PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120724
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1120724
Microgrid Maket Market size was valued at USD 25,630.5 Mn in 2021, growing at a CAGR of 19.3% from 2022 to 2028
Microgrids are the most technologically advanced DER solution currently on the market. It is a collection of interconnected loads and dispersed energy resources inside clearly defined electrical boundaries that function as a single controllable entity with respect to the grid, according to the US Department of Energy. A microgrid can function in both grid-connected and island mode by connecting to and disconnecting from the grid. Combined heat and power (CHP) units, advanced batteries, solar photovoltaic (PV) systems, and building load control are among the DERs that make up a microgrid in its most typical design. A microgrid controller that can adjust to shifting loads and generation operational characteristics actively manages these systems.
Microgrids are becoming more and more commonplace worldwide. They can be applied to remote electrification in remote installations, the development of resilient networks in grid-connected assets, and the support of local energy communities. The IEA estimates that 860 million people globally will not have access to electricity by 2020. 87 percent of them were located in rural or isolated settings ("SDG Indicators Goal 7" 2020). Microgrids can be a practical solution to the problems associated with energy availability in places without access to the main grid and where standard grid extension is more expensive. Additionally, microgrids offer a method to access local renewable energy sources. The increased focus on decarbonization by end users and governments, the rise in the utilization of microgrids, and the expanding demand for dependable uninterrupted power supply are a few of the key drivers driving the microgrid market. Additionally, the government's measures to promote the development of microgrids and the increase in cyberattacks on energy systems will fuel the industry's growth in the near future.
The Global Microgrid Market Market is segmented on the basis of Connectivity, Power Rating, Application, and Region.
The market is divided into four categories based on microbe: Yeast, Algae, Fungi, and Bacteria. The Bacteria segment dominates the global market with a 49% market share. Bacteria Anaerobic fermentation, which produces organic acids and alcohols, as well as aerobic fermentation, which creates enzymes, are the two main processes in which bacteria are used. Along with Bacillus species like B. subtilis, B. licheniformis, B. amyloliquefaciens, and B. megaterium for producing antibiotics, enzymes, biopolymers, and surfactants, lactic acid bacteria (LAB) are well-known natural fermenters for producing lactic acid.
The market is divided into two categories based on connectivity: Grid Connected and Off-grid Connected. The grid-connected category is anticipated to dominate the microgrid market during the study period. Grid-connected microgrids are made up of numerous generators, distribution networks, and sophisticated controllers. These technologies offer many benefits, which enhance demand, in addition to increasing grid resiliency, improving power quality, and lowering their environmental effect. Global utility-based grid network expansion and the extensive use of renewable energy sources, such as offshore wind, are two major factors influencing the segment's growth.
The market is divided into seven categories based on application: Commercial & Industrial, Remote Areas, Military, Government, Utilities, Institutes & Campuses, and Healthcare. The market for commercial and industrial microgrids is anticipated to expand at the greatest CAGR over the period of forecasting. The constant need for an uninterruptible power supply to maintain smooth operations throughout industrial activities in order to decrease downtime, boost productivity, and minimize equipment damage can be linked to the rise of this market segment. Government measures to encourage the usage of renewable energy and reduce greenhouse gas (GHG) emissions are also contributing to the growth of the microgrid market for commercial and industrial end-users.
The global market for Microgrid Market is made of a number of both international and local producers, making it a fairly competitive sector in the world. Over the past ten years, there have been an increasing number of Microgrid Market businesses, and investment has increased in recent years. In May 2022, Siemens launched a new software grid. The suite is expected to manage the complexity of the grid systems. Siemens has developed an open, modular software suite. In addition, in March 2022, GE Renewable Energy's Grid Solutions announced a partnership with BOND Civil & Utility Construction for an Engineering, Procurement & Construction (EPC) contract from Empire Offshore Wind. This partnership is aimed to build an onshore digital substation for Empire Wind 1, New York's first offshore wind farm.
The scope of this report covers the market by its major segments, which include as follows: