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Microgrid Market

Market Insights on Microgrid covering sales outlook, demand forecast & up-to-date key trends

Microgrid Market By Verticals (Public Sector, Healthcare, Telecom, Manufacturing), Type (Off-grid, Connected Grid, Hybrid Grid), Technology (Power Technology, Component Technology) & Region for 2022-2032

Microgrid Market Overview

The global microgrid market is showing positive growth signs with an estimated CAGR of 11.4% from 2022-2032.

“Use of microgrid simulation has increased to lay the groundwork for its installation and channelize multiple zero-emission energy sources to optimize energy.”

Growing industrialization, government initiatives toward green energy, and a rising demand for reliable power generation with renewable resources are some of the key factors driving the growth of the microgrid market. On the contrary, financial impediments, difficulties in acquiring and registering land for solar PV microgrid installations in rural areas, and high initial installation costs limit the microgrid market from its true growth potential.

Microgrid Market size (2021)

US$ 24.6 Bn

Microgrid Market CAGR (2022-2032)

11.4%

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How is the Global Microgrid Market Classified?

“Prioritizing demands from manufacturing industry for the installation of microgrid projects can bode favorable results.”

The microgrid market on the basis of verticals can be segmented by public sector, healthcare, telecom and manufacturing. On the basis of technology, the market can be divided into various categories, such as by power and component technology.

There are three different types of microgrids. The first one is true microgrid or customer microgrid, which is self-governed, has a regulatory structure and is compatible with the current technology. The second type is utility or community microgrid or milligrid, which involves a division of regulated grid. The third variety is virtual microgrid or V-grid. It covers multiple sites’ distributed energy resources (DER) and is coordinated in a manner such that they can be presented as a single unit to the grid.

Based on the verticals, manufacturing is emerging as a key end user of microgrid projects for reducing the emission and prioritizing energy conservation.

Nikhil Kaitwade
Principal Consultant
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Which Region Is Likely to Dominate the Microgrid Market?

"Investments in the latest microgrid technology and innovative solutions like EaaS are the key to achieving the market lead."

North America now leads the industry due to increased industrialization and electrification. North America will account for 28% of the microgrid market's growth. The United States and Canada are the region's most important microgrid markets. Factors such as the US government's increased initiatives to deploy energy-efficient power solutions are propelling the microgrid industry in North America forward. In addition, innovative solutions such as EaaS are also going mainstream, which further raises the growth bar for the microgrid market.

Growing economies in the Asia-Pacific area, such as India, China, and Australia, are considered to have enormous potential.

How can you Establish Authority in the Microgrid Market?

“Mergers and acquisitions for sharing microgrid technology can aid in market expansion.”

Introduction of advanced solutions, collaboration with other organizations, joint ventures/partnerships, and acquisitions & mergers are a few strategies followed by key players operating in the microgrid market, in order to outperform their competitors.

Rising renewable integration combined with favorable government regulations for the construction and deployment of solar and wind farms, as well as combined heat and power systems in commercial buildings, offices, and healthcare facilities, will boost the off-grid microgrid network.

For example, Toshiba Corporation acquired Consert Inc. in 2013, in order to improve their distribution services and widen their global presence and customer base. Additionally, in November 2014, HOMER Energy LLC introduced HOMER Pro software, an upgraded version of their HOMER software, to set a global standard for microgrid design and analysis at the initial stage. Further, its analysis tool mainly focuses on hybrid microgrids that are combined with multiple storage and renewable energy resources.

Natural gas (NG) powered microgrid infrastructure will benefit from favorable government standards and policies that encourage the integration of sustainable and efficient power production sources. The corporate picture will be complemented by a paradigm shift toward renewable energy sources due to low carbon emissions and substantial incentives.

By 2027, the solar PV-based microgrid industry is expected to reach 1,500 MW of capacity. Solar generated microgrid networks will benefit from rapid industrialization and commercialization, as well as the development of high capacity based sustainable power generation facilities. The growing demand for community-based network implementation in residential institutions and isolated places will propel product adoption even further.

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Key Segments

Attributes

Details

Forecast Period

2022-2032

Historical Data Available for

2014-2020

Market Analysis

US$ Mn for Value

By Verticals

  •  Public Sector
  •  Healthcare
  •  Telecom
  •  Manufacturing

By Type

  • Off-grid
  • Connected Grid
  • Hybrid Grid

By Technology

  • Power Technology
  • Component Technology

By Region

  • North America
  • Latin America
  • Asia Pacific
  • Japan
  • Western Europe
  • Eastern Europe
  • Middle East & Africa

Key Players

  • Lockheed Martin Corporation
  • ZBB Energy Corporation
  • ABB Ltd.
  • GE Digital Energy
  • Power Analytics Corporation
  • Consert Inc.
  • Viridity Energy Inc.
  • S&C Electric Company
  • Chevron Energy
  • Toshiba Corporation
  • HOMER Energy LLC
  • Honeywell International Inc.
  • Microgrid Energy LLC
  • Siemens

Frequently Asked Questions

The global microgrid market is expected to register a CAGR of 11.4% from 2022 to 2032.

North America holds the maximum growth potential in the microgrid market, and is expected to hold the leading position during the forecast period.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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