Rockville , Aug. 02, 2023 (GLOBE NEWSWIRE) -- As per the latest report by Fact.MR, the global microgrids market is forecasted to soar at a CAGR of 15% and reach a valuation of US$ 98 billion by the end of 2033.
Microgrids are designed to enhance the reliability, resiliency, and efficiency of power supply, especially in situations where the main grid can be unavailable or unreliable. They can function autonomously during power outages or emergencies, supporting critical facilities such as hospitals, military bases, schools, and remote communities.
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Adoption of microgrids in utilities, healthcare, and industrial sectors is also influenced by their lower running costs. The demand for microgrids is primarily driven by increased industrialization and the increasing requirement for a reliable electrical supply, especially in rural areas.
Market growth is accelerated by various industries' focus on decarbonization. The demand for microgrid systems is growing as a result of the government's backing for their adoption as a way to reduce cyberattacks on energy infrastructure.
In many businesses, there is a great need for a reliable power supply. In developing economies, the 'more is better' mentality of electric power supply has been practiced for a long time. A rise in natural disasters and the requirement for a backup power grid are driving up demand in the industry.
Analysis by Country
North America continues to rule the microgrids sector.
"Increasing Usage of Captive Power-Generating Methods in Industrial Sectors"
North America, which accounts for 40% of worldwide sales in 2023, is at the top of the market.
Market expansion is being driven by government authorities' increased efforts to develop energy-efficient electricity solutions. Microgrids are a desirable choice for enhancing energy availability because of the increase in natural resource projects in the area.
It is projected that the widespread use of captive power-generating methods in the industrial sectors will significantly reduce reliance on the power grid under the supervision of the government. It is anticipated that the established mining and processing facilities will increase demand for microgrids.
Key Takeaways from Market Study
- The global microgrids market is valued at US$ 24 billion in 2023.
- The market is projected to surge at a CAGR of 15% over the next ten years.
- Worldwide demand for microgrids is predicted to reach a market value of US$ 98 billion by 2033.
- Deployment of off-grid connected microgrids is set to rise at a CAGR of 10% over the next ten years.
- The microgrids market in the United States stands at US$ 5 billion in 2023.
- The market in Germany is predicted to increase at 14% CAGR through 2033.
“Grid-connected microgrid demand has been spurred by the expansion of distributed energy resources such as solar panels and energy storage devices. In rural and urban locations where access to the primary grid is restricted, grid-connected microgrids are becoming more popular,” says a Fact.MR analyst
Key Companies Profiled in This Report
- General Microgrids
- Honeywell International Inc.
- Lockheed Martin Corporation
- HOMER Energy LLC
- Heila Technologies
- ABB Ltd.
- Caterpillar Inc.
- Toshiba Corporation
- Eaton Corporation Inc.
- GE’s Grid Solutions
- Hitachi Energy Ltd.
- KEPCO
- Power Analytics Corporation
- S&C Electric Company
- Schneider Electric SE
Winning Strategy
According to this latest industry analysis by Fact.MR, a market research and competitive intelligence provider, key market players are investing in research and development to improve microgrid technology. This included advancements in energy storage solutions, smart grid management systems, and the integration of renewable energy sources such as solar and wind into microgrid networks.
To optimize microgrid operations and achieve better efficiency, leading companies are developing advanced energy management software. This software allowed real-time monitoring, control, and optimization of energy flow within the microgrid.For instance,
- In 2021, Siemens Smart Infrastructure introduced the new Sentron 3NA COM LV HRC. It includes integrated connectivity and functionality.
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Key Segments Covered in Microgrids Industry Research Report
- By Connectivity:
- Grid Connected
- Off-grid Connected
- By End Use:
- Remote
- Commercial & Industrial
- Government
- Military
- Utilities
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global microgrids market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the microgrids market based on connectivity (grid connected, off-grid connected) and end use (remote, commercial & industrial, government, military, utilities, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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