Richmond, Dec. 08, 2023 (GLOBE NEWSWIRE) -- According to a research report "Microgrid Market”, by Connectivity (Grid Connected, Off-Grid Connected), Type (AC Microgrids, DC Microgrids, Hybrid Microgrids), Power Source (Natural Gas, CHP, Solar PV, Diesel, Fuel Cell, Others), End User (Commercial, Industrial, Government, Healthcare, Utility, Others) and Region - Global Forecast to 2030.
Global Microgrid Market Report Scope:
| Report | Details |
| Market size value in 2022 | USD 35.1 Billion |
| Market size value in 2030 | USD 108.1 Billion |
| CAGR (2023-2030) | 15.1% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Connectivity, Type, Power Source, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Microgrid Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global microgrid market plays a vital role in the overall energy ecosystem by offering a decentralized and resilient power solution. Microgrids are localized energy systems that can operate independently or in conjunction with the main power grid. They incorporate a mix of distributed energy resources, such as renewable energy sources, energy storage, and advanced control systems. This flexibility allows microgrids to enhance energy reliability, improve grid resilience, and provide clean energy alternatives. In addition, microgrids contribute to the integration of renewable energy sources, helping reduce carbon emissions and promoting sustainability in the energy sector.
The industry benefits from the adoption of microgrids through increased energy efficiency, cost savings, and enhanced energy security. Microgrids empower businesses, communities, and even entire regions to manage their energy consumption more effectively, mitigate the impact of power outages, and optimize the use of renewable resources. As the world seeks more sustainable and reliable energy solutions, the global microgrid market plays a pivotal role in shaping a resilient and environmentally conscious energy landscape.
Major Vendors in the Global Microgrid Market:
- ABB
- Siemens AG
- General Electric
- Eaton Corp.
- Exelon
- Honeywell International
- NRG International
- Anarbic
- Pareto
- Spirae
- Northern Power
- Viridity
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Energy Security and Resilience Concerns
The increasing concerns related to energy security and resilience are significant drivers for the global microgrid market. Traditional centralized power grids are vulnerable to various risks, including natural disasters, cyber-attacks, and equipment failures. As a result, governments, industries, and communities are seeking more reliable and resilient energy solutions. Microgrids offer a decentralized approach to energy generation and distribution, allowing for increased reliability and security.
Microgrids can operate autonomously or in conjunction with the main grid, providing a backup power source during grid outages. This is particularly crucial for critical facilities such as hospitals, data centers, and military installations. With the integration of advanced control systems and renewable energy sources, microgrids enhance the overall reliability of the energy supply. This driver is fueled by a growing awareness of the economic and social impacts of power disruptions, driving the adoption of microgrid solutions globally.
Market Dynamics
Drivers:
- Growing demand for reliable and resilient energy solutions.
- Increasing integration of renewable energy sources.
- Rising concerns about grid security and power quality.
- Government initiatives promoting sustainable energy infrastructure.
Opportunities:
- Advancements in energy storage technologies.
- Expansion of smart grid technologies.
- Rising adoption of distributed energy resources.
- Emerging market potential in developing economies.
Integration of Renewable Energy Sources
The global push towards sustainable and low-carbon energy solutions is a key driver for the microgrid market. The integration of renewable energy sources, such as solar and wind, into microgrid systems addresses environmental concerns and supports the transition to cleaner energy. Microgrids enable efficient management of these intermittent renewable sources by combining them with energy storage systems and smart grid technologies.
The increasing focus on reducing greenhouse gas emissions and achieving renewable energy targets is driving the deployment of microgrids in various sectors. Businesses and communities are recognizing the economic and environmental benefits of integrating solar panels, wind turbines, and energy storage within microgrid architectures. This driver is reinforced by government incentives, subsidies, and regulatory frameworks promoting the adoption of renewable energy technologies, making microgrids an attractive solution for sustainable energy development.
North America dominates the market for Microgrid.
North America, particularly the United States, dominates the global microgrid market. The U.S. has been at the forefront of adopting microgrid solutions, driven by a combination of factors such as the need for grid resiliency, a high penetration of renewable energy, and government support. The U.S. Department of Energy has actively funded microgrid projects, fostering technological advancements and widespread implementation.
In the U.S., states like California, with a strong focus on renewable energy and resilience after frequent wildfires, have witnessed a surge in microgrid installations. The market dominance in North America is further strengthened by the presence of key players and a robust regulatory framework that encourages the integration of microgrid technologies.
Asia-Pacific, specifically India, is emerging as a high-growth region for the microgrid market. India, with its increasing energy demand, ambitious renewable energy targets, and a focus on rural electrification, presents significant opportunities for microgrid deployment. The decentralized nature of microgrids aligns with India's goal of providing reliable and clean energy access to remote and off-grid areas. The government's initiatives, such as the Smart Cities Mission and the National Solar Mission, further support the growth of microgrids in the country. The combination of a large population, growing energy demand, and supportive policies positions India as a key player in the future expansion of the global microgrid market.
The Material Segments is anticipated to hold the Largest Market Share during the Forecast Period
In the global microgrid market, the connectivity segment is primarily divided into two categories: Grid Connected and Off-Grid Connected. However, the Grid Connected segment is currently dominating the market. This is attributed to the increasing emphasis on integrating renewable energy sources into existing power grids, promoting sustainability, and ensuring a reliable and efficient energy supply. Grid-connected microgrids offer the flexibility to balance the intermittent nature of renewable sources with conventional power generation, enhancing overall energy resilience. Additionally, the ability to sell excess power back to the grid and participate in demand response programs makes grid-connected microgrids economically attractive. As a result, the growing focus on sustainable energy solutions and the economic benefits associated with grid connectivity contribute to the dominance of this segment in the global microgrid market.
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