New York, Oct. 14, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Microgrid Market Size, Share, Trends and Growth Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Grid Connected and Off-Grid), Components (Hardware, Software, and Services), End-Use Industry (Military, Healthcare, Government and Utilities, Institutes, Industrial, and Others), and Geography, and Geography”, the global microgrid market size is estimated to grow from USD 25 billion in 2021 to USD 60 billion by 2028; it is estimated to grow at a CAGR of 17% during 2022–2028.
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Global Microgrid Market Values, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 25 Billion in 2021 |
| Market Size Value by | USD 60 Billion by 2028 |
| Growth rate | CAGR of 17.0% from 2022 to 2028. |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 150 |
| Historical data available | Yes |
| Segments covered | Type, Components, End-Use Industry, and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Microgrid Market: Competitive Landscape
ABB Ltd., Schneider Electric SE, Eaton Corporation, and General Electric are among the key players in the microgrid market, which are profiled during the study. Moreover, several other major companies have been studied and analyzed to get a holistic view of the microgrid market and its ecosystem.
In the last few years, microgrid deployments have increased across the world. The snowballing of annual microgrid capacities, increasing spending by countries such as the US on microgrids, and preferred electrification of vehicles and transportation are creating new growth opportunities for companies operating in the microgrid market. With the development of legislation in various countries, states, and communities to reach net-zero carbon emission goals, coupled with the greater integration of renewables into the grid, the adoption rate of microgrid is expected to fuel up. This growth is expected to further make a change toward more advanced microgrid development. Systemic microgrid standardization is the next logical step that is likely to benefit microgrid developers and end users. Subsequently, the acceptance of microgrid control standards such as IEEE 2030.7-2017 is paving the path for the development of more standards.
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The demand for microgrids is growing exponentially across the world. With concept of smart cities is getting commercialized, the different regional & country-level government are focusing on encouraging renewable resources for electricity generation. This factor will propel the scope of microgrid also. Grid-connected microgrids can aid in a larger reach of renewable energy sources, thereby economically benefitting, both, grid operators and end users. Therefore, with the absolute volume of microgrid deployments, along with the challenges associated with grid operations, advanced microgrids are likely to become a norm in utilities across the world.
In addition to the introduction of microgrids in large urban areas, the need for proper cybersecurity is getting prevalent. Cybersecurity requirements vary across commercial, industrial, and utility microgrid installations. Therefore, the development of comprehensive cybersecurity standards is a must to protect future microgrid infrastructures. Considering the focus of the cybersecurity requirements specified by the US Department of Defense (DoD), third-party validation and testing should be implemented as a standard practice for every microgrid, instead of prioritizing only the federal ones. Microgrid manufacturers need to ensure the security of assets involved in microgrids to strengthen their role as a new backbone of a grid infrastructure. With continuous changes in microgrids, they are likely to prove as a suitable alternative for other non-wired solutions in a broader range of applications.
APAC dominated the microgrid market with ~36% share in 2021: A few of the aspects fuelling the growth of the microgrid market in APAC countries are mentioned below:
- Large portion of populations in these countries lack access to electricity.
- Many innovators in the microgrid market are based in Asian countries, including Australia, China, and Japan, which are building capabilities to promote the use of microgrids in the industrial sector.
- APAC countries depend on energy-as-a-service business models.
- Key enablers driving the penetration of microgrids include development modular microgrids and connected microgrids since IoT is prevailing in Asian economies.
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Browse Adjoining Reports:
Industrial Microgrid Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Connectivity (Grid Connected, Off-Grid Connected); Component (Hardware, Software); End Use (Mining, Cement, Food and Beverage, Medical, Others) and Geography
Microgrid Controller Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Connectivity (Grid Connected, Off Grid) ; Components (Hardware, Software, Services) ; Application (Government, Industrial, Commercial, Healthcare, Military and Defense, Educational Institutes, Others) and Geography
Microgrid as a Service (MaaS) Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Grid Type (Grid Connected, Remote/Islanded); Service Type (Engineering and Design Service, Software as a Service (SaaS), Monitoring and Control Service, Operation and Maintenance Service); Vertical (Government and Education, Residential and Commercial, Industrial, Military, Utility) and Geography
Microgrid Control System Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Hardware, Software); Grid Type (Off-Grid, On-Grid); End Users (Industrial, Commercials, Utilities, Campuses and institutions)
Energy Storage for Microgrids Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Type (Li-ion battery, Lead acid battery); Application (Peak Hour Shaving, Volt Ampere Reactive Services, Black Start) and Geography
Intelligent Modular Microgrid Market to 2028 - Global Analysis and Forecasts by Component (Hardware, Software); Application (Commercial, Industrial, Military, Others) and Geography
Energy Storage Battery for Microgrids Market to 2028 - Global Analysis and Forecasts by Type (Odium-sulfur Battery, VRLA Lead Acid, Lithium-ion, Others); Application (Residential, Commercial, Industrial) and Geography
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