Microgrid Market Report (2024-2030) - Size and Share Analysis, Industry Trends, and Growth Forecasts

Description

Market Overview

In 2023, the microgrid industry produced revenue of USD 32.1 billion, which is projected to experience a CAGR of 18.6% over the projection period, attaining USD 105.3 billion by the end of the decade.

The market continues to expand as a result of the on-going requirement for dependable and endurable power solutions. Overall, this market is expanding as a consequence of rising charging infrastructure requirements, more integration of renewable energy sources and a growing trend toward rural electrification.

The burgeoning need for clean power generation is considered as a key facet of the global trend towards a broad smart grid adoption. These growing fears about human environment degradation and global warming are the main reason why cleaner types of sources of energy are inserted into our existing power system. Smart grids are considered to be the foundation of transition, since they allow for the adoption of innovative technology and intelligent systems. These facilities help to make the process of combining conventional energy sources (coal or fossil) with renewable sources (solar and wind) smoother.

The electric vehicle charging infrastructure is in a fast progress, which contributes to even the bigger need of microgrids. The more EVs are being adopted the more fuel is not only added but also into electricity consumption, particularly in places with charging stations plentiful in numbers.

Key Insights

Grid-connected microgrids held a dominant share of around 75% in the market in 2023.

They are particularly popular in rural and remote areas where access to the main grid is limited or nonexistent.

The adoption of distributed energy sources like energy storage systems and solar panels has further fueled the growth of grid-connected microgrids.

The hardware category held a significant share of around 55% in 2023 due to factors like government initiatives to reduce greenhouse gas emissions, affordable energy storage costs, and increasing microgrid projects globally.

The software category is expected to experience the highest growth, with a CAGR of approximately 19.0% during 2024-2030.

Software plays a crucial role in modeling variable energy sources like wind and solar and helps in managing the fluctuations in thermal energy.

Solar PV category is expected to have the highest CAGR of around 19.4% from 2024 to 2030, driven by technological advancements in organic solar PV module production.

The Indian government's changes in the Electricity Act aim to promote rooftop solar system installations.

Combined heat and power (CHP) dominated the market with a share of around 25% in 2023, owing to its ability to utilize diverse energy sources like biogas, biomass, and fossil fuels.

North America held a share of around 50% in 2023, primarily due to stable, affordable, and reliable power accessibility.

The primary method of captive power generation in the U.S. energy sector is used for the industrial and municipal sector to attain self-reliance on power outages.

APAC will be the most actively developing market with the 19.3% CAGR through 2030 due to beneficial government support decisions for reviving rural areas, penetrating the smart grid and reaching the renewable energy potential and growing demand for reliable power supply.

Remarkably high vulnerability to local events like earthquakes, tsunamis, and cyclones makes microgrids the most essential tool for the utility's companies after a disaster.

Product Code: 12925

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by connectivity
- 1.4.2. Market size breakdown, by offering
- 1.4.3. Market size breakdown, by power source
- 1.4.4. Market size breakdown, by end use
- 1.4.5. Market size breakdown, by region
- 1.4.6. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Revenue, by Connectivity (2017-2030)
6.3. Market Revenue, by Offering (2017-2030)
6.4. Market Revenue, by Power Source (2017-2030)
6.5. Market Revenue, by End Use (2017-2030)
6.6. Market Revenue, by Region (2017-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Revenue, by Connectivity (2017-2030)
7.3. Market Revenue, by Offering (2017-2030)
7.4. Market Revenue, by Power Source (2017-2030)
7.5. Market Revenue, by End Use (2017-2030)
7.6. Market Revenue, by Country (2017-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Revenue, by Connectivity (2017-2030)
8.3. Market Revenue, by Offering (2017-2030)
8.4. Market Revenue, by Power Source (2017-2030)
8.5. Market Revenue, by End Use (2017-2030)
8.6. Market Revenue, by Country (2017-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Revenue, by Connectivity (2017-2030)
9.3. Market Revenue, by Offering (2017-2030)
9.4. Market Revenue, by Power Source (2017-2030)
9.5. Market Revenue, by End Use (2017-2030)
9.6. Market Revenue, by Country (2017-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Revenue, by Connectivity (2017-2030)
10.3. Market Revenue, by Offering (2017-2030)
10.4. Market Revenue, by Power Source (2017-2030)
10.5. Market Revenue, by End Use (2017-2030)
10.6. Market Revenue, by Country (2017-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Revenue, by Connectivity (2017-2030)
11.3. Market Revenue, by Offering (2017-2030)
11.4. Market Revenue, by Power Source (2017-2030)
11.5. Market Revenue, by End Use (2017-2030)
11.6. Market Revenue, by Country (2017-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Revenue, by Connectivity (2017-2030)
12.3. Market Revenue, by Offering (2017-2030)
12.4. Market Revenue, by Power Source (2017-2030)
12.5. Market Revenue, by End Use (2017-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Revenue, by Connectivity (2017-2030)
13.3. Market Revenue, by Offering (2017-2030)
13.4. Market Revenue, by Power Source (2017-2030)
13.5. Market Revenue, by End Use (2017-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Revenue, by Connectivity (2017-2030)
14.3. Market Revenue, by Offering (2017-2030)
14.4. Market Revenue, by Power Source (2017-2030)
14.5. Market Revenue, by End Use (2017-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Revenue, by Connectivity (2017-2030)
15.3. Market Revenue, by Offering (2017-2030)
15.4. Market Revenue, by Power Source (2017-2030)
15.5. Market Revenue, by End Use (2017-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Revenue, by Connectivity (2017-2030)
16.3. Market Revenue, by Offering (2017-2030)
16.4. Market Revenue, by Power Source (2017-2030)
16.5. Market Revenue, by End Use (2017-2030)
16.6. Market Revenue, by XX (2017-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Revenue, by Connectivity (2017-2030)
17.3. Market Revenue, by Offering (2017-2030)
17.4. Market Revenue, by Power Source (2017-2030)
17.5. Market Revenue, by End Use (2017-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Revenue, by Connectivity (2017-2030)
18.3. Market Revenue, by Offering (2017-2030)
18.4. Market Revenue, by Power Source (2017-2030)
18.5. Market Revenue, by End Use (2017-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Revenue, by Connectivity (2017-2030)
19.3. Market Revenue, by Offering (2017-2030)
19.4. Market Revenue, by Power Source (2017-2030)
19.5. Market Revenue, by End Use (2017-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Revenue, by Connectivity (2017-2030)
20.3. Market Revenue, by Offering (2017-2030)
20.4. Market Revenue, by Power Source (2017-2030)
20.5. Market Revenue, by End Use (2017-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Revenue, by Connectivity (2017-2030)
21.3. Market Revenue, by Offering (2017-2030)
21.4. Market Revenue, by Power Source (2017-2030)
21.5. Market Revenue, by End Use (2017-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Revenue, by Connectivity (2017-2030)
22.3. Market Revenue, by Offering (2017-2030)
22.4. Market Revenue, by Power Source (2017-2030)
22.5. Market Revenue, by End Use (2017-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Revenue, by Connectivity (2017-2030)
23.3. Market Revenue, by Offering (2017-2030)
23.4. Market Revenue, by Power Source (2017-2030)
23.5. Market Revenue, by End Use (2017-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Revenue, by Connectivity (2017-2030)
24.3. Market Revenue, by Offering (2017-2030)
24.4. Market Revenue, by Power Source (2017-2030)
24.5. Market Revenue, by End Use (2017-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Revenue, by Connectivity (2017-2030)
25.3. Market Revenue, by Offering (2017-2030)
25.4. Market Revenue, by Power Source (2017-2030)
25.5. Market Revenue, by End Use (2017-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Revenue, by Connectivity (2017-2030)
26.3. Market Revenue, by Offering (2017-2030)
26.4. Market Revenue, by Power Source (2017-2030)
26.5. Market Revenue, by End Use (2017-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Revenue, by Connectivity (2017-2030)
27.3. Market Revenue, by Offering (2017-2030)
27.4. Market Revenue, by Power Source (2017-2030)
27.5. Market Revenue, by End Use (2017-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Revenue, by Connectivity (2017-2030)
28.3. Market Revenue, by Offering (2017-2030)
28.4. Market Revenue, by Power Source (2017-2030)
28.5. Market Revenue, by End Use (2017-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. Siemens AG
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Eaton Corporation plc
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. ABB Ltd.
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. General Electric Company
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. Honeywell International Inc.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. Schneider Electric SE
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. S&C Electric Company
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
30.8. Power Analytics
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
30.9. Hitachi Energy Ltd.
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
30.10. PECO Energy Company
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
30.11. Spirae LLC
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
30.12. Homer Software
- 30.12.1. Business overview
- 30.12.2. Product and service offerings
- 30.12.3. Key financial summary

Chapter 31. Appendix

31.1. Abbreviations
31.2. Sources and References
31.3. Related Reports