Chicago, July 21, 2022 (GLOBE NEWSWIRE) -- Microgrid Market is estimated to be USD 26.9 billion in 2022 and is projected to reach USD 63.2 billion by 2027, at a CAGR of 18.6% during the forecast period, according to a new report by MarketsandMarkets™. Some of the Key factors propelling the market growth includes the increasing emphasis on decarbonization by end users and governments, growing need for reliable uninterrupted power supply, and surge in the use of microgrids for rural electrification. Moreover, rising government initiatives to encourage the development of microgrids will drive the growth of the industry in the near future.
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Grid connected segment of microgrid market expected to grow at a higher CAGR during the forecast period
The grid connected segment is expected to grow at the highest CAGR during the forecast period. Grid-connected microgrids contain multiple generators, distribution systems, and sophisticated controls. Furthermore, these technologies enhance grid resiliency, enhance power quality, and reduce their environmental effects, in addition to improving grid reliability. This results in an increase in demand. A major factor fueling the growth of this segment is the expansion of utility-based grid networks globally, as well as the large-scale harnessing of renewable energy sources, such as offshore wind.
Software segment likely to witness higher growth between 2022 and 2027 as software in microgrid projects helps to simplify technical and economic factors
Microgrid software is mainly used for modelling variable sources of energy, such as solar and wind, with variable thermal loads. Software such as supervisory control and data acquisition (SCADA), energy management, generator and load management, and system reconfiguration software are used in microgrids to allow the simulation and optimization of resources. The use of such software helps simplify technical and economic factors involved in a microgrid project and compare the cost and feasibility of different configurations of hardware; this allows designers to use highly specialized software to model the technical performance of microgrids.
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Key players in the Microgrid Market include:
- Schneider Electric (France),
- General Electric (US),
- Siemens (Germany),
- Eaton Corporation (US),
- ABB (Switzerland),
- Honeywell International Inc. (US),
- Hitachi Energy (Switzerland),
- HOMER Energy (US),
- S&C Electric (US), and Power Analytics (US).
The energy storage systems for microgrid hardware segment to register second-highest growth rate during the forecast period
The microgrid market for energy storage systems segment is projected to register the second-highest growth rate during the forecast period, by hardware type. The growing need for energy storage systems to optimize delivery of power is driving the growth of this segment. Energy storage systems are flexible and versatile distributed energy resources (DER) used by microgrids. Modern storage systems are significantly fast-responding resources that can both generate and absorb power and, in a few cases, regulate real and reactive power quality in an electric distribution system. These capabilities allow storage systems to serve a variety of roles within a microgrid. Energy storage systems enhance the stability and efficiency of microgrids by decoupling the energy generation sources from loads.
5 MW to 10 MW power rating segment is projected to grow at a faster rate from 2022 to 2027
The segment is projected to grow at a faster rate due to the high-power requirements in universities, smart cities, and commercial applications. Microgrid systems covered under this segment are mostly designed for the commercial & industrial sector, colleges/universities, and large cities/communities.
Asia Pacific likely to be the fastest growing region in global microgrid market during the forecast period
The Asia Pacific region which comprises of Australia, China and Japan, and the Rest of Asia Pacific is expected to witness the highest growth rate during the forecast period. The growth of the market in this region can be attributed to the high rate of rural electrification in several economies such as India, Malaysia, and the Philippines. The lack of proper electricity infrastructure in emerging economies and countries comprising a large number of islands, such as Indonesia and the Philippines, has led to a growing demand for cost-effective microgrids in the region. This is expected to contribute to the growth of the microgrid market in Asia Pacific during the forecast period.
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