PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128096
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1128096
Microgrid Market - Growth, Future Prospects and Competitive Analysis, 2022 - 2030
Key Market Insights
Rapid Growth in Distributed Energy Generation expected to uplift the Global Microgrid Market
The global microgrid market was valued at US$ 31.43 Bn in the year 2021 and is expected to reach US$ 78.09 Bn by the year 2030, expanding at a CAGR of 10.7% during the forecast from 2022 to 2030.
Evolutionary changes in the operational and regulatory environment of electric utilities along with the emergence of distributed generation have opened alluring opportunities for on-site electricity generation. This multiple-generation approach increases the reliability of power as well as generation efficiency. Additionally, mission-critical facilities, large power consumers, and areas with prolonged outages have great benefits from a microgrid. Furthermore, the U.S. Department of Defense (DoD) has found out that commercial grids are highly vulnerable to cyber-attacks and security threats, therefore microgrid provides a reliable environment to overcome this issue.
As per the Blackout Tracker annual Report published by Eaton, power blackouts cost nearly US$ 150 Bn to the global economy and influence almost 14.2 Mn people annually. Poor maintenance, natural calamities, overloading, mall operation of control & protection systems, cyber-attacks, and equipment failure are some of the prime factors responsible for the power blackouts. Consequently, the microgrid is a technology boon that we can rely on.
Application Analysis
Industrial/ Commercial Segment dominated the Global Microgrid Market in 2021
The industrial / Commercial application segment dominated the global microgrid market in the year 2021. In many developing as well as developed countries power outages is a common problem and due to this several industries suffer from heavy losses. As a solution, several companies in the commercial & Industrial sector have switched to microgrid solutions to overcome the power outage problem. In addition, this in-house distributed generation helps them in enhancing their power efficiency. Furthermore, the companies can easily integrate renewable sources for power generation to their existing grid.
Regional Analysis
The Asia Pacific dominated the Global Microgrid Market in the year 2021 and seeks Opportunistic Growth during the Forecast Period
The Asia Pacific held the majority of the revenue share in the global microgrid market in 2021. The prime factor attributed to this is the increased rural electrification program along with a large number of commercial microgrid deployment in the advanced nations. For instance, the total investment on Asian microgrids expected to reach US$ 31 Bn by 2023. Remote microgrid seeks lucrative growth in Asian countries owing to a lack of robust grid infrastructure. However, Japan is majorly focused on grid-tied systems and other distributed generation technology such as Virtual Power Plants (VPP). In addition, the microgrid deployment tracker identifies 575 new microgrid project in the region that depicts the rise of the Asia Pacific market.
Apart from this Latin America assumed to be the fastest-growing region during the forecast period. Among which, the Caribbean market is the most opportunistic owing to a series of hurricanes along with frequent other natural calamities in the near past. In March 2019, the Environmental Defense Fund in Puerto Rico announced to build a low-carbon microgrid in rural areas to beat the power-cut problems during natural disasters.
Key Players & Competitive Landscape:
The Global Microgrid Market is a Highly Competitive Market with the Presence of a Large Number of Players
The global microgrid market is a fragmented market with the presence of a large number of small and large players. The race to provide the best quality of power at a low price has turned the market to be highly competitive.
List of Companies Covered:
- ABB
- Siemens AG
- Schneider Electric SE
- S&C Electric Company
- General Electric Company
- HOMER Energy LLC
- Eaton Corporation Inc.
- Honeywell International Inc.
- Exelon Corporation
- Power Analytics Corporation
Key Industry Development:
- On November 04, 2019, The Rockefeller Foundation and Tata Power announced to launch TP Renewable Microgrid Ltd., which will address one of the most pervasive challenges in modern India: the lack of access to affordable, reliable electricity for millions of rural homes and enterprises.
- On March 06, 2019, Georgia Power in collaboration with Georgia Tech, announced to build a new 1.4 MW microgrid.
- On September 25, 2018, Arensis, a leading international provider of decentralized energy systems, and Schneider Electric, a leader in microgrid development with integrated efficiency solutions combining energy, automation, and software, announced the joint development of its smart microgrid pilot program. As part of the pilot, Arensis and Schneider Electric will develop a blockchain Application Programming Interface (API) platform for ENTRADE IO, a newly-formed company founded by the CEO of Arensis for off-grid project financing and the sale of renewable energy in remote areas around the world.
Historical & Forecast Period:
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review.
key data point that enables the estimation of Microgrid market are as follows:
- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
- Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Microgrid market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE DETAILS
- Research Period: 2020-2030
- Base Year: 2021
- Forecast Period: 2022-2030
- Historical Year: 2020
- Unit: USD Billion
Segmentation
Grid Type
- Grid-connected
- Remote Microgrid
- Networked Microgrid
- Others
Source
- Solar PV
- Natural Gas
- Diesel Generators
- Combined Heat & Power (CHP)
- Others
Storage
- Flywheel
- Lead Acid
- Lithium-Ion
- Flow Batteries
- Others
Application
- Remote
- Utility
- Military
- Healthcare
- Industrial/Commercial
- Educational Institutes
- Others
Region Segment (2020-2030; US$ Billion)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
Global Impact of COVID-19 Segment (2020-2021; US$ Billion )
- Pre COVID-19 situation
- Post COVID-19 situation
Key questions answered in this report:
- What are the key micro and macro environmental factors that are impacting the growth of Microgrid market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Microgrid market?
- Which is the largest regional market for Microgrid market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Microgrid market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Microgrid market worldwide?
Table of Contents
1. Preface
- 1.1. Report Description
- 1.1.1. Purpose of the Report
- 1.1.2. Target Audience
- 1.1.3. Key Offerings
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.3.1. Phase I - Secondary Research
- 1.3.2. Phase II - Primary Research
- 1.3.3. Phase III - Expert Panel Review
- 1.3.4. Assumptions
- 1.3.5. Approach Adopted
2. Executive Summary
- 2.1. Market Snapshot: Global Microgrid Market
- 2.2. Global Microgrid Market, By Grid Type , 2021 (US$ Billion)
- 2.3. Global Microgrid Market, By Source , 2021 (US$ Billion)
- 2.4. Global Microgrid Market, By Storage , 2021 (US$ Billion)
- 2.5. Global Microgrid Market, By Application , 2021 (US$ Billion)
- 2.6. Global Microgrid Market, By Geography, 2021 (US$ Billion)
- 2.7. Impact of Covid 19
- 2.8. Attractive Investment Proposition by Geography, 2021
- 2.9. Competitive Analysis
- 2.9.1. Market Positioning of Key Microgrid Market Vendors
- 2.9.2. Strategies Adopted by Microgrid Market Vendors
- 2.9.3. Key Industry Strategies
3. Microgrid Market: Business Outlook & Market Dynamics
- 3.1. Introduction
- 3.2. Global Microgrid Market Value, 2020 - 2030, (US$ Billion)
- 3.3. Market Dynamics
- 3.3.1. Market Drivers
- 3.3.2. Market Restraints
- 3.3.3. Key Challenges
- 3.3.4. Key Opportunities
- 3.4. Impact Analysis of Drivers and Restraints
- 3.5. See-Saw Analysis
- 3.6. Porter's Five Force Model
- 3.6.1. Supplier Power
- 3.6.2. Buyer Power
- 3.6.3. Threat Of Substitutes
- 3.6.4. Threat Of New Entrants
- 3.6.5. Competitive Rivalry
- 3.7. PESTEL Analysis
- 3.7.1. Political Landscape
- 3.7.2. Economic Landscape
- 3.7.3. Technology Landscape
- 3.7.4. Legal Landscape
- 3.7.5. Social Landscape
4. Microgrid Market: By Grid Type , 2020-2030, USD (Billion)
- 4.1. Market Overview
- 4.2. Growth & Revenue Analysis: 2021 Versus 2030
- 4.3. Market Segmentation
- 4.3.1. Grid-connected
- 4.3.2. Remote Microgrid
- 4.3.3. Networked Microgrid
- 4.3.4. Others
5. Microgrid Market: By Source , 2020-2030, USD (Billion)
- 5.1. Market Overview
- 5.2. Growth & Revenue Analysis: 2021 Versus 2030
- 5.3. Market Segmentation
- 5.3.1. Solar PV
- 5.3.2. Natural Gas
- 5.3.3. Diesel Generators
- 5.3.4. Combined Heat & Power (CHP)
- 5.3.5. Others
6. Microgrid Market: By Storage , 2020-2030, USD (Billion)
- 6.1. Market Overview
- 6.2. Growth & Revenue Analysis: 2021 Versus 2030
- 6.3. Market Segmentation
- 6.3.1. Flywheel
- 6.3.2. Lead Acid
- 6.3.3. Lithium-Ion
- 6.3.4. Flow Batteries
- 6.3.5. Others
7. Microgrid Market: By Application , 2020-2030, USD (Billion)
- 7.1. Market Overview
- 7.2. Growth & Revenue Analysis: 2021 Versus 2030
- 7.3. Market Segmentation
- 7.3.1. Remote
- 7.3.2. Utility
- 7.3.3. Military
- 7.3.4. Healthcare
- 7.3.5. Industrial/Commercial
- 7.3.6. Educational Institutes
- 7.3.7. Others
8. North America Microgrid Market, 2020-2030, USD (Billion)
- 8.1. Market Overview
- 8.2. Microgrid Market: By Grid Type , 2020-2030, USD (Billion)
- 8.3. Microgrid Market: By Source , 2020-2030, USD (Billion)
- 8.4. Microgrid Market: By Storage , 2020-2030, USD (Billion)
- 8.5. Microgrid Market: By Application , 2020-2030, USD (Billion)
- 8.6.Microgrid Market: By Region, 2020-2030, USD (Billion)
- 8.6.1.North America
- 8.6.1.1. U.S.
- 8.6.1.2. Canada
- 8.6.1.3. Rest of North America
- 8.6.1.North America
9. UK and European Union Microgrid Market, 2020-2030, USD (Billion)
- 9.1. Market Overview
- 9.2. Microgrid Market: By Grid Type , 2020-2030, USD (Billion)
- 9.3. Microgrid Market: By Source , 2020-2030, USD (Billion)
- 9.4. Microgrid Market: By Storage , 2020-2030, USD (Billion)
- 9.5. Microgrid Market: By Application , 2020-2030, USD (Billion)
- 9.6.Microgrid Market: By Region, 2020-2030, USD (Billion)
- 9.6.1.UK and European Union
- 9.6.1.1. UK
- 9.6.1.2. Germany
- 9.6.1.3. Spain
- 9.6.1.4. Italy
- 9.6.1.5. France
- 9.6.1.6. Rest of Europe
- 9.6.1.UK and European Union
10. Asia Pacific Microgrid Market, 2020-2030, USD (Billion)
- 10.1. Market Overview
- 10.2. Microgrid Market: By Grid Type , 2020-2030, USD (Billion)
- 10.3. Microgrid Market: By Source , 2020-2030, USD (Billion)
- 10.4. Microgrid Market: By Storage , 2020-2030, USD (Billion)
- 10.5. Microgrid Market: By Application , 2020-2030, USD (Billion)
- 10.6.Microgrid Market: By Region, 2020-2030, USD (Billion)
- 10.6.1.Asia Pacific
- 10.6.1.1. China
- 10.6.1.2. Japan
- 10.6.1.3. India
- 10.6.1.4. Australia
- 10.6.1.5. South Korea
- 10.6.1.6. Rest of Asia Pacific
- 10.6.1.Asia Pacific
11. Latin America Microgrid Market, 2020-2030, USD (Billion)
- 11.1. Market Overview
- 11.2. Microgrid Market: By Grid Type , 2020-2030, USD (Billion)
- 11.3. Microgrid Market: By Source , 2020-2030, USD (Billion)
- 11.4. Microgrid Market: By Storage , 2020-2030, USD (Billion)
- 11.5. Microgrid Market: By Application , 2020-2030, USD (Billion)
- 11.6.Microgrid Market: By Region, 2020-2030, USD (Billion)
- 11.6.1.Latin America
- 11.6.1.1. Brazil
- 11.6.1.2. Mexico
- 11.6.1.3. Rest of Latin America
- 11.6.1.Latin America
12. Middle East and Africa Microgrid Market, 2020-2030, USD (Billion)
- 12.1. Market Overview
- 12.2. Microgrid Market: By Grid Type , 2020-2030, USD (Billion)
- 12.3. Microgrid Market: By Source , 2020-2030, USD (Billion)
- 12.4. Microgrid Market: By Storage , 2020-2030, USD (Billion)
- 12.5. Microgrid Market: By Application , 2020-2030, USD (Billion)
- 12.6.Microgrid Market: By Region, 2020-2030, USD (Billion)
- 12.6.1.Middle East and Africa
- 12.6.1.1. GCC
- 12.6.1.2. Africa
- 12.6.1.3. Rest of Middle East and Africa
- 12.6.1.Middle East and Africa
13. Company Profile
- 13.1. ABB
- 13.1.1. Company Overview
- 13.1.2. Financial Performance
- 13.1.3. Product Portfolio
- 13.1.4. Strategic Initiatives
- 13.2. Siemens AG
- 13.2.1. Company Overview
- 13.2.2. Financial Performance
- 13.2.3. Product Portfolio
- 13.2.4. Strategic Initiatives
- 13.3. Schneider Electric SE
- 13.3.1. Company Overview
- 13.3.2. Financial Performance
- 13.3.3. Product Portfolio
- 13.3.4. Strategic Initiatives
- 13.4. S&C Electric Company
- 13.4.1. Company Overview
- 13.4.2. Financial Performance
- 13.4.3. Product Portfolio
- 13.4.4. Strategic Initiatives
- 13.5. General Electric Company
- 13.5.1. Company Overview
- 13.5.2. Financial Performance
- 13.5.3. Product Portfolio
- 13.5.4. Strategic Initiatives
- 13.6. HOMER Energy LLC
- 13.6.1. Company Overview
- 13.6.2. Financial Performance
- 13.6.3. Product Portfolio
- 13.6.4. Strategic Initiatives
- 13.7. Eaton Corporation Inc.
- 13.7.1. Company Overview
- 13.7.2. Financial Performance
- 13.7.3. Product Portfolio
- 13.7.4. Strategic Initiatives
- 13.8. Honeywell International Inc.
- 13.8.1. Company Overview
- 13.8.2. Financial Performance
- 13.8.3. Product Portfolio
- 13.8.4. Strategic Initiatives
- 13.9. Exelon Corporation
- 13.9.1. Company Overview
- 13.9.2. Financial Performance
- 13.9.3. Product Portfolio
- 13.9.4. Strategic Initiatives
- 13.10. Power Analytics Corporation
- 13.10.1. Company Overview
- 13.10.2. Financial Performance
- 13.10.3. Product Portfolio
- 13.10.4. Strategic Initiatives
List of Tables
- TABLE 1 Global Microgrid Market By Grid Type , 2020-2030, USD (Billion)
- TABLE 2 Global Microgrid Market By Source , 2020-2030, USD (Billion)
- TABLE 3 Global Microgrid Market By Storage , 2020-2030, USD (Billion)
- TABLE 4 Global Microgrid Market By Application , 2020-2030, USD (Billion)
- TABLE 5 North America Microgrid Market By Grid Type , 2020-2030, USD (Billion)
- TABLE 6 North America Microgrid Market By Source , 2020-2030, USD (Billion)
- TABLE 7 North America Microgrid Market By Storage , 2020-2030, USD (Billion)
- TABLE 8 North America Microgrid Market By Application , 2020-2030, USD (Billion)
- TABLE 9 UK and European Union Microgrid Market By Grid Type , 2020-2030, USD (Billion)
- TABLE 10 UK and European Union Microgrid Market By Source , 2020-2030, USD (Billion)
- TABLE 11 UK and European Union Microgrid Market By Storage , 2020-2030, USD (Billion)
- TABLE 12 UK and European Union Microgrid Market By Application , 2020-2030, USD (Billion)
- TABLE 13 Asia Pacific Microgrid Market By Grid Type , 2020-2030, USD (Billion)
- TABLE 14 Asia Pacific Microgrid Market By Source , 2020-2030, USD (Billion)
- TABLE 15 Asia Pacific Microgrid Market By Storage , 2020-2030, USD (Billion)
- TABLE 16 Asia Pacific Microgrid Market By Application , 2020-2030, USD (Billion)
- TABLE 17 Latin America Microgrid Market By Grid Type , 2020-2030, USD (Billion)
- TABLE 18 Latin America Microgrid Market By Source , 2020-2030, USD (Billion)
- TABLE 19 Latin America Microgrid Market By Storage , 2020-2030, USD (Billion)
- TABLE 20 Latin America Microgrid Market By Application , 2020-2030, USD (Billion)
- TABLE 21 Middle East and Africa Microgrid Market By Grid Type , 2020-2030, USD (Billion)
- TABLE 22 Middle East and Africa Microgrid Market By Source , 2020-2030, USD (Billion)
- TABLE 23 Middle East and Africa Microgrid Market By Storage , 2020-2030, USD (Billion)
- TABLE 24 Middle East and Africa Microgrid Market By Application , 2020-2030, USD (Billion)
List of Figures
- FIG. 1 Global Microgrid Market: Market Coverage
- FIG. 2 Research Methodology and Data Sources
- FIG. 3 Market Size Estimation - Top Down & Bottom-Up Approach
- FIG. 4 Global Microgrid Market: Quality Assurance
- FIG. 5 Global Microgrid Market, By Grid Type , 2021
- FIG. 6 Global Microgrid Market, By Source , 2021
- FIG. 7 Global Microgrid Market, By Storage , 2021
- FIG. 8 Global Microgrid Market, By Application , 2021
- FIG. 9 Global Microgrid Market, By Geography, 2021
- FIG. 10 Global Microgrid Market, By Grid Type , 2021 Vs 2030, %
- FIG. 11 Global Microgrid Market, By Source , 2021 Vs 2030, %
- FIG. 12 Global Microgrid Market, By Storage , 2021 Vs 2030, %
- FIG. 13 Global Microgrid Market, By Application , 2021 Vs 2030, %
- FIG. 14 U.S. Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 15 Canada Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 16 Rest of North America Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 17 UK Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 18 Germany Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 19 Spain Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 20 Italy Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 21 France Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 22 Rest of Europe Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 23 China Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 24 Japan Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 25 India Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 26 Australia Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 27 South Korea Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 28 Rest of Asia Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 29 Brazil Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 30 Mexico Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 31 Rest of Latin America Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 32 GCC Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 33 Africa Microgrid Market (US$ Billion), 2020 - 2030
- FIG. 34 Rest of Middle East and Africa Microgrid Market (US$ Billion), 2020 - 2030
