Market Research Report
Microgrid Market Size By Connectivity, By Grid Type, By Source, By Storage Device, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1010126|
|Published||Content info||490 Pages
Delivery time: 2-3 business days
|Microgrid Market Size By Connectivity, By Grid Type, By Source, By Storage Device, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 9, 2021||Content info: 490 Pages||
The microgrid market is set to witness a notable growth by 2027 due to its applicability to various industries including domestic services. It is found to be a more reliable alternative to local resources that could be small or unstable for a traditional grid use.
A microgrid enables communities to become more energy self-sufficient and, in some situations, more ecologically conscious.
In terms of power sources, the combined heat and power sector is expected to grow at rate of over 27% by the year 2027, owing to an increase in demand over the recent years. A reason for such an event could be due to its ability to capture and use heat in power plants that would otherwise be wasted.
CHP has an extensive applicability, ranging from commercial buildings and residentials, to institutions as well as manufacturing.
Among the storage devices used for microgrids, flow batteries and flywheels are expected to experience a healthy increase in demand over the following years.
Research is being conducted to ensure that flow batteries are more reliant and act as a cost-effective storage technology to better suit future requirements. The research initiative will help enhance the product and push its demand higher over time.
Flywheel storage devices, on the other hand, were valued at over USD 500 million in the year 2020, when they were integrated across the microgrid market. Flywheel devices provide a fast power response with short recharge times owing to its power and energy independency which could be the driving factor for the segment in coming years.
In terms of application within the microgrid industry, by 2027, the healthcare industry is estimated to witness growth at a rate of more than 28%. Healthcare facilities must deal with the problem of staying ahead of the government's environmental laws while maintaining service standards and also ensuring a constant energy supply. To combat this, they are building microgrids in hospitals to increase patient safety by boosting availability of electricity while also alleviating budgetary and environmental concerns.
Military bases are usually situated in distant urban areas, which presents a huge opportunity for on-site generation systems. In fact, their physical distance from any urban areas and security concerns that arise from being connected to a public grid, means that military bases almost exclusively require their own energy infrastructure.
In 2020, the microgrid market in educational institutions was estimated to be worth more over USD 700 million.
Based on the region-specific demand throughout the microgrid market, the European market is set to grow at a rate of over 27% by the end of 2027. Latin America, similarly, would witness a spike in demand as energy consumption rises and renewable energy integration expands.
In terms of the Middle East and Africa region, their microgrid market was valued over USD 300 million back in 2020. With the region being home to some of the most rapidly developing economies in the world, this number is likely to go up tremendously.