Dublin, March 29, 2023 (GLOBE NEWSWIRE) -- The "Microgrid Global Market Opportunities And Strategies To 2032" report has been added to ResearchAndMarkets.com's offering.
The global microgrid market reached a value of nearly $11,901.6 million in 2022, having grown at a compound annual growth rate (CAGR) of 10.2% since 2017. The market is expected to grow from $11,901.6 million in 2022 to $29,494.5 million in 2027 at a rate of 19.9%. The market is then expected to grow at a CAGR of 17.1% from 2027 and reach $65,021.5 million in 2032.
Growth in the historic period resulted from strong economic growth in emerging markets, increased demand for clean energy sources and growing adoption of microgrids for rural electrification. Factor that negatively affected growth in the historic period is high installation costs of microgrids.
Going forward, increasing electricity demand, increasing initiatives and rising population will drive the growth. Factor that could hinder the growth of the microgrid market in the future include shortage of skilled workers.
The microgrid market is segmented by type into AC microgrids, DC microgrids and hybrid. The AC microgrids market was the largest segment of the microgrid market segmented by type, accounting for 62.5% of the total in 2022. Going forward, the DC microgrids segment is expected to be the fastest growing segment in the microgrid market segmented by type, at a CAGR of 20.8% during 2022-2027.
The microgrid market is segmented by connectivity into grid connected and off-grid connected. The grid connected market was the largest segment of the microgrid market segmented by connectivity, accounting for 62.2% of the total in 2022. Going forward, the off-grid connected segment is expected to be the fastest growing segment in the microgrid market segmented by connectivity, at a CAGR of 20.2% during 2022-2027.
The microgrid market is segmented by component into hardware, software and services. The hardware market was the largest segment of the microgrid market segmented by component, accounting for 51.0% of the total in 2022. Going forward, the services segment is expected to be the fastest growing segment in the microgrid market segmented by component, at a CAGR of 21.0% during 2022-2027.
The microgrid market is segmented by end user into commercial and industrial, community and utility distribution, institutes and campuses, defense and military and remote communities. The remote communities market was the largest segment of the microgrid market segmented by end user, accounting for 44.9% of the total in 2022. Going forward, the commercial and industrial segment is expected to be the fastest growing segment in the microgrid market segmented by end user, at a CAGR of 20.9% during 2022-2027.
North America was the largest region in the microgrid market, accounting for 34.0% of the total in 2022. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the microgrid market will be Asia Pacific and North America where growth will be at CAGRs of 21.1% and 20.4% respectively. These will be followed by Western Europe and Eastern Europe where the markets are expected to grow at CAGRs of 19.9% and 18.8% respectively.
The global microgrid market is concentrated, with a small number of large players. The top ten competitors in the market made up to 36.93% of the total market in 2021. Technological innovations in the recent past helped the companies to strengthen their market presence.
General Electric Company was the largest competitor with 9.33% share of the market, followed by Schneider Electric SE with 8.16%, ABB Group with 5.38%, Siemens AG with 4.05%, Toshiba Corporation with 2.57%, Exelon Corporation with 2.38%, Eaton Corporation PLC with 1.99%, Engie SA with 1.43%, Hitachi, Ltd with 0.91%, and S&C Electric Company with 0.73%.
Market-trend-based strategies for the microgrid market includes use of artificial intelligence (AI), development and adoption of green hydrogen microgrids, development of smart, plug-and-play microgrid inverters, adoption of solar and battery-powered microgrid community and partnerships and collaborations.
Player-adopted strategies in the microgrid market includes focuses on transforming the energy landscape through the launch of new products, enhancing business capabilities through strategic partnerships and collaborations and expanding renewable energy market through securing new contracts.
To take advantage of the opportunities, the publisher recommends the microgrid companies to focus on artificial intelligence, invest in solar and battery-powered microgrid community, focus on green hydrogen microgrids, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events and continue to target fast-growing end-users.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 319 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $11901.6 Million |
| Forecasted Market Value (USD) by 2032 | $65021.5 Million |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | Global |
Opportunity Analysis
- The top opportunities in the microgrid market segmented by type will arise in the AC microgrids segment, which will gain $10,807.9 million of global annual sales by 2027.
- The top opportunities in the microgrid market segmented by connectivity will arise in the grid connected segment, which will gain $10,821.4 million of global annual sales by 2027.
- The top opportunities in the microgrid market segmented by component will arise in the hardware segment, which will gain $8,581.1 million of global annual sales by 2027.
- The top opportunities in the microgrid market segmented by end user will arise in the remote communities segment, which will gain $7,734.0 million of global annual sales by 2027.
- The microgrid market size will gain the most in the USA at $4,892.6 million.
Major Market Trends
- Use Of Artificial Intelligence (AI)
- Development And Adoption Of Green Hydrogen Microgrids
- Development Of Smart, Plug-And-Play Microgrid Inverters
- Adoption Of Solar And Battery-Powered Microgrid Community
- Partnerships And Collaborations
Competitive Landscape And Company Profiles
- General Electric Company
- Schneider Electric SE
- ABB Group
- Siemens AG
- Toshiba Corporation
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Microgrid Market Definition And Segmentations
6.4. Market Segmentation By Type
6.4.1. AC Microgrids
6.4.2. DC Microgrids
6.4.3. Hybrid
6.5. Market Segmentation By Connectivity
6.5.1. Grid Connected
6.5.2. Off-Grid Connected
6.6. Market Segmentation By Component
6.6.1. Hardware
6.6.2. Software
6.6.3. Services
6.7. Market Segmentation By Application
6.7.1. Remote Systems
6.7.2. Institutional Buildings
6.7.3. Community And Utility Distribution
6.8. Market Segmentation By End User
6.8.1. Commercial And Industrial
6.8.2. Institutes And Campuses
6.8.3. Defense And Military
7. Major Market Trends
7.1. Use Of Artificial Intelligence (AI)
7.2. Development And Adoption Of Green Hydrogen Microgrids
7.3. Development Of Smart, Plug-And-Play Microgrid Inverters
7.4. Adoption Of Solar And Battery-Powered Microgrid Community
7.5. Partnerships And Collaborations
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
8.2.1. Market Drivers 2017 - 2022
8.2.2. Market Restraints 2017 - 2022
8.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 - 2027
8.3.2. Market Restraints 2022 - 2027
9. Global Microgrid Market Segmentation
9.1. Global Microgrid Market, Segmentation By Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Microgrid Market, Segmentation By Connectivity, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Microgrid Market, Segmentation By Component, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.4. Global Microgrid Market, Segmentation By End User, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10. Microgrid Market, Regional and Country Analysis
10.1. Global Microgrid Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Microgrid Market, By Country, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/dm2mef
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