Jersey City, NJ, March 27, 2023 (GLOBE NEWSWIRE) -- The global Microgrid Market is estimated to reach over USD 104.28 billion by 2031, exhibiting a CAGR of 16.18% during the forecast period 2023 to 2031.
The microgrid industry is expanding quickly and is anticipated to develop significantly over the next few years. Microgrids are compact, decentralized energy systems that can function together or separately from the main grid. They are becoming increasingly popular worldwide due to their numerous advantages, which include greater energy security, increased grid resilience, and lower greenhouse gas emissions. In the upcoming years, the microgrid market is anticipated to keep expanding due to rising energy consumption, government backing, and the uptake of renewable energy sources.
The market is also anticipated to gain from the growing interest in decentralized energy systems and the increased knowledge of microgrid advantages. The high upfront investment costs related to the development and implementation of microgrids are one of the greatest issues facing the microgrid sector. Microgrid systems can be too expensive for many businesses and communities, especially those that use cutting-edge technologies like energy storage systems.
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List of Prominent Players in the Microgrid Market:
- ABB Group
- Caterpillar
- Eaton Corporation
- Exelon Corporation
- General Electric
- Heila Technologies
- Hitachi Energy
- Homer Energy
- Honeywell International Inc.
- Pareto Energy
- Power Analytics Corporation
- S&C Electric
- Schneider Electric
- Siemens
- Spirae Inc.
- Toshiba Corporation
Recent Developments:
- In May 2022, Siemens announced a grid software suite to manage the complexity of grid systems. Siemens Smart Infrastructure has developed an open, modular software suite.
- In March 2022, GE Renewable Energy's Grid Solutions and BOND Civil & Utility Construction will collaborate on an engineering, procurement, and construction project(EPC).
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Microgrid Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 27.43 Bn |
| Revenue forecast in 2031 | USD 104.28 Bn |
| Growth rate CAGR | CAGR of 16.18% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Connectivity, Offering, Power Source, Types, Power Rating, And End-Use |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
Rising power outages in urban and rural areas might seriously harm hospitals and military installations by cutting off the power supply. Lighting, heating, cooling systems, and life support systems, including ventilators, dialysis machines, oxygen monitoring devices, and other systems, all require power in hospitals.
As microgrids may integrate and control many energy sources while monitoring can provide the hospital with power during a power loss, many hospitals are converting from diesel generators to microgrid-based power backups. As a result, the market is benefiting from this element.
Challenges:
Technical difficulties faced by microgrids running in island mode. There is a sudden current intake during the first stages of electricity generation in microgrids operating in the island mode, which may alter the frequency and voltages of power systems. Generators may trip. As a result, going offline. Analyzing the electricity generation techniques utilized in microgrids that run in the island mode is necessary.
It is also necessary to apply specialized generation techniques for microgrid operations. In island microgrids, various distributed electrical generation sources are employed. Voltages must be managed during microgrid operations utilizing voltage versus reactive power drop controllers to ensure local reliability and stability of power systems. Consequently, managing microgrids in the island mode is a complex undertaking that needs sufficient technical expertise.
Regional Trends:
The North American microgrid market is anticipated to record a significant market share in revenue and is projected to grow at a high CAGR shortly. In North America, the most frequent natural disasters that interfere with the operation of the national grid include wildfires, tornadoes, thunderstorms, floods, hurricanes, and volcanoes.
In this case, the microgrid provides a reliable and secure power source in remote areas. The American government has recently put into effect many laws and programs designed to encourage the development of microgrids, particularly those that use renewable energy sources. This has aided in the country's and the region's overall expansion of the microgrid market.
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Segmentation of Microgrid Market-
By Connectivity-
- Grid Connected
- Off-grid Connected
By Offering
- Hardware
- Power Generators
- Energy Storage Systems
- Lithium-ion batteries
- Flow batteries
- Flywheels
- Others
- Controllers
- Software
By Power Source
- Natural Gas
- Solar PV
- Combined Heat and Power
- Diesel
- Fuel Cell
- Others
By Pattern
- Urban/Metropolitan
- Semiurban
- Rural/island
By Type-
- AC Microgrids
- DC Microgrids
- Hybrid Microgrids
By Power Rating
- Less than 1 MW
- 1MW to 5MW
- 5MW to 10MW
- More than 10MW
By End-Use
- Commercial & Industrial
- Remote Areas
- Military
- Government
- Utilities
- Institutes & Companies
- Healthcare
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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