New York, US, Jan. 17, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Microgrid Market Research Report Information by Type, Component, Power Source, End-Use, and Region - Global Forecast till 2030”, The global microgrid market will touch USD 60,243.8 Million, at a 12.5% CAGR by 2030.
Microgrid Market Outlook
Government’s surging focus to reduce carbon footprint and increase in cyber-attacks on electricity infrastructures will boost market growth over the forecast period.
Key Players
Eminent industry players profiled in the global microgrid market report include,
- ABB (Switzerland)
- GE (US)
- Eaton (Ireland)
- Schneider Electric (France)
- Honeywell (US)
- Exelon Corporation (US)
- S&C Electric (US)
- Power Analytics Corporation (US)
- Siemens (Germany)
- Microgrid Energy LLC (US)
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Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | USD 60,243.8 Million |
| CAGR during 2022-2030 | 12.5% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Growing demand for microgrids in Healthcare, Military, and Government sectors Increasing government investment in microgrid projects |
| Key Market Drivers | Increasing demand for secure and reliable power supply Advantages of clean energy storage Government initiatives to reduce carbon footprint Widespread industrialization and population growth fueling demand for energy efficiency |
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Increasing Adoption of Battery and Solar-Powered Microgrid Community to offer Robust Opportunities
Businesses in the microgrid market are concentrating more on the adoption of solar and battery-powered microgrid communities, which will present the industry with a number of promising opportunities during the projected period. A tiny energy system that was carefully thought out, designed, and installed is known as a community solar microgrid. Its purpose is to supply a specific area with dependable, clean energy for important community assets and facilities.
Restraints and Challenges
Monetary Obstructions to act as Market Restraint
Technological barriers, monetary obstructions, and high installation cost may act as market restraints over the forecast period.
Microgrid Market Segmentation
The microgrid market is bifurcated based on end-user, power source, component, and type.
By component, hardware will lead the market in the forecast period.
By type, off-grid segment will domineer the market over the forecast period.
By power source, the microgrid market is segmented into natural gas, solar PV, diesel, fuel cell, and others.
By end-use, the microgrid market is segmented into government and utilities, military, healthcare, educational institutes, and industrial.
COVID-19 Analysis
One of the biggest risks to the world economy today is the continued spread of COVID-19, which is inflicting financial hardship for people, businesses, and communities everywhere. The "new normal" has made it difficult to manage everyday tasks, routine work, needs, and supplies, which has led to delayed projects and missed chances. The "new normal" also includes working from home and social isolation. The COVID-19 pandemic has had an effect on society and the global economy. The supply chain is being more and more negatively impacted by this outbreak every day. This has led to increasing customer apprehension, a slowing of the supply chain, lower corporate confidence, and uncertainty in the stock market. The closure of manufacturing facilities within the area has severely hurt business and revenue in lockdown-affected European nations. The COVID-19 epidemic had a significant influence on the production and manufacturing processes, which prevented the microgrid industry from expanding as quickly in 2020.
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Regional Analysis
North America to Sway Microgrid Market
In the microgrid market during the anticipated period, North America held the largest market share. In North America, the most frequent natural disasters that interfere with the operation of the national grid include hurricanes, wildfires, thunderstorms, tornadoes, floods, and volcanoes. In this case, the microgrid provides a reliable and secure source of power in remote areas. In the US, you can build microgrids for continuous power supply at some of the most prestigious institutions and top tech companies in the world. As a result, during the time of forecasting, this area will lead the microgrid market. The regional business statistics will be boosted by favorable norms, rules, & regulations to meet the energy targets in conjunction with the introduction of various investments and subsidies toward expansion of renewable electric infrastructure by the respective governmental bodies. Additionally, supportive subsidies & incentives from both the public and private sectors to meet the growing demand for power would boost market revenue.
APAC to Have Admirable Growth in Microgrid Market
Given the significance of the market's revenue share over the course of the projection year, the Asia Pacific is predicted to be one of the most alluring regions. The low electrification rate, inadequate grid connectivity, and high demand for electricity in the area are the main contributors to this. During the projected period, it is expected that the Asia Pacific market would expand significantly, partly as a result of the region's rapid industrialization and urbanization, especially in China and India. In order to provide electricity to their populations, governments in Asia-Pacific countries also seek to support distributed energy generation and microgrids. The Asia-Pacific region is anticipated to experience significant growth during the forecast period and will register the highest CAGR because of improved government incentives and norms to increase the share of renewable energy sources, an increase in the use of stand-alone energy sources, and an abundance of raw materials. Due to increased innovation and development of conventional power systems to acquire an effective supply of electricity, the Asia Pacific region is anticipated to experience the quickest growth over the forecast period. Additionally, the region's use of microgrid technology has expanded due to the growing demand for renewable energy sources. The need for microgrids in the regions is anticipated to rise as government measures to offer a reliable, affordable electricity supply in rural parts of developing countries increase.
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Industry Updates
A solar & battery-powered microgrid neighborhood in California has been established by the US homebuilding company KB Home in collaboration with the US Department of Energy as of November 2022. In a neighborhood where new homes are being built, new energy-efficient technologies will be tested. Each of the new residences will have connectivity to the neighborhood microgrid, smart technology, and a backup battery.
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