NEWARK, Del, Nov. 14, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, with the global microgrid market size expected to achieve US$ 35,488.1 Million by 2023, the market is poised for substantial growth. Microgrid demand is anticipated to strengthen at a robust CAGR of 12.3% between 2023 and 2033. The microgrid sales are projected to be worth US$ 113,265.7 Million by 2033.
Due to two major factors, primarily the demand for clean energy generation and the necessity for a self-sufficient source of power generation in emergency situations. Hence, the microgrid industry anticipates to have strong growth.
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Sustainability and Energy Security Spark Microgrid Boom in Rural Areas:
A significant boost in project implementation and expanded government backing contribute to the microgrid industry for rural electrification. Governments worldwide are realizing how crucial it is for rural places to have reliable, decentralized energy access, motivating policy and financial investments in microgrid infrastructure.
- A partnership between Tata Power and the Indian government's e-governance services section, CSC, was announced in April 2021. It permitted the installation of solar-powered water pumps and microgrids in rural regions in India.
Rising support is encouraging microgrid technology innovation and affordability. The pressing need to close energy gaps in rural communities, addressing sustainability and energy security concerns, is causing a boom in project execution. The causes above compel the microgrid market toward a more promising future as rural electrification becomes more feasible and sustainable.
Operational Hurdles and Investments in Microgrid Industry:
The adoption of microgrids to replace conventional grids is hampered by their high cost and operational difficulties. Microgrid installation costs are more significant since they need system engineers, monitoring systems, and relays to function correctly.
While enhanced reliability and power quality are provided by microgrids' ability to store, transform, and recycle energy, these benefits come at a high cost. Microgrids are more expensive to implement than traditional grid systems which stymies the market growth for microgrid.
Regional Outlook:
Due to rising investments in renewable energy sources and a rising demand for dependable power supply, the microgrid market is booming in North America. The United States market to accelerate at a CAGR of 17.6% through 2033. Benevolent government policies and incentives are boosting business prospects. For ongoing expansion, cooperation with utilities and grid operators is essential.
The microgrid industry is expanding significantly in the Asia Pacific. China to exhibit a leading CAGR of 9.1% in the Asia Pacific region. Microgrid demand is fueled by quick urbanization, industrialization, and an emphasis on energy security. The microgrid manufacturers form local alliances and comprehend various regulatory environments to participate in the growing market.
Key Takeaways:
- The hardware segment in the microgrid infrastructure category to grab a share of 41% from 2023 to 2033.
- In the connectivity category, the off-grid segment to acquire a microgrid market share of 61.9% between 2023 and 2033.
- The United States microgrid industry to exhibit a CAGR of 17.6% by 2023.
- Canada market to accelerate at a CAGR of 8.3% by 2023.
- Germany market to register a CAGR of 8.5% by 2023.
- Japan market to record a CAGR of 4.3% by 2023.
- India market to evolve at a CAGR of 8.5% by 2023.
- China market to develop at a CAGR of 9.1% through 2033.
- South Korea market to experience growth at a CAGR of 3.6% from 2023 to 2033.
- The United Kingdom market to evolve at a CAGR of 10.4% through 2033.
- France market to register a CAGR of 6.9% by 2023.
“The emerging need for dependable, durable power solutions propels the rapidly expanding market. Microgrid manufacturers are finding new ways to generate revenue owing to the booming rise of Industry 4.0. With an emphasis on sustainability and energy efficiency, government incentives and technical developments improve microgrid industry opportunities.”- opines Sudip Saha, managing director and MD at Future Market Insights (FMI) analyst.
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Competitive Landscape:
Launching innovative solutions, partnering with other businesses, establishing joint ventures and partnerships, and mergers and acquisitions are some strategies the significant microgrid manufacturers use to outshine competitors.
Novel Developments:
- In November 2021, the LA Transportation Department began a US$ 6 Million microgrid project led by Proterra Energy to electrify their fleet of EVs. The California Energy Commission to fund a 7.5 MW charging station for the microgrid.
- The first national grid-tied renewable energy microgrid for Sri Lanka was constructed at the University of Moratuwa by LECO in collaboration with Dimo and DHYBRID GmbH in June 2020. It represented a fundamental shift in Sri Lanka's distributed power generation and was funded by the Asian Development Bank (ADB).
Key Players Operating in the Global Microgrid Industry:
- Lockheed Martin Corporation
- ZBB Energy Corporation
- ABB Ltd.
- GE Digital Energy
- Power Analytics Corporation
- Consert Inc.
- Viridity Energy Inc.
- S&C Electric Company
- Chevron Energy
- Toshiba Corporation
- HOMER Energy LLC
- Honeywell International Inc.
- Microgrid Energy LLC
- Siemens
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Microgrid Market Segmentation Analysis:
By Verticals:
- Public Sector
- Healthcare
- Telecom
- Manufacturing
By Microgrid Infrastructure:
- Hardware
- Software
- Services
By Type:
- Off-grid
- Connected Grid
- Hybrid Grid
By Technology:
- Power Technology
- Component Technology
By Region:
- North America
- Latin America
- Asia Pacific
- Japan
- Western Europe
- Eastern Europe
- Middle East & Africa
About the Technology Team at Future Market Insights:
The technology domain at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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