy LLC
- Siemens
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Microgrid Market Segmentation:
By Verticals:
- Public Sector
- Healthcare
- Telecom
- Manufacturing
By Microgrid Infrastructure:
- Hardware
- Software
- Services
By Type:
- Off-grid
- Connected Grid
- Hybrid Grid
By Technology:
- Power Technology
- Component Technology
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
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