Microgrid Market worth USD 47.62 Billion by 2028, registering a CAGR of 12.55% – Report by Market Research Future (MRFR)
New York, Oct. 22, 2021 (GLOBE NEWSWIRE) — Microgrid Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Microgrid Market Research Report, Type, Component, Power Source, End-Use and Region – Forecast till 2028” the market size is projected to be worth USD 47.62 Billion by 2028, registering a CAGR of 12.55% during the forecast period (2021 – 2028)., The market was valued at USD 23.47 Billion in 2020.
List of the companies profiled in the Microgrid Market research report are:
- 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)
- Among others.
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Multiple Factors to Augment Market Growth
Global demand for stable and safe power supply, government initiatives to reduce carbon footprint, widespread industrialization and population growth boosting demand for energy storage systems, the convergence of IoT in enhancing microgrid connectivity, and the advantages of clean and reasonable energy are all driving demand for energy storage systems. Utilities around the world view microgrids as a building component for a smart grid, with microgrid R&D being a primary focus area. According to SmartGrid Consortium (NYS), the New York government has been implementing measures to promote microgrid growth, as a result of which 20 microgrid projects were chosen from a long list of New York-based microgrid projects. These projects are thoroughly examined based on a variety of parameters such as energy delivery, regulations, business model, technology, and development.
The global microgrid market is predicted to develop rapidly during the forecast period, owing to increased microgrid deployment in emerging economies, which have shown to be a promising market for microgrids. For example, Southeast Asian countries are seeing an increase in the installation of microgrids as a result of different ongoing and upcoming projects. Companies participating in the recently announced collaboration termed ‘CleanGrid Partners’ include Singapore-based company WEnergy Global and consulting firm ICMG Partners. The total investment by all companies is estimated to reach USD 100 million over the next three to four years.
Browse In-depth Market Research Report (188 pages) on Microgrid Industry
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COVID-19 Impact on the Worldwide Market
COVID-19 has had an impact on the global economy by bringing numerous sectors to a halt. Companies in the power sector are facing a number of issues as a result of a decrease in resources and labor. The objective for deploying distributed energy resources has almost come to a halt as a result of the pandemic and containment efforts. Several corrective steps, however, are being implemented to boost microgrid growth post COVID-19. Solar Energy Industries Association (SEIA), Advanced Energy Economy (AEE), Institute for Local Self-Reliance (ILSR), and Alliance for Rural Electrification (ARE), for example, are taking steps to get microgrid projects back on track. These associations’ ideas for clean energy and expanding microgrids come at a time when nearly 100,000 advanced energy workers in the United States are out of employment. Proposals to strengthen distributed energy are emerging, however, as the US government develops a stimulus package in reaction to COVID-19-induced unemployment. Furthermore, this package is likely to provide some assistance, particularly for the DER and microgrid markets. The package is intended to not only safeguard the survival of the power industry but also to stimulate the overall economy. Solar, microgrids, and other DER investment can help the economy recover by saving homeowners and businesses, creating jobs, and lowering carbon emissions.
Furthermore, COVID-19 mitigation measures for microgrids are appropriate for grid edge technologies that provide improved diagnostics and remote operations, spurring additional investment. Furthermore, long utility sales cycle times are projected to reduce the pandemic’s detrimental influence on investment plans. For example, in May 2020, SimpliPhi Power, a lithium-ion energy storage company, worked with the non-profit Footprint Project to bring a sustainable energy microgrid field hospital to the Matamoros migrant camp in Mexico.
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Market Segmentation
The global microgrid market has been segmented into type, component, power source, and end-use.
By type, the global microgrid market has been segmented into Grid Connected and Off-Grid.
By component, the global microgrid market has been segmented into Hardware, Software, & Services.
By power source, the global microgrid market has been segmented into Natural Gas, Solar PV, Diesel, Fuel Cell.
By end-use, the global microgrid market has been segmented into Industrial and Healthcare.
Regional Analysis
North America to Dominate the Global Market
North America held the greatest share of the microgrid market. The existence of a significant number of microgrid developers, as well as government measures to promote the adoption of microgrids, such as the Smart Power Infrastructure Demonstration for Energy Reliability and Security (SPIDERS) project, has given the region significance in the microgrid industry.
Segmentation of Market covered in the research:
Microgrid Market Research Report: Information by Type (Grid Connected & Off-Grid), Component (Hardware, Software, & Services), Power Source (Natural Gas, Solar PV, Diesel, Fuel Cell), End-Use (Industrial, Healthcare) and Region – Global Forecast till 2028
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